First-Floor Mixed-Use
For Sale
Contact for pricing
232 E 11th St, Chattanooga, TN 37402
Flexible commercial condominium with office, medical, and retail functionality in a pedestrian-oriented downtown setting.
Property Size5,680 SF
Price / SF$211.27
Days on Market152
Property Features for 232 E 11th St
General Information
Standard status
Active
Size
5,680 SF
Class
B
Property subtype
Mixed Use, Office, Retail
Zoning
U-CX-6
Investment Type
Owner/User
Additional Details
Floor
1
Opportunity Zone
Yes
Corner Location
Yes
Building Details
Year Built
1910
Year Renovated
2021
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Merchant Real Estate Group
(423) 715-9645
Listed By:
Barrett Kibble · License #362791
Source:
Crexi
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 1:41PM
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 Merchant Real Estate Group
Investment Insights
Based on property information with market context.
This first-floor commercial condominium in The Fleetwood Building provides a flexible layout for office, medical, or retail use. The suite includes private offices, consultation and group therapy rooms, reception and waiting areas, a board room, kitchenette, restrooms, and open work areas. Its configuration can accommodate professional, healthcare, and specialty service operations within a single downtown address.
The property is at 232 E 11th St in Chattanooga’s central business district, at the corner of 11th and King Street and adjacent to Warehouse Row. Dining, retail, banking, and government services are within walking distance. Street parking is available in front of the suite, with additional daily and monthly parking nearby. The property carries U-CX-6 Commercial Mixed Use zoning and is located in a federally designated Opportunity Zone. Built in 1910.
The property is at 232 E 11th St in Chattanooga’s central business district, at the corner of 11th and King Street and adjacent to Warehouse Row. Dining, retail, banking, and government services are within walking distance. Street parking is available in front of the suite, with additional daily and monthly parking nearby. The property carries U-CX-6 Commercial Mixed Use zoning and is located in a federally designated Opportunity Zone. Built in 1910.
Key Highlights
- First‑floor commercial condominium in The Fleetwood Building
- Flexible layout with private offices, therapy rooms, reception, waiting, board room, kitchenette, restrooms, and open work areas
- U‑CX‑6 Commercial Mixed Use zoning
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
$65,178
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
5.43%
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%
$1,303,560
$1.3M
Cap Rate 7%
$931,114
$931.1K
Cap Rate 9%
$724,200
$724.2K
Market Conditions
NOI Build-Up for 5,680 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
$102.2K $18.00/SF
− Vacancy
−$15.3K −$2.70/SF
EGI
$86.9K $15.30/SF
− OpEx
−$21.7K −$3.82/SF
NOI
$65.2K $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%
$1,303,560
Cap Rate 7%
$931,114
Cap Rate 9%
$724,200
Alternative Uses
Best Use
Office B
$931.1K
$814.7K – $1.09M
NOI $65,178 @ 7.0% cap · market cap 5.43%
Second Best
Healthcare Medical
$903.8K
$790.8K – $1.05M
NOI $63,266 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,812 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,128
Businesses Nearby
Explore this area
Business Placement
Demographics for 37402, TN
4,464
Population
3,207
Households
1.4
Avg Household Size
38
Median Age
30%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
3,434
Density / Sq Mi
$28,829
Median Household Income
$42,515
Median Earnings
$673
Median Rent
$460,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial condominium with office, medical, and retail functionality in a pedestrian-oriented downtown setting.
Where is this mixed-use property located?
The property is located at 232 E 11th St Chattanooga, TN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: First‑floor commercial condominium in The Fleetwood Building; Flexible layout with private offices, therapy rooms, reception, waiting, board room, kitchenette, restrooms, and open work areas; U‑CX‑6 Commercial Mixed Use zoning
