Starbucks

3120 North Central Avenue, Phoenix, AZ 85012

$2,731,111

Cap Rate 5.40%

$2,809,142

Cap Rate 5.25%

Views: 151 DOM: 349 Updated: 08.28.24 Posted: 09.13.23 Status: Sold 08.28.24

Summary

Price $2,731,111 $2,809,142	Built/Renov 2022	Tenant Starbucks
Cap Rate 5.40% 5.25%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,458	Lease Start 11-01-2023	#Units 36,000
Price/SF $1,111.11 $1,142.86	Expiration 11-01-2033	Tenant Type Fast Food/QSR
NOI $147,480	R. Term 9.0	Ownership Fee Simple
Rent/SF $60.00	Increases 10.0%/5/yrs	Pop 5Mi 436,218
Lot/AC 1.31	Options 4/5yrs/10%	AHHI 5Mi $73,680

Lease Highlights

New 2022 construction
Starbucks recently signed a new 10-year lease with 4 (5-year) options to extend
Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
Corporate guarantee by Starbucks Corporation (NASDAQ: SBUX)
Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

Starbucks is situated on N Central Avenue, benefiting from a daily traffic count of 30,806 vehicles passing by. It is located in a densely populated area of central Phoenix. The property's prime position along Central Avenue, a busy thoroughfare in Phoenix with a daily traffic count of 30,806 vehicles, adds to its convenience. In addition, this Starbucks location enjoys the advantage of being...

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Key Features

New construction
New prototype
Major thoroughfare
Near major nationals
Dense 200M+ pop 5 mi
Top 100 MSA
Brand new lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Phoenix, Arizona Zip Code 85012 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 :	20,163	182,249	434,103
2023 Total Population :	18,016	170,154	422,277
2023 Employed Civilian Pop :	11,282	90,064	204,794
2023 Total Businesses :	2,108	11,518	20,436
2023 Average Household Income :	$ 96,386	$ 88,791	$ 90,787
2023 Total Consumer Spending :	$ 840 M	$ 6026 M	$ 13262 M
2023 Median Age :	39	35	33
2023 Total Households :	9,971	77,259	166,238
2023 Pop Age 25+: Bachelor's Degree :	4,333	27,792	53,663
2023 Average Home Value :	$ 468,433	$ 466,706	$ 462,801

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
North Central Avenue	W United Bank Dr	2018	21,095	0.00 mi
N Central Ave	E Earll Dr	2012	22,486	0.10 mi
N 1st Pl	E Monterey Way	2010	866	0.12 mi
E Osborn Rd	N 2nd St	2015	20,953	0.21 mi
E Catalina Dr	N Central Ave	2010	4,119	0.21 mi
N 2nd St	E Catalina Dr	2014	1,755	0.23 mi
N 3rd Ave	W Earll Dr	2010	7,648	0.25 mi
N 3rd St	E Monterey Way	2015	14,679	0.26 mi
N 3rd Ave	W Osborn Rd	2012	6,830	0.28 mi
N Central Ave	E Thomas Rd	2010	19,618	0.29 mi

Listing Broker

Shane Carter

Cushman & Wakefield

Contact

37 Listings
4329 Views
26 Sold

Chris Hollenbeck

Cushman & Wakefield

Contact

37 Listings
4338 Views
26 Sold

Shane Carter

Shane Carter is a member of a multi-service retail brokerage team in Phoenix, Arizona along with Chris Hollenbeck and Brent Mallonee. One of Arizona’s premier retail teams, they are able to assist clients with expertise in site acquisition, project development, project leasing and investment sales. Working in conjunction with his team, Shane has been able to provide prominent owners, users and developers with astute acquisition, disposition and market growth strategies. Since starting his comme

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Chris Hollenbeck

Mr. Hollenbeck is a member of a multi-service retail team that delivers comprehensive, integrated real estate services to retail investors, developers and occupiers. He specializes in Capital Markets and manages his team’s national Investment Services Portfolio. Mr. Hollenbeck has an extensive history in the sale of retail properties through his past and current career experience at a national development company. Since moving to commercial retail brokerage, he completed over 1,000 transactions

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