Chipotle | 15-Yr Absolute NNN 232 N Rutherford Blvd 2,325 SF Retail Building Murfreesboro, TN 37130 $5,964,505 CAD ($2,565.38 CAD/SF) 4.85% Cap Rate

The subject property is a newly constructed Chipotle drive-thru located in Murfreesboro (Nashville), TN. The brand new 15-year absolute NNN lease is corporately guaranteed by Chipotle Mexican Grill, Inc. (NYSE: CMG) and includes 10% rental increases every 5-years during the primary term and in the (4) 5-year option periods. The property is directly across the street from Middle Tennessee State University (20,488+ students), generating consistent demand from students, faculty, staff, and visitors throughout the year.
This new Chipotle Mexican Grill is strategically positioned along North Rutherford Boulevard, which experiences traffic counts exceeding 31,000 vehicles per day, providing exceptional visibility and access. The property consists of a newly constructed 2,325-square-foot building situated on a 1.08 +/- acre parcel, featuring strong frontage and ample parking.
Surrounded by dense commercial development and continued residential expansion, the property is well-positioned to capture strong daily consumer traffic within one of Murfreesboro’s primary retail corridors. The surrounding trade area includes more than 111,000 residents within a 5-mile radius and continues to experience robust growth, with population projected to increase by over 14% and household growth exceeding 14% from 2025 to 2029. Average household income over $85,000 within the 5-mile radius further support long-term retail demand and overall market stability.
The trade area is supported by a strong mix of national and regional retailers along North Rutherford Boulevard, including Walmart, Dollar Tree, Murphy USA, Circle K, Shell, and Old National Bank, along with a dense concentration of quick-service and fast-casual dining such as Starbucks, Dunkin’, Taco Bell, Jersey Mike’s, Zaxby’s, Cook Out, Culver’s, and Waffle House. These are complemented by local operators that contribute to consistent daily traffic.
The property is supported by nearby residential density, including Tennessee Park Apartments (216 units), Alder Terrace (141 units), Richland Falls Apartments (360 units), and Albion at Murfreesboro (360 units), providing a built-in customer base. The asset also benefits from proximity to The Avenue Murfreesboro and Stones River Town Centre, two of the area’s primary retail hubs.