Corner Lot Flex
For Sale
Contact for pricing
1502 TOMBRAS AVE, East Ridge, TN 37412
Flexible office, medical, retail, or service space on a highly visible corner lot with ample paved parking.
Property Size1,740 SF
Price / SF$221.26
Days on Market54
Property Features for 1502 TOMBRAS AVE
General Information
Standard status
Active
Size
1,740 SF
Class
A
Total Parking Spaces
8
Property subtype
Retail, Office
Zoning
Commercial
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1950
Year Renovated
2025
Buildings
1
Stories
2
Units
1
Listing Agency:
KW Commercial Chattanooga - Downtown
Listed By:
Brockman Missel · License #AL 140916
Source:
Crexi
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 28 at 9:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial Chattanooga - Downtown
Investment Insights
Based on property information with market context.
1502 Tombras Avenue is a flexible commercial property offering approximately 1,740 square feet of adaptable space. The existing layout is described as well suited for professional offices, medical or counseling practices, boutique retail, salons, wellness services, educational facilities, or childcare, subject to zoning approval. The offering also includes an attractive exterior, ample paved parking, and a detached accessory building.
The property is positioned on a highly visible corner lot and is located in East Ridge, with convenient access to Ringgold Road, Interstate 24, and Downtown Chattanooga.
This combination of adaptable interior space and parking support makes the site suitable for owner-users seeking a move-in-ready location within an established residential neighborhood setting.
The property is positioned on a highly visible corner lot and is located in East Ridge, with convenient access to Ringgold Road, Interstate 24, and Downtown Chattanooga.
This combination of adaptable interior space and parking support makes the site suitable for owner-users seeking a move-in-ready location within an established residential neighborhood setting.
Key Highlights
- Approximately 1,740 SF flexible commercial space at 1502 Tombras Avenue
- Highly visible corner lot with ample paved parking
- Detached accessory building on the property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,967
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,340
$399.3K
Cap Rate 7%
$285,243
$285.2K
Cap Rate 9%
$221,856
$221.9K
Market Conditions
NOI Build-Up for 1,740 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.3K $18.00/SF
− Vacancy
−$4.7K −$2.70/SF
EGI
$26.6K $15.30/SF
− OpEx
−$6.7K −$3.82/SF
NOI
$20.0K $11.48/SF
Area
Chattanooga, TN
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,340
Cap Rate 7%
$285,243
Cap Rate 9%
$221,856
Alternative Uses
Best Use
Office B
$285.2K
$249.6K – $332.8K
NOI $19,967 @ 7.0% cap · market cap 5.19%
Second Best
Retail
$192.1K
$168.1K – $224.1K
NOI $13,447 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$384.3K
$336.3K – $448.3K
NOI $26,900 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 37412, TN
21,881
Population
10,305
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.7 sq mi
ZIP Area
2,515
Density / Sq Mi
$56,600
Median Household Income
$37,858
Median Earnings
$1,120
Median Rent
$182,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office, medical, retail, or service space on a highly visible corner lot with ample paved parking.
Where is this office units located?
The property is located at 1502 TOMBRAS AVE East Ridge, TN.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Approximately 1,740 SF flexible commercial space at 1502 Tombras Avenue; Highly visible corner lot with ample paved parking; Detached accessory building on the property
