1500 41st St Chattanooga, TN 37407-2529

Property Details for 1500 41st St

Year built

2009

Lot size

2.70 lot acres

Property size

18,000 SF

Zone code

M1

Property type

Warehouses

Property subtype

Self storage facilities

APN

168H H 006

APU

168HH006

Description

This exceptional self-storage opportunity in Chattanooga, Tennessee presents a compelling value-add investment. The 22,000-square-foot facility, built in 2009, sits on a 2.7-acre lot with 695 feet of road frontage across three streets. Currently boasting 152 units and an 80% occupancy rate (projected to reach 100% by 10/31/2024), the property generates a strong NOI of $136,000. The facility comprises ten single-story buildings with 10-foot ceilings and includes a 600-square-foot office with kitchen and bathroom. Recent additions (2021/2022) include eight containerized storage units (2,848 sq ft). Approved plans for future expansion include 6,125 sq ft of climate-controlled units and 17,600 sq ft of non-climate-controlled units, increasing net rentable space to 43,973 sq ft. The property also offers ample space for auto, boat, and RV storage. A premier U-Haul dealership further enhances revenue streams. The asking price is $2,600,000 with owner financing options available (20% down, 4% interest for 3-4 years, balloon payment). A cash offer of $2,600,000 is also accepted. 1031 exchanges are welcomed. Detailed market studies and environmental reports are available upon request. The permitted zoning is for self-storage.