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    Walgreens Pharmacy NNN Investment Opportunity Title is generated by Realmo AI

    2708 New Salem Hwy, Murfreesboro, TN 37128

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    NNN leased Walgreens in high-growth Nashville market with zero landlord responsibilities.

    Type:Retail
    Property size:
    14,820 SF
    Lot size:
    2.49 Acres
    Price / SF:
    $329/SF
    Added:
    Mar 7, 2024
    Days on Market:
    821
    Last Refresh:
    May 12 at 10:02 pm

    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

    We can help!

    Listing Contact
    Joseph Valenti

    Listing agent Joseph Valenti License #TN 289880

    Listing office Centennial Retail Services

    Listing date Mar 7, 2024

    Source Crexi

    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

    HighLights

    • Absolute NNN lease with Zero Landlord responsibilities.
    • Located in a No state income tax state.
    • Lease extends through July 31, 2083, with options.
    • Located in a fast‑growing market with projected population growth of over 15% in the next 5 years.
    • Adjacent to a Publix anchored shopping center, McDonalds, Taco Bell and a new medical office building anchored by St Thomas Health.
    • Located at a signalized intersection serving two new residential communities with a traffic count of 15,693 vpd.

    Overview

    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.
    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

    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

    • 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

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.4601959
    Latitude
    35.8110315

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    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joseph Valenti
    Real Estate License ID: TN 289880
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    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
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    2708 New Salem Hwy, Murfreesboro, TN 37128
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