Two-Building Medical Office
New
For Sale
Contact for pricing
302 South Royal Oaks Boulevard, Franklin, TN 37064
Vanderbilt University Medical Center operates Neurosurgery and Executive Health services at the Franklin property.
Property Size21,001 SF
Price / SF$430.60
Days on Market5
Property Features for 302 South Royal Oaks Boulevard
General Information
Standard status
Active
Size
21,001 SF
Property subtype
Office
Occupancy
100%
Building Details
Buildings
2
Tenancy
Single
Listing Agency:
Acuity Private Capital
Listed By:
Alex Vidal · License #01910589
Source:
Crexi
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 3:07PM
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 Acuity Private Capital
Investment Insights
Based on property information with market context.
The Franklin property contains two medical office buildings totaling 21,001 square feet. Vanderbilt University Medical Center has occupied the premises since 2015 and operates Neurosurgery and Executive Health services there. The space also accommodates medical staging and future expansion. Its lease runs through February 2032, includes annual increases of 2.5%, and provides two five-year renewal options.
Located at 302 South Royal Oaks Boulevard, the property is approximately 1.6 miles from Williamson Medical Center, a 337-bed facility. The surrounding medical office submarket has approximately 96% occupancy.
Located at 302 South Royal Oaks Boulevard, the property is approximately 1.6 miles from Williamson Medical Center, a 337-bed facility. The surrounding medical office submarket has approximately 96% occupancy.
Key Highlights
- 21,001 square feet across two medical office buildings
- Vanderbilt University Medical Center has occupied the property since 2015
- Lease extends through February 2032, with two five‑year renewal options
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
$351,368
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
3.89%
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%
$7,027,360
$7.0M
Cap Rate 7%
$5,019,543
$5.0M
Cap Rate 9%
$3,904,089
$3.9M
Market Conditions
NOI Build-Up for 21,001 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
$554.4K $26.40/SF
− Vacancy
−$85.9K −$4.09/SF
EGI
$468.5K $22.31/SF
− OpEx
−$117.1K −$5.58/SF
NOI
$351.4K $16.73/SF
Area
Williamson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /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%
$7,027,360
Cap Rate 7%
$5,019,543
Cap Rate 9%
$3,904,089
Alternative Uses
Best Use
Office B
$5.02M
$4.39M – $5.86M
NOI $351,368 @ 7.0% cap · market cap 3.89%
Second Best
Healthcare Medical
$4.15M
$3.63M – $4.84M
NOI $290,545 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$6.16M
$5.39M – $7.18M
NOI $430,941 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37064, TN
62,422
Population
25,302
Households
2.5
Avg Household Size
41
Median Age
59%
College-Educated
94%
High-School Grad
184.0 sq mi
ZIP Area
339
Density / Sq Mi
$121,492
Median Household Income
$56,690
Median Earnings
$1,810
Median Rent
$664,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vanderbilt University Medical Center operates Neurosurgery and Executive Health services at the Franklin property.
Where is this medical office space located?
The property is located at 302 South Royal Oaks Boulevard Franklin, TN.
What is the asking price?
The asking price for this property is $9,043,000.
What are key features of this property?
This property features: 21,001 square feet across two medical office buildings; Vanderbilt University Medical Center has occupied the property since 2015; Lease extends through February 2032, with two five‑year renewal options
