Single-Tenant Net-Leased (STNL) Commercial Real Estate Investment Opportunity | Murfreesboro, TN (Nashville MSA)

Bull Realty is pleased to offer for acquisition a single-tenant net-leased (NN+) commercial real estate asset in Murfreesboro, Tennessee. Positioned on a high-visibility $\pm 1$-acre parcel along Broad Street in the downtown district known as "The Boro," this $\pm 2,874\text{ SF}$ freestanding retail restaurant property generates stable rental income anchored by a national tenant concept.

Constructed in 2018 and comprehensively renovated in 2022, the facility operates as a Japanese-themed restaurant. Murfreesboro stands as the 16th fastest-growing city in the United States and a major growth engine within the expanding Nashville Metropolitan Statistical Area (MSA). Offered at a 5.1% capitalization rate, this asset combines near-term rental growth, strong underlying land value, and favorable local demand drivers.

Investment Metrics & Property Financials

• Offering Price: $2,085,000

• Capitalization Rate (Cap Rate): 5.10%

• Building Area: $\pm 2,874\text{ SF}$

• Price Per Square Foot: $\approx \$725/\text{SF}$

• Lot Size: $\pm 1.00\text{ Acre}$

• Year Built / Renovated: 2018 / 2022

• Tenancy: Single-Tenant (100% Occupied)

• Lease Structure: NN+ Lease (Tenant covers maintenance, property taxes, insurance, and utilities)

• Remaining Primary Term: $\approx 2\text{ Years}$

• Rent Escalations: 3.5% Annual Increases in primary term; 4.0% Annual Increases in renewal option

• Renewal Options: One (1) 5-Year Renewal Option

• Guaranty: Personal Guaranty by Operator

Tenant Overview: Hokkaido Ramen House

The building is leased to Hokkaido Ramen House, a casual Japanese dining franchise concept with over 50 locations operating across the United States. Known for fresh, made-to-order Japanese ramen, sushi, boba tea, and regional pan-Asian specialties, Hokkaido Ramen House maintains strong brand affinity and favorable customer reviews across digital review platforms.

The lease is backed by a personal guarantee from the operator, offering credit enhancement for the investor. Under the NN+ lease terms, operational overhead is minimized for the landlord, as the tenant remains responsible for day-to-day property maintenance, real estate taxes, building insurance, and utility charges.

Prime Strategic Location & Area Infrastructure

High-Traffic Arterial Positioning

Situated directly on Broad Street—one of Murfreesboro's primary commercial corridors—the site experiences traffic counts exceeding 39,000 vehicles per day (VPD). The property benefits from prominent exposure, dedicated access points, and proximity to downtown shopping, dining, and entertainment venues.

Catalyst Commercial Growth: The Keystone Project

Located less than half a mile from the site is the planned Keystone Project, a large-scale, multi-phase mixed-use development. Upon completion, the Keystone development will introduce:

• 239 Multifamily Units

• 100 Condominium Units with ground-floor retail space

• 115-Room Hotel with integrated commercial retail

This high-density development is anticipated to significantly increase pedestrian foot traffic and daily vehicular trips along Broad Street, directly enhancing customer draw for adjacent commercial operators.

Demographic & Submarket Fundamentals (5-Mile Radius)

Murfreesboro’s population expansion continues to outpace broader state and national averages. Key demographics supporting the local commercial sector include:

• 5-Mile Population: 167,600+ residents

• 5-Mile Average Household Income: $\$97,600+$

• Submarket Population Growth Rate: 14%

• National Ranking: 16th Fastest-Growing City in the U.S.

• MSA Market: Nashville-Davidson–Murfreesboro–Franklin MSA

Core Investment Highlights

1. Passive Income Structure: NN+ lease format limits landlord responsibilities while providing steady cash flow.

2. Built-In Inflation Hedge: Features 3.5% annual rent increases during the base term and 4.0% annual escalations during the renewal period.

3. Turnkey Facility: Built in 2018 and upgraded in 2022 with modern restaurant infrastructure.

4. Prime Land Footprint: $\pm 1$-acre parcel in a densely developed downtown commercial core.

5. High-Barrier Location: Positioned along Broad Street (39,000+ VPD) near upcoming high-density residential and hospitality projects.

6. Licensed Representative: Bull Realty Tennessee License #: 259046