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515 Forest Ave Chattanooga, TN 37405

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For Sale
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0.57 Acres, R3 Zoning, Scenic Views

Property Features for 515 Forest Ave

General Information

Property type
Multifamily properties
Lot Size
24,829 SF

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Listing Contact
Anne Najjar
Anne Najjar

Listing Agency: Clear Path Realty and Development Listing Agent: Anne Najjar

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

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 Profile Insight Report Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness 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

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) 875-3600 Call to check price and availability
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