University Pointe Multifamily
For Sale
$6,750,000
1238 Sloan St, Murfreesboro, TN 37130
75-bed multifamily property near Middle Tennessee State University.
Property Size33,226 SF
Lot Size1.60 Acres
Days on Market163
Property Features for 1238 Sloan St
General Information
Standard status
Active
Size
33,226 SF
Lot size
1.60 Acres
Property subtype
Multifamily
Amenities
77-Bed multifamily community adjacent to Middle Tennessee State University (MTSU) with student housing conversion potential
Three-bedroom units are leased dorm-style by the bedroom, ideal for student demand, and one ground-level unit is currently used as a commercial space, offering flexibility
$112,084 spent on capital improvements over the past 36 months, including the replacement of all central HVAC systems and stair replacement on one building.
On-site laundry facilities provide an additional income stream
Building Details
Building Size
33,226 SF
Units
78
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Apr 3
Changed: Sep 4
Last Checked: Sep 12 at 3:38AM
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 Pat Cosgrove
Investment Insights
Based on property information with market context.
University Pointe Apartments, located in Murfreesboro, TN, is a 75-bed multifamily property with a ground-floor commercial space. Situated adjacent to Middle Tennessee State University, this property presents a value-add investment opportunity in Middle Tennessee. Constructed in 2002, the asset comprises three buildings on a 1.6-acre site. The unit configurations feature three-bedroom layouts designed for by-the-bed leasing. The current tenant mix consists of approximately 25% students. Over the past 36 months, ownership has invested $112,084 in capital improvements, including full replacement of central HVAC systems and stair improvements on one building. The property includes individual electric metering, slab construction, on-site laundry facilities, and standard appliance packages. The property is suitable for multifamily investment with proximity to a major university.
Key Highlights
- Value‑add investment opportunity in Middle Tennessee.
- Located adjacent to Middle Tennessee State University.
- 75‑bed multifamily property with commercial space.
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
$272,908
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
4.04%
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%
$5,458,160
$5.5M
Cap Rate 7%
$3,898,686
$3.9M
Cap Rate 9%
$3,032,311
$3.0M
Market Conditions
NOI Build-Up for 33,226 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
$522.3K $15.72/SF
− Vacancy
−$26.1K −$0.79/SF
EGI
$496.2K $14.93/SF
− OpEx
−$223.3K −$6.72/SF
NOI
$272.9K $8.21/SF
Area
Murfreesboro, TN
Vacancy
5.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$5,458,160
Cap Rate 7%
$3,898,686
Cap Rate 9%
$3,032,311
Alternative Uses
Best Use
Apartment 5plus
$3.90M
$3.41M – $4.55M
NOI $272,908 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.38M
$7.33M – $9.77M
NOI $586,346 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 37130, TN
59,677
Population
25,838
Households
2.3
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
54.1 sq mi
ZIP Area
1,103
Density / Sq Mi
$60,389
Median Household Income
$37,710
Median Earnings
$1,157
Median Rent
$347,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - 75-bed multifamily property near Middle Tennessee State University.
Where is this apartment building located?
The property is located at 1238 Sloan St Murfreesboro, TN.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: Value‑add investment opportunity in Middle Tennessee.; Located adjacent to Middle Tennessee State University.; 75‑bed multifamily property with commercial space.
