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Views: 194 Updated: 11.22.24 Posted: 04.05.24 Status: Sold

Summary

Price $2,383,008
Built/Renov 2023
Tenant Starbucks
Cap Rate 6.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,365
Lease Start 04-21-2023
#Units 36,000
Price/SF $1,007.61
Expiration 04-30-2038
Tenant Type Fast Food/QSR
NOI $142,980
R. Term 13.4
Ownership Fee Simple
Rent/SF $60.46
Increases 10.0%/4/yrs
Pop 5Mi 44,925
Lot/AC 0.73
Options 5/5yrs/10%
AHHI 5Mi $83,634

Lease Highlights

  • Brand-new 2023 construction
  • Starbucks has 13+ years remaining on the current lease term with 5 (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 signalized, hard corner intersection of E Alexander Avenue and Main Street, serving as one of the primary retail and traffic corners with access to a combined daily traffic count of 12,700 vehicles The property benefits from excellent visibility and prominent signage. Additionally, it is conveniently situated just a quarter mile from Self Regional...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Starbucks
  • Guarantor:Corp T and Rated
  • Company:Starbucks Corporation
  • # Units:36,000
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official merchandise, such...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,065 25,643 45,195
2023 Total Population : 5,099 25,896 45,305
2023 Employed Civilian Pop : 1,817 10,014 18,637
2023 Total Businesses : 418 1,376 1,877
2023 Average Household Income : $ 41,728 $ 56,018 $ 67,594
2023 Total Consumer Spending : $ 79 M $ 514 M $ 1101 M
2023 Median Age : 36 35 37
2023 Total Households : 2,144 10,408 18,612
2023 Pop Age 25+: Bachelor's Degree : 257 2,217 5,357
2023 Average Home Value : $ 147,976 $ 159,598 $ 187,251
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East Alexander Avenue Main St S 2022 900 0.01 mi
Marshall Rd Phoenix St 2005 1,000 0.16 mi
Phoenix Street E Creswell Ave 2022 2,900 0.23 mi
S- 148 (ALEXANDER AV E) TO S- 206 (NO NAME) Woodrow Ave 2021 350 0.30 mi
East Creswell Avenue Phoenix St 2022 1,700 0.34 mi
Main St S Lake Ridge Dr 2010 11,400 0.45 mi
Main Street South Lake Ridge Dr 2022 12,600 0.45 mi
West Alexander Avenue Spring St 2022 2,000 0.46 mi
Davis Ave 2022 375 0.51 mi
S- 206 (NO NAME) TO S- 212 (MILWEE AV) Taggart Ave 2021 325 0.51 mi

Listing Broker

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