Spacious Medical/Office Condo For
For Sale
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5022 Old Godsey Ln, Chattanooga, TN 37343
Large, versatile condo in Hixson's medical core, suitable for various uses.
Property Size7,192 SF
Price / SF$138.35
Days on Market877
Property Features for 5022 Old Godsey Ln
General Information
Standard status
Active
Size
7,192 SF
Property subtype
Office
Zoning
R4
Building Details
Year Built
2001
Buildings
1
Stories
1
Units
1
Listing Agency:
Real Estate Partners Chattanooga LLC
Listed By:
Bobby Ankar, CCIM · License #TN 348757
(423) 802-5639
Source:
Crexi
Added: May 14, 2024
Changed: Oct 7
Last Checked: Oct 7 at 9:44AM
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 Real Estate Partners Chattanooga LLC
Investment Insights
Based on property information with market context.
This upscale medical/office condominium, totaling just under 7,200 square feet, is available for purchase. It is the largest office condominium in the building and is located just off Highway 153 and Hamill Road. The Hamill Professional Centre is situated directly across from CHI Memorial Hospital's Hixson campus. Co-occupants include North River Periodontics and Implants, Benchmark Physical Therapy, CHI Memorial, and Implants & Oral Surgery of Chattanooga. The space is equipped with multiple private offices, exam rooms, a conference room, and a large reception area. The versatile space can continue to serve as a medical office or be converted to traditional office space. The property is situated in the center of Hixson's core medical area, with Northgate Mall directly behind the building. The location offers easy access and ample parking. The former use was an ophthalmology practice.
Key Highlights
- Largest office condominium in the building (just under 7,200 SF).
- Prime location directly across from CHI Memorial Hospital's Hixson campus.
- Versatile space suitable for medical or traditional office use.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,528
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,650,560
$1.7M
Cap Rate 7%
$1,178,971
$1.2M
Cap Rate 9%
$916,978
$917.0K
Market Conditions
NOI Build-Up for 7,192 SF
Gross rent
$129.5K $18.00/SF
− Vacancy
−$19.4K −$2.70/SF
EGI
$110.0K $15.30/SF
− OpEx
−$27.5K −$3.82/SF
NOI
$82.5K $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 Rate 5%
$1,650,560
Cap Rate 7%
$1,178,971
Cap Rate 9%
$916,978
Alternative Uses
Best Use
Office B
$1.18M
$1.03M – $1.38M
NOI $82,528 @ 7.0% cap · market cap 8.29%
Second Best
Healthcare Medical
$1.14M
$1.00M – $1.34M
NOI $80,107 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,187 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,161
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37343, TN
43,626
Population
19,031
Households
2.3
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
42.1 sq mi
ZIP Area
1,036
Density / Sq Mi
$79,177
Median Household Income
$45,151
Median Earnings
$1,258
Median Rent
$275,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Northgate Animal Hospital — 1600 Hamill Rd, Hixson, TN 37343
Frequently Asked Questions
What type of property is this?
Medical Office Space - Large, versatile condo in Hixson's medical core, suitable for various uses.
Where is this medical office space located?
The property is located at 5022 Old Godsey Ln Chattanooga, TN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Largest office condominium in the building (just under 7,200 SF).; Prime location directly across from CHI Memorial Hospital's Hixson campus.; Versatile space suitable for medical or traditional office use.
