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    2708 New Salem Hwy Murfreesboro, TN 37128

    Sponsored
    For Sale
    $5,410,000

    High-yield, long-term Walgreens investment.

    Property size:
    14,820 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a fee-simple ownership interest in a 14,820-square-foot Walgreens pharmacy located at 2708 New Salem Hwy, Murfreesboro, TN 37128. The property boasts a prime location in a rapidly growing area of Rutherford County, situated on a 2.49-acre lot with 74 parking spaces. The property features a Class A, single-tenant, absolute NNN lease with a credit-rated tenant, Walgreens, ensuring minimal landlord responsibilities. The lease commenced August 1, 2008, and extends to July 31, 2083, offering a substantial remaining lease term of 58.7 years. The current asking price is $5,410,000, representing a price per square foot of $365.05 and a cap rate of 5.86%. The property generates a net operating income (NOI) of $317,000. Built in 2008, this one-story building benefits from a signalized intersection with high traffic volume (15,693 vehicles per day), serving two new residential communities. The property's strategic location is further enhanced by its proximity to a Publix-anchored shopping center, McDonald's, Taco Bell, and a new medical office building anchored by St. Thomas Health. The lease includes a right to terminate after July 2033. This is a compelling investment opportunity in a thriving market with significant projected population growth (over 15% in the next 5 years) and no state income tax.

    Property Features for 2708 New Salem Hwy

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,820 SF
    Class
    A
    Lot Size
    108,464 SF

    Building Details

    Year Built
    2008
    Buildings
    1
    Stories
    1

    HighLights

    • High‑profile location directly across from St. Thomas Medical Partners.
    • 9.5 years remaining on a triple‑net (NNN) lease.
    • Excellent visibility at a signalized intersection with high traffic counts.
    • Projected 15% rent growth over the next five years.
    • Located in a no‑income‑tax state.
    • Large 2.49‑acre parcel.
    Property Profile Location Intelligence

    Current Use by Public Records

    Walgreens Pharmacy Pharmacy FedEx OnSite Mailing Service Walgreens Cosmetics Store Walgreens Photo Passport Photo Processor Western Union Money Transfer Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.459452132622
    Latitude
    35.810710109242

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    FAQs

    What type of property is this?
    Individual retail property - High-yield, long-term Walgreens investment.
    Where is this individual retail property located?
    The property is located at 2708 New Salem Hwy Murfreesboro, TN.
    What is the asking price?
    The asking price for this property is $5,410,000.
    What are key features of this property?
    This property features: High-profile location directly across from St. Thomas Medical Partners.; 9.5 years remaining on a triple-net (NNN) lease.; Excellent visibility at a signalized intersection with high traffic counts.
    (615) 234-4934
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    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
    2708 New Salem Hwy Murfreesboro, TN 37128
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