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    515 Forest Ave Chattanooga, TN 37405
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    Property profile & analytics

    515 Forest Ave Chattanooga, TN 37405

    View on Map
    • Commercial real estate
    • 0.57 lot acres
    Off-Market
    Property ID
    US80-1891661
    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
    Cap Rate Potential
    Location Intelligence

    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chattanooga
    County
    Hamilton
    State
    Tennessee
    Longitude
    -85.305628258265
    Latitude
    35.067288920735

    Comparable in this City

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    Similar Nearby for Sale

    • New
      $975,000
      3,360 SF

      Chattanooga Quadruplex in Downtown Area

      Charming quadruplex in downtown Chattanooga with four one-bedroom units.
      716 Forest Ave, Chattanooga, TN 37405
      View Details
    • $13,490,000

      Premier Mixed-Use Asset in Chattanooga

      Newly built mixed-use property with office and multifamily spaces.
      110 Somerville Ave, Chattanooga, TN 37405
      View Details
    • Contact for pricing

      Condo with Mountain Views

      3-bedroom, 2-bath condo with mountain views and community amenities.
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    • New
      $574,000
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      Chattanooga Northshore Income-Producing Triplex

      Income-generating triplex in Chattanooga's desirable Northshore neighborhood.
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      Somer Station For Sale

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      110 Somerville Ave, Chattanooga, TN 37405
      View Details
    • New
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      Chattanooga Triplex with Updates

      Contemporary triplex in Chattanooga, TN, undergoing updates for relisting.
      746 Curve St, Chattanooga, TN 37405
      View Details

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      Northshore Office Space Available

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      Northshore Retail Space Available

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    Chattanooga, TN 37405
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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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    515 Forest Ave, Chattanooga, TN, 37405
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