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Views: 76 DOM: 131 Updated: 10.25.24 Posted: 08.21.24 Status: Active

Summary

Price $2,444,444
Built/Renov 2023
Tenant Starbucks
Cap Rate 6.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,200
Lease Start 04-01-2024
#Units 38,038
Price/SF $1,111.11
Expiration 04-30-2034
Tenant Type Fast Food/QSR
NOI $165,000
R. Term 9.4
Ownership Fee Simple
Rent/SF $75.00
Increases 10.0%/5/yrs
Pop 5Mi 22,423
Lot/AC 1.58
Options 4/5yrs/10%
AHHI 5Mi $82,674

Lease Highlights

  • New 2023 construction
  • Starbucks has 9+ years remaining on the current lease term with 4 (5-year) options to extend
  • 10% rental increases every 5 years throughout the primary term and option periods
  • Favorable NN+ lease with landlord responsible for roof, structure and foundation
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the hard corner intersection of U.S. Route 66 and Will Street, with access to 17,000 vehicles passing by daily. The property is conveniently situated near the major I-40 Highway, which sees over 30,500 VPD and is the third longest freeway in the United States. The immediate area features well-known national tenants including O’Reilly Auto Parts, Walgreens,...

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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
2029 Total Population : 4,801 18,495 21,570
2024 Total Population : 4,938 19,012 22,202
2024 Employed Civilian Pop : 2,248 8,713 9,911
2024 Total Businesses : 243 1,140 1,216
2024 Average Household Income : $ 81,805 $ 81,743 $ 79,780
2024 Total Consumer Spending : $ 138 M $ 497 M $ 557 M
2024 Median Age : 37 35 35
2024 Total Households : 1,882 6,790 7,789
2024 Pop Age 25+: Bachelor's Degree : 553 1,718 1,896
2024 Average Home Value : $ 239,639 $ 185,829 $ 178,132
*ESRI data is presented for informational purposes only

Listing Broker

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