Medical/Dental Office with
For Sale
$1,525,000
117 Sulphur Springs Rd, Murfreesboro, TN 37129
Medical/dental office with upstairs apartment and expansion potential.
Property Size4,500 SF
Price / SF$338.89
Days on Market225
Property Features for 117 Sulphur Springs Rd
General Information
Standard status
Active
Size
4,500 SF
Building Details
Year Built
2004
Listing Agency:
Royal Properties Realty Co. Inc.
Listed By:
Leanne Davis Johnson
(615) 904-8787
Source:
Dreamdoorstn
Added: Jan 26
Changed: Sep 8
Last Checked: Sep 2 at 2:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Royal Properties Realty Co. Inc.
Investment Insights
Based on property information with market context.
This property, currently used as a dental office, offers 3,500 square feet on the ground floor with an additional 1,000 square foot apartment upstairs. There is also an extra 1,000 square feet of expandable space. The building may also suit a med spa or other specialties. Pelton Crane cabinetry, X-ray equipment, and dental chairs and equipment are available for purchase. Owner financing may be considered.
Key Highlights
- Large commercial space: 3500 sq ft downstairs with an additional 1000 sq ft apartment upstairs, plus 1000 sq ft of expandable space.
- Owner financing considered.
- Currently configured as a dental office, suitable for immediate use.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,535
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,190,700
$1.2M
Cap Rate 7%
$850,500
$850.5K
Cap Rate 9%
$661,500
$661.5K
Market Conditions
NOI Build-Up for 4,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.5K $21.00/SF
− Vacancy
−$15.1K −$3.36/SF
EGI
$79.4K $17.64/SF
− OpEx
−$19.8K −$4.41/SF
NOI
$59.5K $13.23/SF
Area
Murfreesboro, TN
Vacancy
16.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,190,700
Cap Rate 7%
$850,500
Cap Rate 9%
$661,500
Alternative Uses
Best Use
Office B
$850.5K
$744.2K – $992.3K
NOI $59,535 @ 7.0% cap · market cap 3.90%
Second Best
Healthcare Medical
$783.5K
$685.6K – $914.1K
NOI $54,845 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.13M
$992.7K – $1.32M
NOI $79,412 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37129, TN
60,494
Population
24,548
Households
2.5
Avg Household Size
37
Median Age
39%
College-Educated
95%
High-School Grad
80.0 sq mi
ZIP Area
756
Density / Sq Mi
$89,772
Median Household Income
$48,137
Median Earnings
$1,597
Median Rent
$371,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/dental office with upstairs apartment and expansion potential.
Where is this medical office space located?
The property is located at 117 Sulphur Springs Rd Murfreesboro, TN.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Large commercial space: **3500 sq ft downstairs with an additional 1000 sq ft apartment upstairs, plus 1000 sq ft of expandable space.**; Owner financing considered.; Currently configured as a dental office, suitable for immediate use.
