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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    120 Main St Murfreesboro, TN 37130

    • Office buildings
    • 28,699 SF
    • 1.20 lot acres
    For Lease
    View listing
    $21 SF/Yr
    Last Sale
    Apr 05, 2022
    $3,400,000
    Value Estimations
    $3,640,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0577447
    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

    • Merrill Lynch Financial Advisor J Brett Whitmore / Financial Planner / Financial Consultant
    • KST Performance Academy (Piano, Voice, Theatre Lessons & Classes) / Arts Organization / Music Conservatory
    • PPC Parking / Transportation Service
    • Taylor Law Group / Criminal Justice Attorney
    • Ignite Healthcare / Health Consultant

    Property Details for 120 Main St

    Year built
    1978
    Construction
    FRAME
    Lot size
    1.20 lot acres
    Property size
    28,699 SF
    Property type
    Office buildings
    APN
    091NB-D-001.00-000
    APU
    091NBD00100000

    Description

    This exceptional three-story commercial property, located at 120 E Main St, Murfreesboro, offers up to 8,000 square feet of flexible retail or office space for lease. The building, formerly occupied by Bank of America, boasts a total of 25,927 square feet and sits on a 1.24-acre lot in the heart of Murfreesboro's Central Business District (CBD), zoned accordingly. Its convenient location offers easy access to Interstate 24, major retail centers, and numerous area amenities. The building features 102 parking spaces, adding significant convenience for tenants and their clients. Built in 1978, the property benefits from an elevator for efficient multi-floor access. This prime location within Murfreesboro's thriving and walkable Historic Square provides excellent visibility and foot traffic. The available space is ideal for a variety of businesses seeking a prominent presence in a vibrant downtown setting. The property's multiple tenancy allows for flexibility in lease terms and space configuration. The APN is 091NB-D-001.00-000, and the property is situated near Spring St in Rutherford County. This is a rare opportunity to secure a well-located, established commercial space in a high-demand area. Inquire today to learn more about lease options and explore the potential of this exceptional property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,700,000
      ML approach
      $3,650,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,464,000
      Market price range: $3.46M - $4.97M
      AI Estimate
      $2,546,000
      Market price range: $1.60M - $4.88M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,330,000
      Current use
      MEDICAL BUILDING
      $5,345,000
      Change: +23% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $4,855,000
      Change: +12% Conversion: Difficult
      RETAIL STORES
      $3,830,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.3907
    Latitude
    35.8454
    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
    $34,213
    $313,680
    $895,760
    $1,209,440
    -
    $784,200
    $2,239,400
    $3,023,600

    Comparable in this City

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    • Value Estimation
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    • Value Estimation
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      805 Church St Ste, Unit 8

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      View Details
    • Value Estimation
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      1,521 SF

      745 Church St Ste, Unit 309

      OFFICE BUILDING • 1,521 SF
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    • Value Estimation by Request
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      1102 Dow St

      OFFICE BUILDING • 4,883 SF
      1102 Dow St, Murfreesboro, TN 37130-2486
      View Details
    • Value Estimation by Request
      3,541 SF

      1756 Greenland Dr

      OFFICE BUILDING • 3,541 SF
      1756 Greenland Dr, Murfreesboro, TN 37130
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      60,193 SF

      Downtown Murfreesboro Office Space

      Historic building, flexible suites available
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      Retail Space on Main Street

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      Murfreesboro Warehouse Space Available

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    120 Main St
    Murfreesboro, TN 37130
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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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