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    Property profile & analytics

    2615 Medical Center Pkwy Murfreesboro, TN 37129

    • Super regional malls
    • 803,428 SF
    • 85.61 lot acres
    For Lease
    View listing
    Last Sale
    Sep 02, 2020
    $163,000,000
    Value Estimations
    $175,045,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0378556
    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

    • Express / Work Clothes Store / Outlet Store
    • LOFT Outlet / Women'S Clothing Store / Fashion Accessories Store
    • White House Black Market / Women'S Clothing Store / Clothing Store
    • Alumni Hall / Men'S Clothing Store / Women'S Clothing Store
    • Journeys / Shoe Store / Clothing Store

    Property Details for 2615 Medical Center Pkwy

    Year built
    2007
    Construction
    FRAME
    Lot size
    85.61 lot acres
    Property size
    803,428 SF
    Property type
    Super regional malls
    APN
    092-094.01-000
    APU
    9209401000

    Description

    The Avenue, located at 2615 Medical Center Pkwy in Murfreesboro, Tennessee, presents a prime retail opportunity. This Class A property boasts a total of 843,000 square feet and offers multiple tenancy options. Thirteen suites are currently available, ranging in size from a minimum of 1,778 square feet to a maximum contiguous space of 4,995 square feet. A total of 34,398 square feet is currently vacant, providing significant flexibility for businesses of various sizes. Situated in Rutherford County, with a zip code of 37129, this location offers excellent visibility and accessibility. The property's strategic placement ensures high foot traffic and convenient access for customers. This is an exceptional opportunity to establish or expand your business in a thriving commercial center. The building's impressive size and diverse suite options cater to a wide range of retail needs, making it an ideal location for businesses seeking a prominent presence in Murfreesboro. The property's Class A designation reflects its high-quality construction and modern amenities. Don't miss this chance to secure your space in this desirable retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

    • CAP approach

      CAP Return
      Estimation
      6%
      $179,325,000
      6.5%
      $165,530,000
      7%
      $153,705,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $230,285,000
      Market price range: $80.2M - $254M
      AI Estimate
      $126,708,000
      Market price range: $27.0M - $177M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $165,250,000
      Current use
      COMMERCIAL (GENERAL)
      $244,975,000
      Change: +48% Conversion: Easy
      RETAIL STORES
      $166,095,000
      Change: +1% Conversion: Easy
      MEDICAL BUILDING
      $149,590,000
      Change: -9% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $143,900,000
      Change: -13% Conversion: Difficult
      OFFICE BUILDING
      $133,675,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Murfreesboro
    County
    Rutherford
    State
    Tennessee
    Longitude
    -86.4447
    Latitude
    35.8592
    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
    $1,910,144
    $17,501,520
    $50,023,360
    $67,524,880
    -
    $43,753,800
    $125,058,400
    $168,812,200

    Comparable in this City

    • Value Estimation by Request
      1,200 SF

      2159 Thompson Ln Ste A5

      REGIONAL SHOPPING CENTER, MALL • 1,200 SF
      2159 Thompson Ln Ste A5, Murfreesboro, TN 37129-6068
      View Details
    • Value Estimation
      $865,000
      6,200 SF

      730 Middle 10th Blvds-10

      REGIONAL SHOPPING CENTER, MALL • 6,200 SF
      730 Middle 10th Blvds-10, Murfreesboro, TN 37129-5698
      View Details
    • Value Estimation by Request
      1,200 SF

      2159 Thompson Ln Ste C2

      REGIONAL SHOPPING CENTER, MALL • 1,200 SF
      2159 Thompson Ln Ste C2, Murfreesboro, TN 37129-6072
      View Details
    • Value Estimation
      $670,000
      4,950 SF

      1022 Samsonite Blvd

      REGIONAL SHOPPING CENTER, MALL • 4,950 SF
      1022 Samsonite Blvd, Murfreesboro, TN 37129-5553
      View Details
    • Value Estimation
      $955,000
      9,180 SF

      819 Scott St, Unit 827

      REGIONAL SHOPPING CENTER, MALL • 9,180 SF
      819 Scott St, Murfreesboro, TN 37129-2793
      View Details
    • Value Estimation
      $4,875,000
      48,000 SF

      708 Captain Joe Fulghum Dr

      REGIONAL SHOPPING CENTER, MALL • 48,000 SF
      708 Captain Joe Fulghum Dr, Murfreesboro, TN 37129-5627
      View Details

    Similar Nearby for Sale

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      Retail Center Near The Avenue

      9,167 SF retail center with strong national tenant lineup.
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    Similar Nearby for Lease

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      Retail Space in Class A Center

      Class A shopping center with high retail sales volume.
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      Retail Space in Memorial Shops

      Retail space for lease in Murfreesboro, Tennessee.
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      Regional Shopping Center Retail Space

      Retail space available in Murfreesboro's dominant open-air shopping center.
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      Retail Space in Kroger-Anchored Center

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      Retail Space Near VA Hospital

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      Retail Space in High-Traffic Area

      Retail space anchored by Starbucks with high visibility and accessibility.
      1641 Memorial Blvd, Murfreesboro, TN 37129
      View Details
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    Murfreesboro, TN 37129
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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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