2963 Church StMurfreesboro, TN 37127

Property Details for 2963 Church St

Year built

2024

Property size (Sq ft)

3,900 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a brand-new, 3,900 square foot First Watch restaurant in Murfreesboro, Tennessee. Located at 2963 S Church St, 37127, this property boasts a strong 5.25% cap rate and a substantial net operating income (NOI) of $237,900. The absolute NNN lease with First Watch (NASDAQ: FWRG) offers a secure, long-term investment with a remaining term of 12 years, commencing November 1, 2024, and expiring November 30, 2036. The lease includes a 10% rent increase in year 7 and three 5-year renewal options. The property benefits from a corporate guarantee, ensuring financial stability. Built in 2024, this single-tenant retail space is situated in a high-traffic area with excellent visibility along South Church Street (50,028 AADT), approximately 1.5 miles from I-24 (138,023 AADT). The location enjoys proximity to major retailers such as Walmart, Kroger, ALDI, Planet Fitness, Walgreens, and significant retail centers like The Avenue Murfreesboro and The Oaks, attracting millions of annual visitors. The low submarket vacancy rate of 1.8% further underscores the desirability of this location. The asking price is $4,531,000, translating to a price per square foot of $1,161.79. This represents a compelling investment in a rapidly growing casual dining concept with plans for significant future expansion.

Location Insight

City

Murfreesboro

County

Rutherford

State

Tennessee

Latitude

35.7875

Longitude

-86.3996

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