| PRICE : | $14,940,000 |
|---|---|
| CAP RATE: | 6.5% |
| PROPERTY TYPE: | Office |
| SITE SIZE: | 5.37 Acres |
| BUILDING SIZE: | 92,787 SF |
| YEAR BUILT: | 1980 |
Highlights
- • The facility is 67% occupied by the U.S. Nuclear Regulatory Commission and serves as their national technical training center. They originally occupied the property in 1995. The current lease runs through 2037, being firm term through 2027. The first, second, third, and fourth floors have specialized build outs accommodating six simulators
- • The property offers fantastic upside as rents currently average $14.50 per SF. The market rents in Chattanooga and the sub-market are $20 per SF
- • The Chattanooga office market continues to perform well with low long term vacancies under 5%, well below the national average of 12.5%. Future job growth over the next 10 years is predicted to be 44.5%
- • The location for this facility is perfect with personnel visiting for training from all over the country. The location near the intersection of I-75 and I-24 is only 7 minutes from the Chattanooga airport. The area offers shopping, dining, housing and transportation nearby. There is a large concentration of government related tenants in the sub-market
Description
Opportunity to acquire a 100% occupied office building in Chattanooga, mostly leased by the U.S. Nuclear Regulatory Commission (NRC). The NRC is an important agency within the United States government tasked with protecting public health and safety related to nuclear energy. The NRC’s 62,153 SF U.S. Technical Training Center features specialized simulators on the first, second, third, and fourth floors. The lease runs through 1/16/2037 being firm term through 1/16/2027
The rest of the building is occupied by five quality tenants including mainly religious and healthcare-oriented businesses. The Chattanooga office market vacancy is below 5% with market rents at $20 per SF. The subject property offers fantastic upside as rents currently average $14.50 per SF.
