Church Property With Corner
For Sale
$850,000
21 W Bell Avenue, Chattanooga, TN 37405
Transitional zoning and substantial improvements create a flexible starting point for a new interior build-out.
Property Size3,162 SF
Days on Market10
Property Features for 21 W Bell Avenue
General Information
Standard status
Active
Size
3,162 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$2,778
Building Details
Building Size
3,162 SF
Year Built
1950
Listing Agency:
Fletcher Bright Realty
(423) 504-0559
Listed By:
Channing Brogdon · License #333634
(423) 504-0559
Source:
Gracefrankgroup
Added: Aug 4
Changed: Aug 13
Last Checked: Aug 13 at 4:29AM
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 Fletcher Bright Realty
Investment Insights
Based on property information with market context.
This church property, constructed in 1950, is being offered with the adjoining corner parcel at 29 W. Bell Ave.; the properties will not be divided. The building has undergone structural reinforcement, roof replacement, and window replacement. Its interior has been opened to the studs, allowing the next owner to shape the layout and finishes around a new plan.
The property carries transitional zoning and includes frontage at 21 W Bell Avenue in Chattanooga. The combined offering provides the existing structure along with the additional corner lot, creating a larger footprint for redevelopment or continued religious-facility use. The former church configuration and completed building work provide a defined starting point for repositioning the property.
The property carries transitional zoning and includes frontage at 21 W Bell Avenue in Chattanooga. The combined offering provides the existing structure along with the additional corner lot, creating a larger footprint for redevelopment or continued religious-facility use. The former church configuration and completed building work provide a defined starting point for repositioning the property.
Key Highlights
- Church property constructed in 1950
- Sale includes adjoining corner lot at 29 W. Bell Ave.; will not divide
- Structural reinforcement completed
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
$34,908
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
4.11%
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%
$698,160
$698.2K
Cap Rate 7%
$498,686
$498.7K
Cap Rate 9%
$387,867
$387.9K
Market Conditions
NOI Build-Up for 3,162 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
$60.7K $19.20/SF
− Vacancy
−$4.9K −$1.54/SF
EGI
$55.9K $17.66/SF
− OpEx
−$20.9K −$6.62/SF
NOI
$34.9K $11.04/SF
Area
Chattanooga, TN
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$698,160
Cap Rate 7%
$498,686
Cap Rate 9%
$387,867
Alternative Uses
Best Use
Mixed Use
$498.7K
$436.4K – $581.8K
NOI $34,908 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$698.3K
$611.1K – $814.7K
NOI $48,884 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Transitional zoning and substantial improvements create a flexible starting point for a new interior build-out.
Where is this church & religious facility located?
The property is located at 21 W Bell Avenue Chattanooga, TN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Church property constructed in 1950; Sale includes adjoining corner lot at 29 W. Bell Ave.; will not divide; Structural reinforcement completed
