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Marcus & Millichap Sells Brainerd Market Center Retail Space In Chattanooga For $3.6M
SOLD
$3,600,000
Tennessee
See Similar DealsRetail44,800 SF
Sold 03/19/2024
SOLD
Marcus & Millichap Sells Brainerd Market Center Retail Space In Chattanooga For $3.6M
480 Greenway View Drive
See Similar DealsRetail44,800 SF
Sold 03/19/2024
Summary
TENNESSEE
Asset Type:Retail
Price Per Square Foot:$80
Total Square Footage:44,800 SF
Transaction Type:Sale
The Brainerd Market Center, a 44,800-square-foot retail space located at 480 Greenway View Drive in Chattanooga, TN, was sold for $3,600,000. The property, 80 percent leased, features a mix of national, regional, and local tenants with an average tenure of 14 years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $3,600,000
- SF: 44,800
- Address: 480 Greenway View Drive, Chattanooga, TN
- Market: Chattanooga, TN
Jody McKibben and Zachary (Zach) Taylor from Marcus & Millichap were the brokers who facilitated the sale of the Brainerd Market Center. The property, boasting a diverse tenant mix with long-term leases, attracted buyers with its stable income potential and strategic location in the retail market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$192,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,790.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,065.84
Annual Debt Service$204,790.04
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