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Views: 18 DOM: 28 Updated: 04.20.24 Posted: 04.20.24 Status: Active

Summary

Price $3,600,000
Built/Renov 2024
Tenant Starbucks
Cap Rate 5.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 02-28-2024
#Units 38,038
Price/SF $1,440.00
Expiration 02-28-2034
Tenant Type Fast Food/QSR
NOI $180,000
R. Term 9.9
Ownership Fee Simple
Rent/SF $72.00
Increases 10.0%/5/yrs
Pop 5Mi 153,395
Lot/AC 0.66
Options 6/5yrs/10%
AHHI 5Mi $55,196

Lease Highlights

  • Brand new 2024 construction
  • Starbucks recently executed a brand new 10-year lease with 6 (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

Starbuck is strategically located on W Pensacola Street, with access to 28,000 vehicles passing by daily. The property enjoys immediate proximity to over 70,000 college students from Florida State University, Florida A&M University, and Tallahassee Community College. Additionally, it is surrounded by numerous student housing complexes. Positioned in WestEnd Square, it is surrounded by...

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Maps

  • 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 : 22,636 95,156 158,936
2023 Total Population : 22,821 93,657 156,884
2023 Employed Civilian Pop : 13,087 48,716 84,196
2023 Total Businesses : 572 5,137 7,968
2023 Average Household Income : $ 35,146 $ 52,156 $ 66,613
2023 Total Consumer Spending : $ 297 M $ 1778 M $ 3908 M
2023 Median Age : 23 24 26
2023 Total Households : 9,444 38,412 66,489
2023 Pop Age 25+: Bachelor's Degree : 1,386 9,777 21,728
2023 Average Home Value : $ 194,468 $ 234,741 $ 273,453
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
West Pensacola Street Ausley Rd 2022 28,000 0.01 mi
Ausley Rd Desiree Ct 2011 7,953 0.15 mi
Belle Vue Way S Ocala Rd 2011 4,753 0.20 mi
N Ocala Rd Honeysuckle Dr 2011 29,650 0.21 mi
Ausley Road Cambridge Dr 2022 6,600 0.23 mi
Ausley Road Desiree Ct 2021 6,400 0.23 mi
Ocala Road Honeysuckle Dr 2022 21,000 0.28 mi
West Pensacola Street Ausley Rd 2022 28,000 0.32 mi
S Lipona Rd Belle Vue Way 2011 5,195 0.33 mi
West Pensacola Street Vanderbilt Ct 2022 29,500 0.37 mi

Listing Broker

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