574 Northgate Mall Dr Chattanooga, TN 37343

Property Details for 574 Northgate Mall Dr

Year built

2022

Lot size

1.50 lot acres

Property size

6,343 SF

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.

Location Insight

City

Chattanooga

County

Hamilton

State

Tennessee

Longitude

-85.2428

Latitude

35.1298