Walgreens Pharmacy NNN Investment
2708 New Salem Hwy Murfreesboro, TN 37128
2708 New Salem Hwy, Murfreesboro, TN, 37128
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For Sale
Contact for pricing
NNN leased Walgreens in high-growth Nashville market with zero landlord responsibilities.
Property Size14,820 SF
Lot Size2.49 Acres
Price / SF$329.08
Days on Market866
Property Features for 2708 New Salem Hwy
General Information
- Standard status
- Active
- Size
- 14,820 SF
- Lot size
- 2.49 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2008
Listing agency
Centennial Retail Services
(615) 234-4934
Listed by
Joseph Valenti · License #TN 289880
Source
Crexi
Added: Mar 7, 2024 Updated: Jul 6 at 7:54AM Checked: Jul 19 at 8:51AM
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 Centennial Retail Services
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire a Walgreens Pharmacy in the Nashville, Tennessee MSA. Located at 2708 New Salem RD, Murfreesboro, TN, the property features an absolute NNN lease with zero landlord responsibilities. Approximately 7.5 years remain on the original 25-year lease term, with options extending the lease through July 31, 2083. The property benefits from being located in a state with no state income tax. The immediate trade area is projected to experience significant growth over the next 5 years, with a projected population increase of over 15%. New development is underway in the surrounding area and along New Salem Hwy. Adjacent to the property is a Publix-anchored shopping center, McDonald's, Taco Bell, and a new medical office building anchored by St. Thomas Health. The offering consists of the fee simple ownership interest in the property. The building is 14,280 square feet and sits on a 2.49-acre parcel at a signalized intersection serving two new residential communities. The traffic count is 15,693 vehicles per day.
Key Highlights
- Absolute NNN lease with Zero Landlord responsibilities.
- Located in a No state income tax state.
- Lease extends through July 31, 2083, with options.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $275.7k | $18.60 |
| − Vacancy | −$11.0k | −$0.74 |
| EGI | $264.6k | $17.86 |
| − OpEx | −$66.2k | −$4.46 |
| NOI | $198.5k | $13.39 |
14,820 SF · lease $18.60/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.84M
$2.48M – $3.31M
NOI $198,469 @ 7.0% cap · market cap 4.07%
Second Best
Retail
$2.46M
$2.15M – $2.87M
NOI $172,385 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,532 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Walgreens Pharmacy
Pharmacy
FedEx OnSite
Postal Service
Walgreens
Cosmetic Store
Walgreens Photo
(Bike/Boat/Book/etc) Store
Western Union
Bank
Similar For Sale Nearby
Similar Off Market Nearby
- Walgreens Pharmacy — 2708 New Salem Hwy, Murfreesboro, TN 37128
- Chance Mysayphonh — 2708 New Salem Hwy, Murfreesboro, TN 371285252
- Maren Richards Brinton — 2723 New Salem Hwy, Murfreesboro, TN 371285253
- Tiffany Pierson — 2708 New Salem Hwy, Murfreesboro, TN 371285252
- COVID-19 Drive-Thru Testing at Walgreens — 2708 New Salem Hwy, Murfreesboro, TN 37128
FAQs
What type of property is this?
Drug store - NNN leased Walgreens in high-growth Nashville market with zero landlord responsibilities.
Where is this drug store located?
The property is located at 2708 New Salem Hwy Murfreesboro, TN.
What is the asking price?
The asking price for this property is $4,876,923.
What are key features of this property?
This property features: Absolute NNN lease with Zero Landlord responsibilities.; Located in a No state income tax state.; Lease extends through July 31, 2083, with options.
