515 Forest Ave

UNIQUE ZONING ADVANTAGE + UTILITIES:

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, providing flexibility for a variety of residential options. Developers can make use of 7,500 square feet for the first multi-family unit, with an additional 2,000 square feet needed for each subsequent unit. Moreover, all utilities are already in place for the site, making it even more appealing for development. 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.

OPPPORTUNITY AMIDST HOUSING SHORTAGE

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 and commercial spaces in the city. Looking ahead to May 2025, the Chattanooga housing market is projected to grow by 0.4%, reflecting an optimistic outlook fueled by favorable economic conditions and sustained demand. This makes investing in this property not only timely but strategically advantageous.

CONVENIENT TO ALL ATTRACTIONS + A VIEW

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, Renaissance Park, the Riverfront, the Aquarium, IMAX, and the Hunter Museum. The dynamic Northshore district provides convenient access to essential amenities such as Whole Foods, Publix, Walgreens, Physicians Care Walk-In clinic, various fitness options, banks, and a post office, all while being at the center of excitement and growth.

HOME TO NORMAL PARK MAGNET SCHOOL

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, places a special emphasis on certain subjects, including technology, art and music. The school boasts locally made artistic installations, as well as what it calls “edible” gardens for use in its science curriculum.

OFFERING MEMORANDUM UPON REQUEST