STNL in Booming Nashville MSA - Murfreesboro | 5.1% Cap Rate
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Location
Exceptional investment opportunity in “The Boro,” Murfreesboro’s vibrant downtown district. This single-tenant, net-leased Japanese restaurant is situated on busy Broad Street with approximately 39,000 vehicles per day. The ±2,874-square-foot property was built in 2018 and renovated in 2022, offering a modern and inviting space ideal for long-term tenancy. Murfreesboro, part of the Nashville MSA, is the 16th fastest-growing city in the U.S., with 14% population growth and a five-mile radius population exceeding 167,000 with an average household income of over $97,000.
The tenant, Hokkaido Ramen, operates over 50 franchised locations nationwide and is known for casual Japanese ramen prepared fresh to order. This location has strong local reviews and is personally guaranteed by the operator. The NN+ lease has approximately two years remaining, with 3.5% annual rent increases and one five-year renewal option at 4% annual increases. The tenant is responsible for all maintenance, taxes, insurance, and utilities, offering a low-management, cash-flowing investment.
The property benefits from nearby growth catalysts, including the planned Keystone Project, a mixed-use development featuring 239 multifamily units, 100 condos with retail space, and a 115-room hotel with additional retail, enhancing long-term value and exposure.
- Recently renovated ±2,874 SF Japanese ramen-themed restaurant
- Single-tenant NN+ lease with approximately 2 years remaining
- Annual rent increases: 3.5%; 5-year renewal option with 4% annual increases
- Tenant: Hokkaido Ramen, national franchise with 50+ locations and strong local reviews
- Located on ±1-acre parcel in “The Boro” with ±39,000 VPD
- Five-mile population: 167,600+; average household income: $97,600+
- Murfreesboro: 16th fastest-growing city in the U.S., 14% population growth
- Proximity to the planned Keystone Project: mixed-use development with multifamily, condos, retail, and hotel