NNN Retail Investment with Pylon
1705 Old Fort Parkway Murfreesboro, TN 37129
New
For Sale
$5,617,000
Absolute NNN leased retail property anchored by Northern Tool & Equipment with limited landlord responsibilities.
Days on Market6
Property Features for 1705 Old Fort Parkway
General Information
Standard status
Active
Property subtype
Retail
Building Details
Year Built
2006
Listing Agency:
SRS Real Estate Partners | Salt Lake City
(714) 928-8016
Listed By:
Gary Chou
(714) 928-8016
Source:
Srsre
Added: Jul 24
Changed: Jul 26
Last Checked: Jul 28 at 3:00AM
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 SRS Real Estate Partners | Salt Lake City
Investment Insights
Based on property information with market context.
SRS National Net Lease is offering the fee simple acquisition opportunity in an absolute NNN leased, Northern Tools + Equipment investment property in Murfreesboro, Tennessee. The lease is Modified NNN with limited landlord responsibilities limited to the exterior walls, floor, and foundation. The tenant has executed a First Amendment in April 2025 extending the lease through 9/30/31 and adding two additional 5-year option periods.
The site is located along Old Fort Parkway / State Highway 96, with reported 43,600 VPD, and offers secondary access via Bridge Avenue. Proximity to Interstate 24 is also described in the materials. The property is situated on an oversized 6.2-acre parcel with dedicated pylon signage.
Northern Tool + Equipment has operated at the site since 2006. The lease includes 1.5% annual rental increases throughout the remainder of the term and 2% annual increases at the beginning of each option period.
The site is located along Old Fort Parkway / State Highway 96, with reported 43,600 VPD, and offers secondary access via Bridge Avenue. Proximity to Interstate 24 is also described in the materials. The property is situated on an oversized 6.2-acre parcel with dedicated pylon signage.
Northern Tool + Equipment has operated at the site since 2006. The lease includes 1.5% annual rental increases throughout the remainder of the term and 2% annual increases at the beginning of each option period.
Key Highlights
- 2006‑built, fee simple absolute NNN leased retail property in Murfreesboro, TN
- Northern Tool & Equipment Company, Inc. has 5+ years remaining with two 5‑year options; First Amendment extends lease through 9/30/31 and adds options through 2041
- Modified NNN lease with limited landlord responsibilities limited to exterior walls, floor, and foundation
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $452.1k | $17.40 |
| − Vacancy | −$20.3k | −$0.78 |
| EGI | $431.8k | $16.62 |
| − OpEx | −$129.5k | −$4.99 |
| NOI | $302.2k | $11.63 |
25,984 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$4.32M
$3.78M – $5.04M
NOI $302,243 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.55M
$5.73M – $7.64M
NOI $458,545 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Absolute NNN leased retail property anchored by Northern Tool & Equipment with limited landlord responsibilities.
Where is this retail space located?
The property is located at 1705 Old Fort Parkway Murfreesboro, TN.
What is the asking price?
The asking price for this property is $5,617,000.
What are key features of this property?
This property features: 2006‑built, fee simple absolute NNN leased retail property in Murfreesboro, TN; Northern Tool & Equipment Company, Inc. has 5+ years remaining with two 5‑year options; First Amendment extends lease through 9/30/31 and adds options through 2041; Modified NNN lease with limited landlord responsibilities limited to exterior walls, floor, and foundation
