Ashley HomeStore NNN Retail
2132 Gunbarrel Rd, Chattanooga, TN 37421
For Sale
Contact for pricing
The single-tenant site operates under an absolute NNN lease with renewal options and scheduled rent adjustments.
Property Size44,537 SF
Lot Size5.67 Acres
Price / SF$216.09
Days on Market27
Property Features for 2132 Gunbarrel Rd
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Highway Access
Building Details
Year Built
Year Renovated
Buildings
Tenancy
Listing Agency:
Cushman & Wakefield - Phoenix, Arizona
Listed By:
Chris Hollenbeck · License TN SA584876000
(602) 538-7155
Source:
Crexi
Added: Oct 14
Changed: Nov 8
Last Checked: Nov 8 at 4:11PM
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 Cushman & Wakefield - Phoenix, Arizona
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Investment Insights
Based on property information with market context.
The 44,537-square-foot furniture showroom occupies 5.67 acres and has served as an Ashley HomeStore since 2013. Built in 1996 and renovated in 2006, the property is leased to Ashley Global Retail, LLC under an absolute NNN structure. The lease runs through November 30, 2030, and includes three five-year renewal options. Annual rent adjustments are the lesser of 1.375% or 1.25 times CPI, with the next adjustment scheduled for December 1, 2026.
At 2132 Gunbarrel Road in Chattanooga, the property is less than one mile from I-75, which carries approximately 105,893 vehicles per day. Nearby retail destinations include Hamilton Place Mall, Costco Wholesale, Target, Walmart Supercenter, and The Home Depot. More than 106,000 residents live within five miles; average household income within three miles is approximately $122,160, with a projection of $139,548 by 2031.
At 2132 Gunbarrel Road in Chattanooga, the property is less than one mile from I-75, which carries approximately 105,893 vehicles per day. Nearby retail destinations include Hamilton Place Mall, Costco Wholesale, Target, Walmart Supercenter, and The Home Depot. More than 106,000 residents live within five miles; average household income within three miles is approximately $122,160, with a projection of $139,548 by 2031.
Key Highlights
- 44,537‑square‑foot showroom on 5.67 acres
- Absolute NNN lease to Ashley Global Retail, LLC
- Lease runs through November 30, 2030, with three five‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$344,182
Cap Rate
3.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,883,640
$6.9M
Cap Rate 7%
$4,916,886
$4.9M
Cap Rate 9%
$3,824,244
$3.8M
Market Conditions
NOI Build-Up for 44,537 SF
Gross rent
$534.4K $12.00/SF
− Vacancy
−$42.8K −$0.96/SF
EGI
$491.7K $11.04/SF
− OpEx
−$147.5K −$3.31/SF
NOI
$344.2K $7.73/SF
Area
Chattanooga, TN
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,883,640
Cap Rate 7%
$4,916,886
Cap Rate 9%
$3,824,244
Alternative Uses
Best Use
Retail
$4.92M
$4.30M – $5.74M
NOI $344,182 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.84M
$8.61M – $11.48M
NOI $688,535 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,464
Businesses Nearby
608k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 27%
Superstores 23%
Dining 15%
Home Improvements & Furnishings 14%
Walmart
Superstores
138,717 visits/mo
0.3 miles
Best Buy
Electronics
56,070 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
52,674 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
42,198 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
40,196 visits/mo
0.2 miles
Demographics for 37421, TN
51,686
Population
23,978
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
92%
High-School Grad
31.7 sq mi
ZIP Area
1,630
Density / Sq Mi
$79,958
Median Household Income
$44,452
Median Earnings
$1,313
Median Rent
$299,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
NNN property - The single-tenant site operates under an absolute NNN lease with renewal options and scheduled rent adjustments.
Where is this nnn property located?
The property is located at 2132 Gunbarrel Rd Chattanooga, TN.
What is the asking price?
The asking price for this property is $9,623,891.
What are key features of this property?
This property features: 44,537‑square‑foot showroom on 5.67 acres; Absolute NNN lease to Ashley Global Retail, LLC; Lease runs through November 30, 2030, with three five‑year renewal options
