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    515 Forest Ave Chattanooga, TN 37405

    Sponsored
    For Sale
    $1,750,000

    0.57 Acres, R3 Zoning, Scenic Views

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 0.57-acre lot in Chattanooga, Tennessee, presents a unique development opportunity. Located on Forest Ave in the desirable Northshore district, the property boasts flexible R3 zoning, permitting single-family, townhome, and multi-family residential construction. Existing utilities are in place, simplifying development. The gentle grade of the lot enhances buildability, and stunning city views add significant value. The high demand Northshore location, with homes selling quickly at an average price of $673,129, ensures strong potential returns. Proximity to numerous amenities, attractions (including the Walnut Street Bridge, Coolidge Park, and the Aquarium), and the highly-rated (A-minus by Niche) Normal Park Museum Magnet School further enhances desirability. The asking price is $1,750,000. A quadplex with month-to-month tenants currently occupies the site, offering developers flexibility for immediate redevelopment. This property represents a timely investment in a rapidly growing market, capitalizing on Chattanooga's housing shortage and projected future growth. The R3 zoning allows for a 7,500 square foot first multi-family unit, with an additional 2,000 square feet needed for each subsequent unit. This prime location offers convenient access to Whole Foods, Publix, and other essential services. Seize this chance to build in a thriving Chattanooga neighborhood.

    Property Features for 515 Forest Ave

    General Information

    Property type
    Multifamily properties
    Lot Size
    24,829 SF

    HighLights

    • $1,750,000 asking price for 0.57 acres of land zoned R3, allowing for single‑family and multi‑family development.
    • Level lot with city views and existing utilities in place, enhancing development potential.
    • High demand Northshore location; homes sell quickly, averaging $673,129.
    • Desirable Northshore location near amenities and attractions.
    • Located in the Normal Park Museum Magnet School district, rated A‑minus by Niche.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chattanooga
    County
    Hamilton
    State
    Tennessee
    Longitude
    -85.305628258265
    Latitude
    35.067288920735

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    FAQs

    What type of property is this?
    Multifamily property - 0.57 Acres, R3 Zoning, Scenic Views
    Where is this multifamily property located?
    The property is located at 515 Forest Ave Chattanooga, TN.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: $1,750,000 asking price for 0.57 acres of land zoned R3, allowing for single-family and multi-family development.; Level lot with city views and existing utilities in place, enhancing development potential.; High demand Northshore location; homes sell quickly, averaging $673,129.
    (423) 708-2338
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    515 Forest Ave Chattanooga, TN 37405
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