26 Dolphin Lane
For sale26 Dolphin Lane, Ringgold, GA 30736
Area Description
Proven Rent Growth with Remaining Value-Add Upside Gross rental income grew from $141K (Mar-24 T-12) to $221K annualized on the current rent roll, 57% over two years as the renovation program worked through the building. 13 of the 17 units have been renovated with the latest units leasing at $1,250. The property is 100% leased with no existing concessions. The 4 remaining doors carry the same upside through the completion of the interior renovation program. At an average in-place rent of $1,086 against a $1,250 market rent, there is roughly $164 per unit to capture through completion of the interior renovation program and increasing the remaining units to market rates. Constrained Supply, Strengthening Fundamentals | Chattanooga MSA Chattanooga's multifamily construction pipeline has thinned dramatically. As of Q3 2025, only three properties totaling 556 units were actively under development across the entire MSA, representing just 2% of metro inventory, with the bulk of that activity concentrated in urban infill near downtown rather than the broader metro. Stabilized apartment assets in the Chattanooga metro are running at approximately 8% vacancy, with the 2026 market forecast calling for occupancy improving to 91.9% and rent growth returning to approximately 1.7% as the market absorbs the 2024 supply peak. The Chattanooga MSA reached a population of 588,050 in 2024, up from 562,647 in the 2020 Census, a gain of over 25,000 residents. More than 266,000 millennials aged 25 and older live within an hour of downtown, providing a durable renter demand base well into the next decade. Chattanooga Metropolitan Airport is the fastest-growing small hub airport in the United States, posting a 32% increase in seat capacity in Q3 2025 against a 4% national average for small hubs. Passenger traffic is up 41% since 2023, with a $35 million parking expansion breaking ground in 2025 to accommodate rising demand. Regional Employment Depth | Catoosa County on the Rise The Chattanooga MSA's employer base is unusually deep for its size. BlueCross BlueShield of Tennessee (6,607 employees, the metro's largest employer), Erlanger Health System (6,000), Volkswagen Chattanooga (~4,500), CHI Memorial, TVA, McKee Foods, and Amazon span healthcare, manufacturing, finance, and logistics, providing the workforce density that underpins housing demand throughout the metro. Cloud Springs I-75 Park, a $100 million, 1.13 million-square-foot Class A advanced manufacturing and technology development, is complete and actively marketing to tenants in Catoosa County, projected to bring more than 700 direct jobs to a county where more than 80% of the workforce today commutes out to work. Ringgold, as the county seat and the closest established community to the park along I-75, is the natural housing answer for a Catoosa County workforce that increasingly works within the county rather than commuting north into Hamilton County each day.