515 Forest Ave Chattanooga, TN 37405
- Commercial real estate
- 0.57 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 515 Forest Ave
- Lot size
- 0.57 lot acres
- Property type
- Commercial real estate
Description
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.
Value Estimation
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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
- -85.305628258265
- Latitude
- 35.067288920735
