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.
Property Details
Property Features
Listing Office:
Office Name: Clear Path Realty and Development
Office Phone: (423) 708-2338
Exterior Features
Exterior Information:
View: Downtown, River
Exterior: None
Lot Features
Lot Information:
Lot: Cleared, Gentle Sloping, Views
Lot Size: 0.57 Acres
Other
Directions Information:
Directions: Head west on Frazier Ave toward Tampa St. Turn Right on Forest Ave. Destination is on the left about .3 miles.
Price Information
Listing Price Info
Price Summary:
List Price: $1,750,000
Tax Information:
Annual Amount: $3,091
Tax Year: 2020
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Chattanooga School for The Arts and Science Lower School
865 E 3rd St
Distance between this listing and this school1.34 miles
Public Magnet Grades KG-5
3
/10
Brown Academy
718 E 8th St
Distance between this listing and this school1.67 miles
Public Magnet Grades PK-5
4
/10
Battle Academy
1601 Market St
Distance between this listing and this school2.16 miles
Public Magnet Grades PK-5
Nearby Schools
6
/10
Normal Park Museum Magnet School
1219 W Mississippi Ave
Distance between this listing and this school0.70 miles
Public Magnet Grades PK-8
4
/10
Orchard Knob Middle School
500 N Highland Park Ave
Distance between this listing and this school2.30 miles
Public District Grades 6-8
5
/10
Chattanooga Preparatory School
1849 Union Ave
Distance between this listing and this school2.90 miles
Public Charter Grades 6-8
Nearby Schools
9
/10
Chatt High Center for Creative Arts
1301 Dallas Rd
Distance between this listing and this school0.85 miles
Public Magnet Grades 6-12
7
/10
Chattanooga School for The Arts and Science Upper School
865 E 3rd St
Distance between this listing and this school1.34 miles
Public District Grades 6-12
2
/10
The Howard School
2500 Market St
Distance between this listing and this school2.83 miles
The neighbors living near this home have an average income of $45,632. Most Chattanooga, TN residents have annual incomes between $35k-100k. Most families are single, no kids. Typical level of education for residents in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 515 Forest Ave
What is the listing price of this property?
The listing price of 515 Forest Ave property is $1,750,000.
What type of property is this?
The property 515 Forest Ave is land located in Chattanooga, Tennessee, 37405.
Is this property for sale now?
Active Listing: 515 Forest Ave is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2020 is $3,091 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on March 29, 1999 for $46,000. (source: MLS/tax record).
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This home is located at 515 Forest Ave in Chattanooga, TN and zip code 37405 in the North Chattanooga / Hill City neighborhood. This home sits on a 0.57 acre lot. It has been listed on Rocket Homes since November 05, 2024 and is currently priced at $1,750,000.
In October 2024, from all listings sold in Chattanooga, TN there were more than 54 sold above asking price, over 181 sold below and more than 108 were sold right at the asked price. In October 2024 in Chattanooga, TN there were 0.3% less homes for sale than in September 2024. Listings spent 35 days on the market in October 2024, and had a median list price of $329,348 during the same period.
From Rocket Homes Real Estate and based on county public records data.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Greater Chattanooga Association of Realtors®. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Copyright© 2024 Greater Chattanooga Association of REALTORS®.
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