Multi-Use Religious Facility and
For Sale
$1,250,000
229 River Rock Blvd, Murfreesboro, TN 37128
Immaculately maintained 4,400 SF building can operate as a church or be divided into three suites.
Property Size4,400 SF
Price / SF$284.09
Days on Market50
Property Features for 229 River Rock Blvd
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Commercial
Zoning
CH
Building Details
Building Size
4,400 SF
Year Built
1995
Listing Agency:
Compass
(615) 330-5507
Listed By:
Josh Fulmer · License #331950
(615) 330-5507
Source:
Reason4homes
Added: Jul 6
Changed: Aug 24
Last Checked: Aug 24 at 12:24AM
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 Compass
Investment Insights
Based on property information with market context.
This impeccably maintained 4,400 SF building offers flexibility to remain as a church or be repurposed into three separate suites based on the original design and use. The property’s configuration supports multiple operating options within one facility.
Zoned Commercial Highway, the space is positioned for a variety of uses, including offices and retail, as well as continued religious use.
The building’s established layout provides an easy path to either a single continued operation or a multi-suite setup for different occupants.
Zoned Commercial Highway, the space is positioned for a variety of uses, including offices and retail, as well as continued religious use.
The building’s established layout provides an easy path to either a single continued operation or a multi-suite setup for different occupants.
Key Highlights
- Immaculately maintained 4,400 SF building (built in 1995)
- Can be used as a church or remain flexible based on the original design and use
- Ability to be divided into three separate suites
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
$58,212
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
4.66%
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%
$1,164,240
$1.2M
Cap Rate 7%
$831,600
$831.6K
Cap Rate 9%
$646,800
$646.8K
Market Conditions
NOI Build-Up for 4,400 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
$92.4K $21.00/SF
− Vacancy
−$14.8K −$3.36/SF
EGI
$77.6K $17.64/SF
− OpEx
−$19.4K −$4.41/SF
NOI
$58.2K $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%
$1,164,240
Cap Rate 7%
$831,600
Cap Rate 9%
$646,800
Alternative Uses
Best Use
Office B
$831.6K
$727.7K – $970.2K
NOI $58,212 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$970.6K – $1.29M
NOI $77,648 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 37128, TN
70,329
Population
29,190
Households
2.4
Avg Household Size
34
Median Age
38%
College-Educated
95%
High-School Grad
56.7 sq mi
ZIP Area
1,240
Density / Sq Mi
$89,069
Median Household Income
$46,844
Median Earnings
$1,514
Median Rent
$364,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Immaculately maintained 4,400 SF building can operate as a church or be divided into three suites.
Where is this church & religious facility located?
The property is located at 229 River Rock Blvd Murfreesboro, TN.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Immaculately maintained 4,400 SF building (built in 1995); Can be used as a church or remain flexible based on the original design and use; Ability to be divided into three separate suites
