Mixed-Use Building with
For Sale
$4,650,000
2298 Armory Drive, Murfreesboro, TN 37129
Owner-user or investment property combining office space, warehouse operations, and multiple loading configurations.
Property Size19,040 SF
Lot Size2.40 Acres
Price / SF$244.22
Days on Market189
Property Features for 2298 Armory Drive
General Information
Standard status
Active
Size
19,040 SF
Total Parking Spaces
59
Lot size
2.40 Acres
Property subtype
Commercial Sale / Mixed Use
Zoning
CH
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Warehouse Space
15,280 SF
Office Build-Out
3,760 SF
Dock-High Doors
4
Drive-In Doors
4
Amenities
Metal
No Dock
Building Details
Year Built
1988
Buildings
1
Building Size
19,040 SF
Tenancy
Single
Owner Occupied
No
Listing Agency:
Nashville Properties
(615) 804-1281
Listed By:
Hugh Hicks · License #201013
(615) 804-1281
Source:
Compass
Added: Feb 21
Changed: Aug 29
Last Checked: Aug 29 at 7:17PM
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 Nashville Properties
Investment Insights
Based on property information with market context.
Built in 1988, this 19,040-square-foot mixed-use property combines 3,760 square feet of office space with 15,280 square feet of warehouse area. The building sits on 2.4 acres and is zoned CH. Loading infrastructure includes four 14-by-14 drive-in doors and four 8-by-8 dock doors with platform access, supported by approximately 59 parking spaces.
The property fronts the westbound I-24 ramp accessed from Old Fort Parkway in Murfreesboro. A new Armory Drive connection is under construction at the signalized intersection of Sam Walton Drive and North Thompson Lane, adding a documented access improvement to the surrounding roadway network. An existing tenant occupies the property, with showings and lease information coordinated through the agent.
The property fronts the westbound I-24 ramp accessed from Old Fort Parkway in Murfreesboro. A new Armory Drive connection is under construction at the signalized intersection of Sam Walton Drive and North Thompson Lane, adding a documented access improvement to the surrounding roadway network. An existing tenant occupies the property, with showings and lease information coordinated through the agent.
Key Highlights
- 19,040‑square‑foot building on 2.4 acres
- 3,760 SF of office space and 15,280 SF of warehouse area
- Four 14x14 drive‑in doors
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
$251,899
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
5.42%
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%
$5,037,980
$5.0M
Cap Rate 7%
$3,598,557
$3.6M
Cap Rate 9%
$2,798,878
$2.8M
Market Conditions
NOI Build-Up for 19,040 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
$399.8K $21.00/SF
− Vacancy
−$64.0K −$3.36/SF
EGI
$335.9K $17.64/SF
− OpEx
−$84.0K −$4.41/SF
NOI
$251.9K $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%
$5,037,980
Cap Rate 7%
$3,598,557
Cap Rate 9%
$2,798,878
Alternative Uses
Best Use
Office B
$3.60M
$3.15M – $4.20M
NOI $251,899 @ 7.0% cap · market cap 5.42%
Second Best
Mixed Use
$3.16M
$2.77M – $3.69M
NOI $221,483 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $336,003 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Dock-high doors
4
Drive-in doors
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,613
Businesses Nearby
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?
Mixed-use property - Owner-user or investment property combining office space, warehouse operations, and multiple loading configurations.
Where is this mixed-use property located?
The property is located at 2298 Armory Drive Murfreesboro, TN.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 19,040‑square‑foot building on 2.4 acres; 3,760 SF of office space and 15,280 SF of warehouse area; Four 14x14 drive‑in doors
