4733 Calderwood Cir Chattanooga, TN 37416

Property Details for 4733 Calderwood Cir

Property size

5,100 SF

Property type

Commercial real estate

Description

This exceptional Chattanooga investment opportunity presents a 9-unit apartment building situated on a 1.16-acre lot at 4733 Calderwood Cir, 37416. The property boasts a strong NOI of $58,000, yielding a 9.75% cap rate, and is priced at $595,000. The main building, totaling 1,955 square feet, underwent renovations in 2017 and features four boarding units, each with its own bathroom and private entrance. An additional 1,250-square-foot cinder block structure houses two more boarding units, including one ADA-compliant bathroom. A commercial fire alarm system is in place. The property also includes a double-wide structure (currently condemned and requiring reinspection) with three additional units and three bathrooms, and a condemned single-wide trailer. A 400-square-foot mobile office/storage building is also present, requiring updates and city approval. Complete architectural and engineering plans exist for a potential 12-unit building expansion, subject to city approval. The property's flexible zoning allows for both commercial and residential development. Its convenient location off Highway 58, behind a Taco Bell, adds to its appeal. The seller may consider owner financing. This property offers significant income potential and substantial upside through redevelopment or expansion. The total square footage is 5,100, with a price per square foot of $116.67 and a price per unit of $66,111.11.