Current Use by Public Records
- Lifestyle centers
Property Details for 574 Northgate Mall Dr
- Year built
- 2022
- Lot size
- 1.50 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 6,343 square foot, single-tenant Miller's Ale House located in Chattanooga, Tennessee. Built in 2022, this property boasts a desirable absolute NNN lease with 10 years remaining and mid-term increases, providing long-term financial stability. The property sits on a 1.5-acre lot with ample parking (219 spaces) and enjoys excellent visibility from TN-153, a major commercial thoroughfare with high traffic volume (83,885+ VPD). Its strategic location is adjacent to other popular retailers, including Panera Bread, Buddy's Bar-B-Q, Buff City Soap, and My Eye Lab, within Northgate Mall's retail corridor. The property features upgraded exterior aesthetics, including brick, stucco, oversized windows, and a garage door patio with highly visible monument signage. The strong tenant, Miller's Ale House, is a national competitor with a diverse menu and plans for significant expansion (10-15 new restaurants annually). The property benefits from a robust local economy, including a large concentration of major employers within a short radius, such as CHI Memorial Hospital Hixson, the University of Tennessee at Chattanooga, and numerous manufacturing and distribution facilities. This prime location in a high barrier-to-entry market, coupled with the strong tenant and lease terms, offers a compelling investment opportunity with a 5.50% cap rate and a Net Operating Income (NOI) of $246,157. The asking price is $4,475,000. The property's strong demographics, with over 85,350 people and average household incomes exceeding $91,000 within a 5-mile radius, further enhance its investment potential. This is a rare opportunity to acquire a high-performing asset in a thriving market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chattanooga
- County
- Hamilton
- State
- Tennessee
- Longitude
- -85.2428
- Latitude
- 35.1298
