Starbucks

1204 Whitney Avenue, Corcoran, CA 93212

$3,270,000

Cap Rate 5.15%

Views: 20 DOM: 28 Updated: 04.28.24 Posted: 04.20.24 Status: Active

Summary

Price $3,270,000	Built/Renov 2024	Tenant Starbucks
Cap Rate 5.15%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,000	Lease Start 03-01-2024	#Units 38,038
Price/SF $1,635.00	Expiration 02-28-2034	Tenant Type Fast Food/QSR
NOI $168,443	R. Term 9.9	Ownership Fee Simple
Rent/SF $84.22	Increases 10.0%/6/yrs	Pop 5Mi 22,885
Lot/AC 0.41	Options 4/5yrs/10%	AHHI 5Mi $55,868

Bill Asher

Hanley Investment Group

Contact

Lease Highlights

Brand new 2024 construction
Starbucks recently executed a brand new 10-year lease with 4 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the hard corner intersection of Whitley Avenue and Norboe Avenue, within a major commercial and retail corridor. The property benefits from extremely limited competition in the area, as the next closest Starbucks location is over 15 miles away, making it the sole Starbucks in the City of Corcoran. The immediate area is surrounded by well-known national...

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Key Features

New construction
Signalized intersection
Near major nationals
Freeway close
Brand new lease
Limited competition
Favorable NN+ lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Corcoran, California Zip Code 93212 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Starbucks
Guarantor:Corp T and Rated
Company:Starbucks Corporation
# Units:38,038
Tenant S&P: BBB+
Moody’s: Baa1
Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation (NASDAQ: SBUX) is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,710	17,530	23,434
2023 Total Population :	9,841	17,631	23,543
2023 Employed Civilian Pop :	3,397	4,855	5,025
2023 Total Businesses :	206	245	253
2023 Average Household Income :	$ 61,415	$ 61,847	$ 62,642
2023 Total Consumer Spending :	$ 162 M	$ 232 M	$ 241 M
2023 Median Age :	29	31	32
2023 Total Households :	3,015	4,298	4,412
2023 Pop Age 25+: Bachelor's Degree :	363	494	579
2023 Average Home Value :	$ 265,221	$ 274,512	$ 277,411

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Dairy Ave	Preston Way	2003	6,148	0.53 mi
Dairy Ave	Whitley Ave	2003	6,411	0.54 mi
Whitley Ave	Pickerell Ave	2012	2,600	0.70 mi
8th Ave	Orange Ave	2008	4,100	0.74 mi
8th Ave	5th Ave	2003	4,850	0.77 mi
8th Ave	5 1/2 Ave	2008	5,500	0.81 mi
8th Ave	Whitley Ave	2017	2,900	0.87 mi
43		2018	4,450	0.92 mi
Central Valley Highway	Whitley Ave	2022	3,958	0.95 mi
CA 43	Whitley Ave	2021	3,958	0.95 mi

Listing Broker

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