This property boasts R3 zoning, offering a rare and unique advantage in an area largely dominated by high-end single-family homes, which have an average sales price of $634,871. The R3 zoning allows for both single-family, townhomes and multi-family dwellings. The property currently features a quadplex, with month-to-month leases in place for two tenants. This arrangement provides developers with the flexibility to promptly demolish the structure and clear the lot for future development. Moreover, all utilities are already in place for the site.
Chattanooga is currently facing a significant housing shortage while experiencing rapid growth. This development presents a prime opportunity to meet the rising demand for residential in the city. Looking ahead to May 2025, the Chattanooga housing market is projected to grow by 0.4%.
Located in the heart of the expanding Northshore district along Forest Ave, this site not only offers a prime location--a stone's throw from the vibrant heart of the city--but also boasts scenic city views. Residents can enjoy walking, biking, or easy driving access to Northshore, downtown, and Southside hotspots, including trendy restaurants, lounges, music venues, the Walnut Street walking bridge, Coolidge Park, the Riverfront, the Aquarium.The dynamic Northshore district provides convenient access to essential amenities such as Publix, Walgreens, Walk-In clinic, various fitness options, banks, and a post office, all while being at the center of excitement and growth.
The Normal Park Museum Magnet School, located within the neighborhood bounds, serves students in kindergarten through eighth grade. Normal Park, which received an A-minus from Niche. OFFERING MEMORANDUM upon request.