4749 Highway 58
Chattanooga, TN 37416
Family Dollar · Retail Property For Sale

8% CAP | Family Dollar + Available Space Great opportunity for an investor / user to take advantage of a very nice property in the retail district of Hwy 58. The Family Dollar store has about 8 years left on a current 10-year term and has five, 5-year extensions. The rent for the next extension goes up 14%, thereafter 9%. The property has 24,455 square feet. See lease abstract which is included. In addition to the 9,800/sf Family Dollar space there is a +/- 8,200/sf vacant space to the left of Family Dollar where Aaron's Rent to Own store was located. This suite is a mostly a wide open floor plan that could have many uses. This suite is a retail type use but could be converted to climate controlled storage or office space or many other uses. In addition to the vacant 8,200/sf on the first floor there is +/- 6,450 sf of second floor space above Family Dollar. The second floor space currently has access via a back stairwell and freight elevator, only. The valuation of this property has been calculated by taking the current NNN income from Family Dollar which is $72,200 at a Cap Rate of 8% which produced $902,500 of value and by adding the vacant first floor space at $60/sf (8,200 x $60) which is $492,000. Or, if you want to take all of the vacant space which is 14,655 (1st and 2nd floor) then the vacant space is valued at $33.95/SF. This Hwy 58 retail is within 2-3 miles of the Enterprise South Industrial Park where Volkswagen (VW) and Amazon have production facilities. VW currently has an $850 million dollar expansion under construction. There are about 10,000 employee in the whole park. Hwy 58 and this locations sees over 41,000 car per day and is one of Chattanooga's most traveled streets. Additional parking could be added on the rear vacant lot. The Family Dollar lease is a NNN lease. In addition, this property is shown as a For Lease listing under the same address. Listing number #30576632. Attached Documents: 1. Floor Plans 2. Lease Abstract 3. Property maps For Qualified Buyers: 1. Family Dollar Lease 2. 2018 & 2019 P&L's