Two-Level Office
For Sale
$349,000
239e Veterans Pkwy, Murfreesboro, TN 37128
Professional layout includes reception, kitchenette, conference room, private offices, and an ADA-accessible restroom.
Property Size1,900 SF
Price / SF$183.68
Days on Market407
Property Features for 239e Veterans Pkwy
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
Building Details
Year Built
2008
Stories
2
Listing Agency:
Century 21 Coffee County Realty & Auction
(615) 519-3339
Listed By:
Brad Fowler
(615) 519-3339
Source:
Xome
Added: Jul 20, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:45PM
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 Century 21 Coffee County Realty & Auction
Investment Insights
Based on property information with market context.
This two-level office building in Murfreesboro includes a client reception area, kitchenette, conference room, and ADA-accessible restroom on the main level. The upper floor provides four private offices, including two with sinks and countertop areas, along with a full bathroom and half bathroom with laundry hookups. The property was built in 2008.
Located at 239e Veterans Pkwy, the building offers access to Church Street, I-24, and I-840. The surrounding area includes Walmart, restaurants, retail shops, daycare facilities, medical offices, and a large public park. The layout supports a range of professional office configurations, with features that may accommodate medical or dental operations as described by the existing improvements.
Located at 239e Veterans Pkwy, the building offers access to Church Street, I-24, and I-840. The surrounding area includes Walmart, restaurants, retail shops, daycare facilities, medical offices, and a large public park. The layout supports a range of professional office configurations, with features that may accommodate medical or dental operations as described by the existing improvements.
Key Highlights
- Two‑level office building with reception area, kitchenette, conference room, and ADA‑accessible restroom
- Four private offices on the second level, including two with sinks and countertop areas
- Full bathroom plus half bathroom with laundry hookups
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
$25,137
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
7.20%
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%
$502,740
$502.7K
Cap Rate 7%
$359,100
$359.1K
Cap Rate 9%
$279,300
$279.3K
Market Conditions
NOI Build-Up for 1,900 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
$39.9K $21.00/SF
− Vacancy
−$6.4K −$3.36/SF
EGI
$33.5K $17.64/SF
− OpEx
−$8.4K −$4.41/SF
NOI
$25.1K $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%
$502,740
Cap Rate 7%
$359,100
Cap Rate 9%
$279,300
Alternative Uses
Best Use
Office B
$359.1K
$314.2K – $419.0K
NOI $25,137 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
466
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
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Frequently Asked Questions
What type of property is this?
Office building - Professional layout includes reception, kitchenette, conference room, private offices, and an ADA-accessible restroom.
Where is this office building located?
The property is located at 239e Veterans Pkwy Murfreesboro, TN.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑level office building with reception area, kitchenette, conference room, and ADA‑accessible restroom; Four private offices on the second level, including two with sinks and countertop areas; Full bathroom plus half bathroom with laundry hookups
