Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    117 Academy St Murfreesboro, TN 37130-3701

    • Retail space
    • 6,530 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Jul 09, 2021
    $258,500
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1197812
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Castelli & Knox / Attorney
    • Dance Academy / Dance School / Dance Company
    • RION Flowers, Coffee, and Gifts / Florist

    Property Details for 117 Academy St

    Year built
    1942
    Construction
    FRAME
    Lot size
    0.16 lot acres
    Property size
    6,530 SF
    Property type
    Retail space
    APN
    091M-E-009.00-000
    APU
    091ME00900000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $255,000
      ML approach
      $245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $345,000
      Market price range: $323k - $1.16M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.3888
    Latitude
    35.8451
    CBSA code
    34980
    CBSA name
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,646
    $27,240
    $101,640
    $128,880
    -
    $68,100
    $254,100
    $322,200

    Comparable in this City

    • Value Estimation by Request
      3,683 SF

      121 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 3,683 SF
      121 Broad St, Murfreesboro, TN 37130-3508
      View Details
    • Value Estimation
      $240,000
      1,116 SF

      113 Lytle St

      RETAIL STORES (PERSONAL SERVICES) • 1,116 SF
      113 Lytle St, Murfreesboro, TN 37130-3607
      View Details
    • Value Estimation
      $280,000
      1,188 SF

      117 Vine St

      RETAIL STORES (PERSONAL SERVICES) • 1,188 SF
      117 Vine St, Murfreesboro, TN 37130-3713
      View Details
    • Value Estimation
      $300,000
      3,992 SF

      1156 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,992 SF
      1156 Main St, Murfreesboro, TN 37130-3951
      View Details
    • Value Estimation
      $545,000
      2,859 SF

      1912 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,859 SF
      1912 Main St, Murfreesboro, TN 37130-4012
      View Details
    • Value Estimation
      $310,000
      1,080 SF

      122 Maple St

      RETAIL STORES (PERSONAL SERVICES) • 1,080 SF
      122 Maple St, Murfreesboro, TN 37130-3530
      View Details

    Similar Nearby for Sale

    • $900,000
      1,995 SF

      Corner Lot Commercial Property

      Commercial property on a corner lot in a high-traffic area.
      1703 Bradyville Pike, Murfreesboro, TN 37130
      View Details
    • Contact for pricing

      Murfreesboro Retail Outparcel Investment

      High-traffic location, flexible options.
      1731 Rutherford Blvd, Murfreesboro, TN 37130
      View Details
    • $475,000
      1,508 SF

      Retail Store on Highway

      Commercial Highway zoned retail store with high visibility and traffic.
      525 SE Broad St, Murfreesboro, TN 37130
      View Details
    • $850,000
      4,200 SF

      Auto Shop with Covered Space

      Auto shop with ample parking and multiple buildings for various uses.
      1601 Flat Rock Rd, Murfreesboro, TN 37130
      View Details
    • $936,000
      2,773 SF

      Renovated Building with Parking Lot

      Charming, renovated building with parking in downtown Murfreesboro.
      421 E Bell St, Murfreesboro, TN 37130
      View Details
    • $6,500,000
      12,814 SF

      Medical Office Building, Murfreesboro TN

      Prime Medical Office, High NOI, Great Location
      1115 Dow St, Murfreesboro, TN 37130
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      2,940 SF

      Retail Space on Main Street

      Retail space available for lease in Murfreesboro, Tennessee.
      214 W Main St, Murfreesboro, TN 37130
      View Details
    • $22 SF/Yr
      1,400 SF

      Retail Space Near MTSU

      Retail space near Middle Tennessee State University for lease.
      2943 S Rutherford Blvd, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      2,085 SF

      Retail Space with Drive-Thru

      Retail space available with planned redevelopment and drive-thru.
      1213 Greenland Dr, Murfreesboro, TN 37130
      View Details
    • $24 SF/Yr
      3,471 SF

      Retail Space on Main Street

      Retail space available for lease on Main Street.
      113 E Main St, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      70,588 SF

      Kensington Place Retail Center

      Murfreesboro Publix-anchored retail space
      1731 Rutherford Blvd, Murfreesboro, TN 37130
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space For Rent

      Retail space available, ranging from 2,000 to 34,560 SF.
      902 Mercury Blvd, Murfreesboro, TN 37130
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    117 Academy St
    Murfreesboro, TN 37130-3701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.