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    2301 28th St Chattanooga, TN 37407-3629
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    Property profile & analytics

    2301 28th St, Chattanooga, TN 37407-3629

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    • Manufacturing properties
    • 31,644 SF
    • 1.00 lot acres
    Off-Market
    Last Sale Jan 4, 2025
    $700,000
    Property ID
    US80-1831487
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $690,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rivoli Mills Building / Warehouse & Storage
    • GreenForm / Corporate Office

    Property Details for 2301 28th St

    Year built
    1910
    Lot size
    1.00 lot acres
    Zone code
    M1
    Property type
    Manufacturing properties
    APN
    156J G 045
    APU
    156JG045

    Description

    Rivoli Mills, located at 2301 E 28th St, Chattanooga, TN 37407, offers 31,645 square feet of single-tenant industrial flex space. This two-story building, originally constructed in 1910 and extensively renovated in 2014, sits on a 0.79-acre lot. The property boasts convenient access to Interstate highways and is situated just outside of downtown Chattanooga, providing excellent access to a local and regional customer base. Ideal for light manufacturing or warehousing operations, the space features a combination of open areas and several private offices, catering to diverse business needs. The building includes elevators for efficient vertical movement within the structure. The entire 31,645 square feet is currently vacant and available for lease. Its history as a golf shirt manufacturing facility adds unique character to this well-maintained and strategically located industrial property. The combination of historic charm and modern updates makes Rivoli Mills a compelling option for businesses seeking a functional and distinctive space in a thriving Chattanooga location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $680,000
      Market price range: $680k - $3.16M
      AI Estimate
      $680,000
      Market price range: $680k - $3.16M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chattanooga
    County
    Hamilton
    State
    Tennessee
    Longitude
    -85.2808
    Latitude
    35.0109
    CBSA code
    16860
    CBSA name
    CHATTANOOGA, TN-GA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,740
    $0.00
    $0.00
    $77,760
    -
    $72,900
    $121,500
    $194,400

    Comparable in this City

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    • Value Estimation
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      70,046 SF

      1001 38th St

      MANUFACTURING (LIGHT)
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    • Value Estimation
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      13,580 SF

      2300 28th St

      LUMBER & WOOD PRODUCT MFG
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      View Details
    • Value Estimation by Request
      36,840 SF

      2600 40th St

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    • Value Estimation by Request
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      10th Ave

      MANUFACTURING (LIGHT)
      10th Ave, Chattanooga, TN 37407
      View Details
    • Value Estimation
      $610,000
      60,796 SF

      1222 38th St

      MANUFACTURING (LIGHT)
      1222 38th St, Chattanooga, TN 37407-2462
      View Details

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      Freestanding 14,000 SF building with NNN lease in Chattanooga.
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    Similar Nearby for Lease

    • $6 SF/Yr

      Manufacturing Warehouse Near Highway 24

      11,219 SF M1-zoned manufacturing warehouse with convenient highway access.
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      View Details
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      Calhoun Ave Industrial Warehouse

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      Conditioned Industrial Flex Space

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      View Details
    • Contact for pricing
      11,219 SF

      Industrial Space with Drop Yard

      Industrial property featuring a drop yard and M1 zoning.
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      View Details
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    Chattanooga, TN 37407-3629
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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