Walgreens Pharmacy NNN Investment
For Sale
Contact for pricing
2708 New Salem Hwy, Murfreesboro, TN 37128
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 Market957
Property Features for 2708 New Salem Hwy
General Information
Standard status
Active
Size
14,820 SF
Class
A
Total Parking Spaces
74
Lot size
2.49 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$317,000
Building Details
Year Built
2008
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Centennial Retail Services
Listed By:
Joseph Valenti · License #TN 289880
(615) 234-4900
Source:
Crexi
Added: Mar 7, 2024
Changed: Oct 7
Last Checked: Oct 19 at 3:42AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$198,469
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,969,380
$4.0M
Cap Rate 7%
$2,835,271
$2.8M
Cap Rate 9%
$2,205,211
$2.2M
Market Conditions
NOI Build-Up for 14,820 SF
Gross rent
$275.7K $18.60/SF
− Vacancy
−$11.0K −$0.74/SF
EGI
$264.6K $17.86/SF
− OpEx
−$66.2K −$4.46/SF
NOI
$198.5K $13.39/SF
Area
Murfreesboro, TN
Vacancy
4.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,969,380
Cap Rate 7%
$2,835,271
Cap Rate 9%
$2,205,211
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
69k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Groceries 40%
Shops & Services 5%
Publix
Groceries
27,844 visits/mo
0.2 miles
McDonald's
Dining
22,284 visits/mo
0.1 miles
Taco Bell
Dining
13,719 visits/mo
0.1 miles
FirstBank
Shops & Services
3,613 visits/mo
0.1 miles
China Wok
Dining
1,121 visits/mo
0.2 miles
Demographics for 37128, TN
70,329
Population
29,190
Households
2.4
Avg Household Size
34
Median Age
38%
College-Educated
95%
High-School Grad
56.7 sq mi
ZIP Area
1,240
Density / Sq Mi
$89,069
Median Household Income
$46,844
Median Earnings
$1,514
Median Rent
$364,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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
- COVID-19 Drive-Thru Testing at Walgreens — 2708 New Salem Hwy, Murfreesboro, TN 37128
- Tiffany Pierson — 2708 New Salem Hwy, Murfreesboro, TN 371285252
Frequently Asked Questions
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.
