Steel-Frame Mixed-Use
For Sale
$1,000,000
507 North University Street, Murfreesboro, TN 37130
C-MR zoning accommodates office, medical, specialty shop, and institutional uses.
Property Size5,626 SF
Price / SF$177.75
Days on Market164
Property Features for 507 North University Street
General Information
Standard status
Active
Size
5,626 SF
Property subtype
Commercial Sale / Mixed Use
Amenities
Metal
No Dock
Building Details
Year Built
1995
Listing Agency:
John Jones Real Estate LLC
(615) 300-7475
Listed By:
John C. Jones III · License #251117
(615) 300-7475
Source:
Compass
Added: Mar 20
Changed: Aug 29
Last Checked: Aug 29 at 7:47PM
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
Investment Insights
Based on property information with market context.
This 5,626-square-foot steel-framed mixed-use property is currently configured for church and assembly use. The interior includes a large gathering room with seating for 150 people, five bathrooms, multiple offices, a conference room, and kitchen and lounge areas. The building was constructed in 1995 and has a metal exterior with no dock.
C-MR zoning allows a range of stated uses, including general office, medical, specialty shop, and institutional applications. The property includes 19 parking spaces and is located near downtown and MTSU. It was previously occupied by Vanderbilt Cardiology Group.
C-MR zoning allows a range of stated uses, including general office, medical, specialty shop, and institutional applications. The property includes 19 parking spaces and is located near downtown and MTSU. It was previously occupied by Vanderbilt Cardiology Group.
Key Highlights
- 5,626‑square‑foot steel‑framed building constructed in 1995
- C‑MR zoning allows general office, medical, specialty shop, and institutional uses
- Large assembly room with seating for 150 people
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
$74,432
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
7.44%
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%
$1,488,640
$1.5M
Cap Rate 7%
$1,063,314
$1.1M
Cap Rate 9%
$827,022
$827.0K
Market Conditions
NOI Build-Up for 5,626 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
$118.1K $21.00/SF
− Vacancy
−$18.9K −$3.36/SF
EGI
$99.2K $17.64/SF
− OpEx
−$24.8K −$4.41/SF
NOI
$74.4K $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%
$1,488,640
Cap Rate 7%
$1,063,314
Cap Rate 9%
$827,022
Alternative Uses
Best Use
Office B
$1.06M
$930.4K – $1.24M
NOI $74,432 @ 7.0% cap · market cap 7.44%
Second Best
Healthcare Medical
$979.6K
$857.1K – $1.14M
NOI $68,569 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,283 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-MR zoning accommodates office, medical, specialty shop, and institutional uses.
Where is this mixed-use property located?
The property is located at 507 North University Street 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: 5,626‑square‑foot steel‑framed building constructed in 1995; C‑MR zoning allows general office, medical, specialty shop, and institutional uses; Large assembly room with seating for 150 people
