2708 New Salem Hwy Murfreesboro, TN 37128

Property Details for 2708 New Salem Hwy

Year built

2008

Construction

FRAME

Lot size

2.49 lot acres

Property size

14,736 SF

Property type

Drug stores

APN

114-002.11-000

APU

11400211000

Description

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.

Location Insight

City

Murfreesboro

County

Rutherford

State

Tennessee

Longitude

-86.4601

Latitude

35.811

CBSA code

34980

CBSA name

NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments