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Views: 156 DOM: 389 Updated: 11.25.24 Posted: 11.10.23 Status: Active

Summary

Price $3,704,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.40%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 2,630
Lease Start 09-30-2023
#Units 38,038
Price/SF $1,408.37
Expiration 02-28-2034
Tenant Type Fast Food/QSR
NOI $200,000
R. Term 9.2
Ownership Fee Simple
Rent/SF $76.05
Increases 10.0%/5/yrs
Pop 5Mi 128,012
Lot/AC 0.86
Options 6/5yrs/10%
AHHI 5Mi $82,732

Lease Highlights

  • Brand-new 2023 construction
  • Starbucks recently signed a brand-new 10-year lease with 6 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and each option
  • Corporate guaranteed lease (NASDAQ: SBUX)
  • Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

Starbucks is strategically positioned, fronting the signalized intersection of Howland Boulevard and State Highway 472, collectively generating more than 47,300 vehicles passing by daily. The asset will benefit from the presence of Interstate 4 which sees approximately 93,000 vehicles pr day. The subject property will also benefit from having multiple points of access, cross access with the...

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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 : 4,371 43,042 130,148
2023 Total Population : 3,909 39,847 126,413
2023 Employed Civilian Pop : 1,896 19,449 60,088
2023 Total Businesses : 83 953 3,155
2023 Average Household Income : $ 82,512 $ 83,602 $ 82,687
2023 Total Consumer Spending : $ 97 M $ 1112 M $ 3465 M
2023 Median Age : 42 47 44
2023 Total Households : 1,364 15,349 48,162
2023 Pop Age 25+: Bachelor's Degree : 707 5,669 16,368
2023 Average Home Value : $ 272,038 $ 290,506 $ 290,485
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Howland Blvd Wolf Pack Run 2011 30,490 0.17 mi
East Graves Avenue Graves Ave E 2022 7,400 0.19 mi
State Rte 472 State Rd 472 2012 24,600 0.34 mi
Normandy Blvd N 2020 14,000 0.49 mi
Normandy Blvd N Exd 2022 15,000 0.49 mi
Normandy Blvd N Exd 2022 3,900 0.50 mi
Howland Blvd Red Fox Run 2011 28,010 0.50 mi
East Graves Avenue Rich Ave 2022 15,400 0.61 mi
East Graves Avenue E Graves Ave 2021 15,700 0.61 mi
I- 4 2022 3,500 0.64 mi

Listing Broker

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