Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    502 Highland Ter Murfreesboro, TN 37130

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $300,000

    Commercial building previously used as a pharmacy since 1980.

    Property size:
    614 SF
    Lot size:
    0.29 Acres

    Property Features for 502 Highland Ter

    General Information

    Standard status
    Active
    Size
    614 SF
    Lot size
    0.29 Acres

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Chuck Shaw
    Source: Corcoran

    Listing Agency: RELIANT REALTY ERA POWERED Listing Agent: Chuck Shaw

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Pharmacy Building Available For Sale

    This commercial building, with a size of 614 square feet, has been used as a pharmacy since 1980. The property is being sold as is. The last tenant has vacated the premises.
    Location Intelligence

    Current Use by Public Records

    Terrace Pharmacy Pharmacy Larry Wilkinson, DPH Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Ascension Rx - Saint Louise Pharmacy, StrongBody Nutrition, The Peacock Apothecary, Stones River Hydration and Wellness, Ruck Nutrition

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.3815989
    Latitude
    35.8581532

    Nearby Similar for Sale

    • Contact for pricing

      Retail Center Near The Avenue

      9,167 SF retail center with strong national tenant lineup.
      2711 Medical Center Pkwy, Murfreesboro, TN 37129
      View Details
    • $385,000
      1,900 SF

      Barfield Area Commercial Office Building

      Commercial office building in high-demand Murfreesboro location, ideal for investment.
      239E Veterans Pkwy, Murfreesboro, TN 37128
      View Details
    • $2,085,000

      Restaurant in Growing Downtown Area

      NN+ leased Japanese restaurant in a rapidly growing city.
      521 NW Broad St, Murfreesboro, TN 37129
      View Details
    • $1,200,000
      3,450 SF

      Murfreesboro Office Building For Sale

      3,450 SF office building in the heart of Murfreesboro.
      725 S Church St, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      8,130 SF

      Murfreesboro Flex / Industrial Space

      8,130 SF flex/industrial property in Murfreesboro, Tennessee.
      806 Old Fort Pkwy, Murfreesboro, TN 37129
      View Details
    • Contact for pricing
      5,784 SF

      Office Building in Active Corridor

      Office building in a rapidly growing Middle Tennessee county.
      527 N Maple St, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      8,640 SF

      Leased Automotive Repair Shops Investment

      Fully leased multi-tenant automotive repair shops for sale.
      1414-1418 NW Broad St, Murfreesboro, TN 37129
      View Details
    • Contact for pricing
      2,562 SF

      Retail Building on Memorial Blvd

      Freestanding retail building in high-traffic Murfreesboro location.
      1103 Memorial Blvd, Murfreesboro, TN 37129
      View Details
    • Contact for pricing
      3,450 SF

      Murfreesboro Office Building For Sale

      3,450 SF office building in the heart of Murfreesboro.
      725 S Church St, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      5,703 SF

      Highway Retail Property in Murfreesboro

      New NNN lease property near Interstate 24 entrance.
      1509 Joe B Jackson Pkwy, Murfreesboro, TN 37127
      View Details
    • $350,000
      1,100 SF

      Versatile Medical/Residential Zoned Property

      Property with CM-R zoning, suitable for medical or residential use.
      453 Forrest St, Murfreesboro, TN 37130
      View Details
    • $1,525,000
      4,500 SF

      Medical/Dental Office with Apartment

      Medical/dental office with upstairs apartment and expansion potential.
      117 Sulphur Springs Rd, Murfreesboro, TN 37129
      View Details

    FAQs

    What type of property is this?
    Drug store - Commercial building previously used as a pharmacy since 1980.
    Where is this drug store located?
    The property is located at 502 Highland Ter Murfreesboro, TN.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: - Established Pharmacy location since 1980.; - Building built in 1980.; - Vacant and ready for new tenant or owner.
    (615) 617-3551
    Request Owner's contact information
    502 Highland Ter Murfreesboro, TN 37130
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    502 Highland Ter
    Murfreesboro, TN 37130
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    502 Highland Ter Murfreesboro, TN 37130
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Chuck Shaw
    (615) 617-3551
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!