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    2240 Southpark Dr Murfreesboro, TN 37128-5507
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    2240 Southpark Dr Murfreesboro, TN 37128-5507

    View on Map
    • Office buildings
    • 48,372 SF
    • 15.00 lot acres
    Off-Market
    Property ID
    US80-1241777
    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.
    Value Estimations
    $6,930,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Erin Holder, CCC-SLP / Physician
    • Rutherford County Board of Education / High School
    • Education Department / Local Government Office
    • Tammy F. Berry, OT / Physician
    • School / High School

    Property Details for 2240 Southpark Dr

    Year built
    1997
    Lot size
    15.00 lot acres
    Property size
    48,372 SF
    Property type
    Office buildings
    APN
    113-007.01-000
    APU
    11300701000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,816,000
      Market price range: $5.83M - $10.1M
      AI Estimate
      $6,040,000
      Market price range: $2.07M - $9.24M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,815,000
      Current use
      MEDICAL BUILDING
      $9,005,000
      Change: +15% Conversion: Easy
      RETAIL STORES
      $8,770,000
      Change: +12% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $8,185,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.4029
    Latitude
    35.8124
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $1,615,100
    $3,924,000
    $5,539,100

    Comparable in this City

    • Value Estimation
      $1,185,000
      8,256 SF

      591 Fortress Blvd

      OFFICE BUILDING • 8,256 SF
      591 Fortress Blvd, Murfreesboro, TN 37128-4129
      View Details
    • Value Estimation
      $710,000
      3,470 SF

      2626 Merchants Walk

      OFFICE BUILDING • 3,470 SF
      2626 Merchants Walk, Murfreesboro, TN 37128-2863
      View Details
    • Value Estimation
      $525,000
      2,800 SF

      2611 Salem Crk Dr

      OFFICE BUILDING • 2,800 SF
      2611 Salem Crk Dr, Murfreesboro, TN 37128-5587
      View Details
    • Value Estimation
      $950,000
      1,360 SF

      231 Veterans Pkwy Ste B

      OFFICE BUILDING • 1,360 SF
      231 Veterans Pkwy Ste B, Murfreesboro, TN 37128-6438
      View Details
    • Value Estimation by Request
      1,360 SF

      239 Veterans Pkwy Ste A

      OFFICE BUILDING • 1,360 SF
      239 Veterans Pkwy Ste A, Murfreesboro, TN 37128-6440
      View Details
    • Value Estimation
      $980,000
      4,768 SF

      252 Veterans Pkwy

      OFFICE BUILDING • 4,768 SF
      252 Veterans Pkwy, Murfreesboro, TN 37128-6419
      View Details

    Similar Nearby for Sale

    • $349,000
      1,900 SF

      Barfield Area Commercial Office Building

      Commercial office building in high-demand Murfreesboro location, ideal for investment.
      239E Veterans Pkwy, Murfreesboro, TN 37128
      View Details
    • Contact for pricing
      16,000 SF

      Luxury Estate Zoned Commercial

      Magnificent 16,000 SF estate on 4.5 acres, commercially zoned.
      4049 Victory Sta Way, Murfreesboro, TN 37128
      View Details
    • $349,900

      2638 Merchants Walk, Murfreesboro, TN 37128

      Commercial land
      2638 Merchants Walk, Murfreesboro, TN 37128
      View Details
    • $795,000
      59,677 SF

      Prime Commercial Lot For Sale

      Commercial lot in high-traffic area, ideal for various uses.
      337 Saint Andrews Dr, Murfreesboro, TN 37128
      View Details
    • Contact for pricing

      Prime Land For Sale

      Land for sale with frontage on Franklin Rd and Fortress Blvd.
      4058 Franklin Rd, Murfreesboro, TN 37128
      View Details
    • Contact for pricing

      Commercial Lot in Foxcroft Development

      Flat commercial lot with utilities in high-traffic area.
      1733 Cason Ln, Murfreesboro, TN 37128
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,484 SF

      New Stand-Alone Office Building

      New construction office building with open floor plan and parking.
      3167 Franklin Rd, Murfreesboro, TN 37128
      View Details
    • Contact for pricing
      9,047 SF

      Office Space in Murfreesboro

      9,047 SF office space available for rent.
      412 Golden Bear Ct, Murfreesboro, TN 37128
      View Details
    • Contact for pricing

      Kohl's Outparcel Land for Rent

      Approximately 0.8 acre outparcel anchored by Kohl's and Kroger.
      2503 Old Fort Pkwy, Murfreesboro, TN 37128
      View Details
    • Contact for pricing
      5,600 SF

      Retail Space Near Kroger Available

      Inline retail space and outparcel pad available near Kroger.
      565 Veterans Pkwy, Murfreesboro, TN 37128
      View Details
    • Contact for pricing

      Retail Outparcel Near Kroger

      Located near Kroger and Kohl’s with high traffic counts.
      2535 Old Fort Pkwy, Murfreesboro, TN 37128
      View Details
    • Contact for pricing
      1,500 SF

      Retail Center on Old Fort

      Retail center with high visibility and abundant parking.
      2705 Old Fort Pkwy, Murfreesboro, TN 37128
      View Details
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    Murfreesboro, TN 37128-5507
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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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