STNL in Booming Nashville MSA - Murfreesboro | 5.1% Cap Rate

This property is located in Murfreesboro, Tennessee.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%.