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Starbucks

3120 North Central Avenue, Phoenix, AZ 85012

$2,731,111

Cap Rate 5.40%

$2,809,142

Cap Rate 5.25%

Views: 144 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 9.1
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

Shane Carter
Cushman & Wakefield
Contact

Chris Hollenbeck
Cushman & Wakefield
Contact

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

    • ...

Links

Starbucks Wikipedia Starbucks Wikipedia Phoenix, Arizona Zip Code 85012 Broker Site Page

Documents

Download OM

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 : 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

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