Multi-Use Property Near Downtown

507 N University St, Murfreesboro, TN 37130

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For Sale

$1,000,000

Versatile commercial property suitable for office, medical, or institutional use.

Property size:

5,626 SF

Lot size:

0.39 Acres

Price / SF:

$177/SF

HighLights

Versatile C‑MR Zoning: Allows for a wide range of uses.
Steel Frame Construction: Indicates a durable and quality building structure.
Ample Space: Includes a large assembly room (seats 150), multiple offices, conference room, and kitchen/lounge.
Multiple Bathrooms: Features 5 bathrooms.
Convenient Location: Situated close to downtown and MTSU.
Adequate Parking: Provides 19 parking spots.

We can help!

Listing Contact

JOHN C. JONES III

For Sale

$1,000,000

Versatile commercial property suitable for office, medical, or institutional use.

Property size:

5,626 SF

Lot size:

0.39 Acres

Price / SF:

$177/SF

Added:: Mar 20, 2026
Days on Market:: 96
Last Refresh:: Mar 20 at 8:12 pm

Property Features for 507 N University St

General Information

Standard status: Active
Size: 5,626 SF
Lot size: 0.39 Acres

Building Details

Year Built: 1995

We can help!

Listing Contact

JOHN C. JONES III

Listing agent JOHN C. JONES III

Listing office JOHN JONES REAL ESTATE LLC

Listing date Mar 20, 2026

Source Corcoran

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 JOHN JONES REAL ESTATE LLC

HighLights

Versatile C‑MR Zoning: Allows for a wide range of uses.
Steel Frame Construction: Indicates a durable and quality building structure.
Ample Space: Includes a large assembly room (seats 150), multiple offices, conference room, and kitchen/lounge.
Multiple Bathrooms: Features 5 bathrooms.
Convenient Location: Situated close to downtown and MTSU.
Adequate Parking: Provides 19 parking spots.

Overview

This steel-framed multi-use property, zoned C-MR, presents an opportunity for various potential uses, including general office, medical, specialty shop, and institutional purposes. Currently used as a church/assembly space, it features a large room with seating for 150 people. The property includes 5 bathrooms, multiple offices, a conference room, and a kitchen/lounge area. There are 19 parking spots available. The building is conveniently located near downtown and MTSU. Previously, the building was home to Vanderbilt Cardiology Group. The property has a size of 5626 square feet.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$118.1k	$21.00
− Vacancy	−$18.9k	−$3.36
EGI	$99.2k	$17.64
− OpEx	−$24.8k	−$4.41
NOI	$74.4k	$13.23

5,626 SF · lease $21.00/SF/yr · vacancy 16.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.06M

$930.4K – $1.24M (±1% cap)

NOI $74,432 @ 7.0% cap · market cap 7.44%

Second Best

Healthcare Medical

$979.6K

$857.1K – $1.14M (±1% cap)

NOI $68,569 @ 7.0% cap · market cap 6.86%

Theoretical Best

Office A

$1.42M

$1.24M – $1.65M (±1% cap)

NOI $99,283 @ 7.0% cap · market cap 9.93%

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

Property Profile Location Intelligence

Current Use by Public Records

True Victory Outreach ... Church

Suggested Use

Location Insight

Map
Local Demand

City: Murfreesboro
County: Rutherford
State: Tennessee
Longitude: -86.3811201
Latitude: 35.8495894

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What type of property is this?

Church & religious facility - Versatile commercial property suitable for office, medical, or institutional use.

Where is this church & religious facility located?

The property is located at 507 N University St Murfreesboro, TN.

What is the asking price?

The asking price for this property is $1,000,000.

What are key features of this property?

This property features: Versatile C‑MR Zoning: Allows for a wide range of uses.; Steel Frame Construction: Indicates a durable and quality building structure.; Ample Space: Includes a large assembly room (seats 150), multiple offices, conference room, and kitchen/lounge.