Starbucks

11930 Florida 54, Odessa, FL 33556

$2,700,000

Cap Rate 5.62%

$2,824,000

Cap Rate 5.38%

Views: 118 DOM: 159 Updated: 08.23.24 Posted: 11.22.23 Status: Sold 04.29.24

Summary

Price $2,700,000 $2,824,000	Built/Renov 2019	Tenant Starbucks
Cap Rate 5.62% 5.38%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 2,550	Lease Start 04-01-2019	#Units 36,000
Price/SF $1,058.82 $1,107.45	Expiration 04-01-2029	Tenant Type Fast Food/QSR
NOI $151,800	R. Term 4.5	Ownership Fee Simple
Rent/SF $59.53	Increases 10.0%/5/yrs	Pop 5Mi 76,652
Lot/AC 1.12	Options 4/5yrs/10%	AHHI 5Mi $121,220

Lease Highlights

Starbucks has 5+ years remaining on the original lease term with 4 (5-year) option periods to extend
The lease features 10% rental increases every 5 years and at the beginning of each option
Limited landlord responsibilities for roof, structure, and re-paving of the parking lot only (tenant is responsible for repairs, patching, and re-striping)
Corporate guaranteed lease | Investment grade tenant

Location Description

Starbucks is strategically located at the signalized, hard corner intersection of SR-54 and Trinity Blvd, benefiting from significant street frontage with a combined daily traffic count of 79,700 vehicles. The property is situated in the newly developed Trinity Lakes Crossings which includes other national/credit tenants such as ALDI, Burger King, Hampton Inn, Achieva, Wawa, AutoZone, and...

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Key Features

Signalized intersection
High traffic 50M+ VPD
Dense retail corridor
Highway location
Top 100 MSA
Affluent AHHI $100K 5 Mi
Income tax free state
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Odessa, Florida Zip Code 33556 Broker Site Page

Maps

Local Information

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 :	6,978	42,155	89,247
2023 Total Population :	5,703	29,952	76,652
2023 Employed Civilian Pop :	2,711	14,237	37,104
2023 Total Businesses :	391	1,120	2,333
2023 Average Household Income :	$ 128,419	$ 133,048	$ 121,220
2023 Total Consumer Spending :	$ 261 M	$ 1302 M	$ 3194 M
2023 Median Age :	70	49	49
2023 Total Households :	2,338	11,404	30,696
2023 Pop Age 25+: Bachelor's Degree :	1,740	6,818	15,405
2023 Average Home Value :	$ 391,580	$ 440,807	$ 401,829

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Gunn Hwy	Marathon Rd	2011	43,000	0.07 mi
Trinity Boulevard		2011	14,900	0.18 mi
Trinity Boulevard		2011	7,800	0.25 mi
Trinity Boulevard	Crevalle Way	2022	15,800	0.40 mi
Community Dr	Memorial Dr	2003	23,000	0.66 mi
Community Drive	Robert Trent Jon	2022	58,000	0.76 mi
	Cool Springs Pkw	2022	58,000	0.92 mi
FL 54	Gladstone Dr	2021	62,500	0.92 mi
Duck Slough Boulevard	Torino Dr	2022	22,000	1.16 mi
Interlaken Road	Old Gunn Hwy	2022	58,000	1.25 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

260 Listings
25458 Views
90 Sold

William Wamble

SRS National Net Lease Group

Contact

183 Listings
19368 Views
47 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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