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Spacious Medical/Office Condo For Sale

5022 Old Godsey Ln, Chattanooga, TN 37343

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For Sale

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Large, versatile condo in Hixson's medical core, suitable for various uses.

Type:Office

Property size:

7,192 SF

Price / SF:

$152/SF

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.
Equipped with multiple private offices, exam rooms, conference room, and large reception area.
Easy access and ample parking.
Upscale environment for clients, customers, and patients.

We can help!

Contact an agent

Bobby Ankar, CCIM

For Sale

Contact for pricing

Large, versatile condo in Hixson's medical core, suitable for various uses.

Type:Office

Property size:

7,192 SF

Price / SF:

$152/SF

Added:: May 14, 2024
Days on Market:: 786
Last Refresh:: Jul 5 at 3:37 pm

Property Features for 5022 Old Godsey Ln

General Information

Standard status: Active
Size: 7,192 SF
Property subtype: Office

Building Details

Year Built: 2001

We can help!

Contact an agent

Bobby Ankar, CCIM

Listing office Real Estate Partners Chattanooga LLC

Listing date May 14, 2024

Source Crexi

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

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.
Equipped with multiple private offices, exam rooms, conference room, and large reception area.
Easy access and ample parking.
Upscale environment for clients, customers, and patients.

Overview

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.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$129.5k	$18.00
− Vacancy	−$19.4k	−$2.70
EGI	$110.0k	$15.30
− OpEx	−$27.5k	−$3.82
NOI	$82.5k	$11.48

7,192 SF · lease $18.00/SF/yr · vacancy 15.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.18M

$1.03M – $1.38M (±1% cap)

NOI $82,528 @ 7.0% cap · market cap 7.50%

Second Best

Healthcare Medical

$1.14M

$1.00M – $1.34M (±1% cap)

NOI $80,107 @ 7.0% cap · market cap 7.28%

Theoretical Best

Office A

$1.59M

$1.39M – $1.85M (±1% cap)

NOI $111,187 @ 7.0% cap · market cap 10.11%

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

Property Profile Location Intelligence

Current Use by Public Records

Medical Office Space

Similar Places Nearby

Northgate Animal Hospital — 1600 Hamill Rd, Hixson, TN 37343

Map

City: Chattanooga
County: Hamilton
State: Tennessee
Longitude: -85.2361969
Latitude: 35.1260105

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For sale
Medical Office Space
TN
Chattanooga
37343
5022 Old Godsey Ln

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 $1,100,000.

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.