500 W Manning St 8,137 SF Specialty Building Offered at $1,650,000 at a 5.30% Cap Rate in Chattanooga, TN 37405

Fletcher Bright Realty is pleased to present the exclusive offering of Five Points Self Storage, a stabilized, 97% occupied 81-unit, ±9,825 SF self-storage facility on a ±0.67-acre infill parcel at 500 W Manning Street in the heart of Chattanooga's North Shore. Offered at $1,650,000 — well below replacement cost — the asset combines durable in-place cash flow with multiple, independent paths to create value: below-market contract rents, a fully entitled 3-story / 50' development envelope, and a turnkey tenant insurance + facility-fee program ready to be activated by the next owner.
The Opportunity
Below-market rents with immediate ECRI runway — contract rents sit meaningfully below current street rates at comparable North Shore facilities. Existing tenants are stable, long-tenured, and primed for systematic ECRI execution, providing a clear, low-risk path to NOI growth from Day 1.
Below replacement cost — at $168/SF, basis is well under the cost of new self-storage construction in the Chattanooga MSA, where rising land, materials, and labor costs (and a tightening supply pipeline) make new development increasingly infeasible.
Infill site with vertical development optionality — E-IX-3 zoning permits up to 3 stories / 50' of vertical build on the existing parcel. The next owner can layer climate-controlled square footage on top of the current footprint without acquiring additional land — a rare expansion path in a supply-constrained submarket.
Untapped ancillary income — a $12,840/yr facility-fee program ($5/$10/$15/$20 monthly tiers by unit size + $7.50 for parking) is modeled to roll on in 2027 with no incremental OpEx, dropping directly to NOI. A Storable-powered tenant insurance program is already in place and producing $5,400/yr.
Irreplaceable North Shore location — ±0.67-acre infill parcel within walking distance of the Walnut Street Bridge, Frazier Avenue, and downtown Chattanooga, surrounded by dense multifamily, new-construction infill, and a renter-occupied household base that drives durable storage demand. No competing facilities have been added to the immediate trade area in years.
Stabilized, professionally managed asset — 97% occupied (90 of 93 rentable spaces leased as of May 18, 2026), professional Storable tenant management software, ADT-monitored security, and clean, well-documented operating history.
Assumable owner-financing at a below-market interest rate — providing the next owner with attractive levered returns from close, without the friction or cost of sourcing new debt in the current rate environment.
Property Snapshot
81 rentable storage units (25 climate-controlled / 56 non-climate) + 12 covered parking spaces = 93 rentable spaces
±9,825 SF NRA on ±0.67 acres • $168/SF
Zoning: E-IX-3 (permits 3 stories / 50' vertical)
97% occupied • Stabilized, in-place tenant base