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STNL in Murfreesboro | 5.1% Cap Rate 521 NW Broad St 2,874 SF Retail Building Murfreesboro, TN 37130 $2,085,000 ($725.47/SF) 5.10% Cap Rate
INVESTMENT HIGHLIGHTS
- Attractive and recently renovated ±2,874 SF NN+ leased Japanese ramen themed restaurant.
- Tenant is part of a national franchise concept with over 50 restaurants AND with excellent local reviews!
- Murfreesboro is the 16th fastest growing city in the U.S. with population growth averaging 14%.
- Located on a ±1-acre parcel in the trendy downtown area - “The Boro” - with over 39,000 VPD.
- Two years remain on the NN lease with 3.5% annual increases and one 5-year renewal option with 4% annual increases.
- Bull Realty Tennessee License #: 259046
EXECUTIVE SUMMARY
Spectacular real estate! This single tenant net leased Japanese themed restaurant is in “the Boro”. This trendy downtown area of Murfreesboro, located on busy Broad Street has over 39K VPD! The ±2,874 SF restaurant, constructed in 2018 and renovated in 2022, rocks! Murfreesboro is located in the Nashville MSA and is the 16th fastest growing city in the U.S.
The tenant, Hokkaido Ramen, has over 50 franchised locations across the U.S. Their concept is casual Japanese ramen with food made fresh to order. This location has strong Yelp reviews and is personally guaranteed by the operator.
The NN+ lease has approximately 2 years remaining with annual rent increases of 3.5% and one renewal option with 4% annual increases. The Tenant is responsible for all other maintenance, taxes, insurance and utilities.
Hokkaido is less than half a mile from the planned Keystone Project, which will phase in a mixed-use development to include 239 multifamily units, 100-unit condos with retail space, and 115-room hotel with retail space.
5-Mile demographics include a population of 167,000+ and average household income of over $97,000. Population growth within the area is 14%.
The tenant, Hokkaido Ramen, has over 50 franchised locations across the U.S. Their concept is casual Japanese ramen with food made fresh to order. This location has strong Yelp reviews and is personally guaranteed by the operator.
The NN+ lease has approximately 2 years remaining with annual rent increases of 3.5% and one renewal option with 4% annual increases. The Tenant is responsible for all other maintenance, taxes, insurance and utilities.
Hokkaido is less than half a mile from the planned Keystone Project, which will phase in a mixed-use development to include 239 multifamily units, 100-unit condos with retail space, and 115-room hotel with retail space.
5-Mile demographics include a population of 167,000+ and average household income of over $97,000. Population growth within the area is 14%.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,874 SF
Building Class
B
Year Built/Renovated
2018/2022
Price
$2,085,000
Price Per SF
$725.47
Cap Rate
5.10%
NOI
$106,437
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.02 AC
Opportunity Zone
Yes
Frontage
157’ on Broad St
AMENITIES
- Pylon Sign
- Restaurant
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Hokkaido Ramen
- Retailer
- -
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$9.99
-
Lorem Ipsum
-
Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Hokkaido Ramen | Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 |
Walk Score®
Very Walkable (73)
Bike Score®
Very Bikeable (73)
NEARBY MAJOR RETAILERS
1 of 9
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STNL in Murfreesboro | 5.1% Cap Rate | 521 NW Broad St
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