2708 New Salem HwyMurfreesboro, TN 37128

Property Details for 2708 New Salem Hwy

Year built

2008

Construction

FRAME

Lot size

2.49 AC

Property size (Sq ft)

14,736 SF

Property type

Retail properties

Property subtype

Drug stores

APN

114-002.11-000

APU

11400211000

Description

This exceptional investment opportunity presents a fee-simple ownership interest in a 14,820-square-foot Walgreens pharmacy located at 2708 New Salem Hwy, Murfreesboro, TN 37128. The property boasts a prime location in a rapidly growing area of Rutherford County, situated on a 2.49-acre lot with 74 parking spaces. The property features a Class A, single-tenant, absolute NNN lease with a credit-rated tenant, Walgreens, ensuring minimal landlord responsibilities. The lease commenced August 1, 2008, and extends to July 31, 2083, offering a substantial remaining lease term of 58.7 years. The current asking price is $5,410,000, representing a price per square foot of $365.05 and a cap rate of 5.86%. The property generates a net operating income (NOI) of $317,000. Built in 2008, this one-story building benefits from a signalized intersection with high traffic volume (15,693 vehicles per day), serving two new residential communities. The property's strategic location is further enhanced by its proximity to a Publix-anchored shopping center, McDonald's, Taco Bell, and a new medical office building anchored by St. Thomas Health. The lease includes a right to terminate after July 2033. This is a compelling investment opportunity in a thriving market with significant projected population growth (over 15% in the next 5 years) and no state income tax.

• CAP approach

  CAP return

  Valuation

  6%

  $3,742,142

  6.5%

  $3,454,284

  7%

  $3,207,550

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,196,557

  Geo Method

  $3,196,557

• Alternative Use

  Use

  Valuation

  Residential

  $2,913,818

  Hospitality

  $2,669,042

  Educational

  $2,220,612

  Medical

  $2,296,982

  Retail

  $3,454,284

Location Insight

City

Murfreesboro

County

Rutherford

State

Tennessee

Latitude

35.811

Longitude

-86.4601

CBSA code

34980

CBSA name

NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].