Flex Building with Commercial
For Sale
$875,000
327 E State St, Murfreesboro, TN 37130
Versatile flex building with a fully equipped commercial kitchen, café/office setup, roll-up door, and dedicated parking.
Property Size2,700 SF
Price / SF$324.07
Days on Market47
Property Features for 327 E State St
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Business Included
Yes
Drive-In Doors
1
Building Details
Building Size
2,700 SF
Year Built
1922
Listing Agency:
NAI Nashville
(615) 377-4747
Listed By:
Devin McClendon · License #327241
(615) 377-4747
Source:
Reason4homes
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 23 at 10:57AM
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 NAI Nashville
Investment Insights
Based on property information with market context.
This versatile flex building offers approximately 2,700 SF and is currently configured with a café, office, and a fully equipped commercial kitchen. The space also includes a roll-up door and dedicated parking, with additional flexible area that can support food production, catering, café or restaurant operations, specialty manufacturing, warehouse uses, or distribution uses.
The property is located in central Murfreesboro and provides convenience to the Historic Downtown Square, MTSU, and I-24, along with a range of area amenities.
The property is located in central Murfreesboro and provides convenience to the Historic Downtown Square, MTSU, and I-24, along with a range of area amenities.
Key Highlights
- Versatile 2,700 SF flex building built in 1922
- Fully equipped commercial kitchen currently configured for a café/office setup
- Includes roll‑up door for flexible loading and access
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
$36,158
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
4.13%
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%
$723,160
$723.2K
Cap Rate 7%
$516,543
$516.5K
Cap Rate 9%
$401,756
$401.8K
Market Conditions
NOI Build-Up for 2,700 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
$50.2K $18.60/SF
− Vacancy
−$2.0K −$0.74/SF
EGI
$48.2K $17.86/SF
− OpEx
−$12.1K −$4.46/SF
NOI
$36.2K $13.39/SF
Area
Murfreesboro, TN
Vacancy
4.00%
Lease Rate
$18.60 /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%
$723,160
Cap Rate 7%
$516,543
Cap Rate 9%
$401,756
Alternative Uses
Best Use
Specialty Retail
$516.5K
$452.0K – $602.6K
NOI $36,158 @ 7.0% cap · market cap 4.13%
Second Best
Flex RnD
$300.1K
$262.6K – $350.1K
NOI $21,007 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$680.7K
$595.6K – $794.1K
NOI $47,647 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,145
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37130, TN
59,677
Population
25,838
Households
2.3
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
54.1 sq mi
ZIP Area
1,103
Density / Sq Mi
$60,389
Median Household Income
$37,710
Median Earnings
$1,157
Median Rent
$347,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Silver Spoon Events & Catering — 906 Ridgely Rd, Murfreesboro, TN 37129
- CJ's Back Door Catering — 428 e bell st, murfreesboro, tn 37129
- Paradise Grill Cafe & Carryout — 800 Park Ave Suite F, Murfreesboro, TN 37129
Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex building with a fully equipped commercial kitchen, café/office setup, roll-up door, and dedicated parking.
Where is this flex space located?
The property is located at 327 E State St Murfreesboro, TN.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Versatile 2,700 SF flex building built in 1922; Fully equipped commercial kitchen currently configured for a café/office setup; Includes roll‑up door for flexible loading and access
