Starbucks

3232 North Lewis Avenue, Waukegan, IL 60087

$2,333,000

Cap Rate 6.00%

Views: 156 DOM: 476 Updated: 08.06.24 Posted: 08.05.23 Status: Active

Summary

Price $2,333,000	Built/Renov 2023	Tenant Starbucks
Cap Rate 6.00%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 2,360	Lease Start 10-01-2023	#Units 36,000
Price/SF $988.56	Expiration 10-01-2033	Tenant Type Fast Food/QSR
NOI $140,000	R. Term 8.10	Ownership Fee Simple
Rent/SF $59.32	Increases 10.0%/5/yrs	Pop 5Mi 151,575
Lot/AC 0.49	Options 4/5yrs/10%	AHHI 5Mi $84,484

Lease Highlights

Brand new 2023 construction
Starbucks recently signed a brand new 10-year lease with 4 (5-year) options to extend
Lease features a 10% rental increase 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

This newly constructed 2,360 square foot Starbucks is strategically located along North Lewis Avenue seeing 20,000 vehicles per day. The site benefits from excellent visibility via significant street frontage and a large pylon sign along N. Lewis Avenue. The asset is directly across a Target anchored center, with several other national/credit tenants nearby including Ace Hardware, Family...

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Key Features

New construction
New prototype
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Brand new lease
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Waukegan, Illinois Zip Code 60087 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 :	8,516	71,350	148,688
2023 Total Population :	8,714	72,557	151,350
2023 Employed Civilian Pop :	4,572	35,366	73,060
2023 Total Businesses :	106	1,481	4,020
2023 Average Household Income :	$ 89,280	$ 83,987	$ 84,558
2023 Total Consumer Spending :	$ 230 M	$ 1874 M	$ 3870 M
2023 Median Age :	36	35	34
2023 Total Households :	3,000	25,780	52,887
2023 Pop Age 25+: Bachelor's Degree :	440	6,353	13,636
2023 Average Home Value :	$ 200,876	$ 213,631	$ 220,585

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
W Yorkhouse Rd	City W34	2007	11,400	0.07 mi
W Yorkhouse Rd	Newcastle Rd	2011	12,600	0.09 mi
City W34	Buckingham Rd	2011	1,800	0.09 mi
W Yorkhouse Rd	City W34	2007	7,500	0.11 mi
City W34	W Yorkhouse Rd	2011	20,000	0.15 mi
W Yorkhouse Rd	Charleston Rd	2011	5,250	0.16 mi
City W34	Edgewood Rd	2008	20,018	0.19 mi
Edgewood Rd	Stonegate Rd	2008	1,645	0.21 mi
Edgewood Rd	City W34	2008	444	0.23 mi
City W34	Edgewood Rd	2008	19,915	0.27 mi

Listing Broker

Patrick Luther

SRS National Net Lease Group

Contact

420 Listings
46622 Views
165 Sold

Matthew Mousavi

SRS National Net Lease Group

Contact

369 Listings
42503 Views
137 Sold

Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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