STNL in Booming Nashville MSA - Murfreesboro | 5.1% Cap Rate
STNL in Booming Nashville MSA - Murfreesboro | 5.1% Cap Rate
Marketing description
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%.
Investment highlights
Attractive and recently renovated ±2,874 SF NN+ leased Japanese ramen themed restaurant.
Located on a ±1-acre parcel in the trendy downtown area - “The Boro” - with over 39,000 VPD.
Tenant is part of a national franchise concept with over 50 restaurants AND with excellent local reviews!
Two years remain on the NN lease with 3.5% annual increases and one 5-year renewal option with 4% annual increases.
Within a 5-mile radius the population is 167,600+ and average HH income is $97,600+.
Murfreesboro is the 16th fastest growing city in the U.S. with population growth averaging 14%.
Bull Realty Tennessee License #: 259046
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