Prime Development Acreage on I-75

Hospitality for Sale
Also listed as Retail-Commercial, Multi-Family
Catylist Listing ID: 30273586
Property Subtypes: Extended Stay, Motel, Other
Number of Units: 120 Units
Building Size (RSF): 39,440 SF
Gross Building Area: See Agent
Gross Land Area: 6.02 SF
Sale Price: $3,500,000
Unit Price: $29,166.67 Per Unit
Property Use Type: Investment, Vacant/Owner-User, Business
Name of Establishment: Cloud Springs Lodge
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Last Updated: 5/8/2018

Overview / Comments

This 6-acre site sits adjacent to Interstate 75 just south of the Tennessee Border adjacent to the Cloud Springs Road Exit. This exit also hosts Costco, Cabela’s, shops, restaurants, and convenience stores. In addition to pulling travelers off of I-75, Cloud Springs road is key to local commuter traffic. The property faces northbound traffic on I-75.

Currently, Cloud Springs Lodge, an extended stay motel, operates on the property with an outdoor, in ground pool. Owner reports net operating income at 7.5% capitalization rate at list price. Development opportunities include new hotel development, travel center or truck stop, fast casual restaurants, grocery store, shopping center, multi family, or some combination.

Additional land, approximately 2 acres, might also be purchased from separate owner.

Additional Details

Nearest MSA: Chattanooga
County: Catoosa
Taxing Authority: Catoosa County
Tax ID/APN: 0020A-015
Retail Clientele: General, Family, Business, Traveler, Recreation, Other
Property Located Between: I-75 and Larry Drive
Property Visibility: Excellent
Largest Nearby Street: I-75 frontage road
Feet of Frontage: 950
Traffic/Vehicle Count: 100,000
Highway Access: About 1,500ft from I-75 Exit 353 ramp.
Airports: 8.6 mi (15 mins) to CHA
Site Description: The property is mostly level with a slope up to its eastern boundary.
Area Description: This exit is well-known for the Costco Warehouse which was established in October 2010 and Cabela’s recreation retail storefront which opened in the fall of 2015.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Fair
Year Built: 1980
Roof Type: Flat
Construction/Siding: Other
Water Recreation: Outdoor Pool
Parking Type: Surface
Parking Description: Ample free onsite parking for occupants.
Lot Frontage: 950
Lot Depth: 500 (Irregular shape)
Water Service: Municipal
Sewer Type: Municipal, Other

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,929 42,004 125,499
Median Age: 35.98 39.27 39.14
Households: 1,080 17,658 51,776
The information presented herein is provided as is, without warranty of any kind. Neither Greater Chattanooga Association of REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.