Starbucks

1209 North Main Street, Marion, VA 24354

$1,965,000

Cap Rate 6.20%

Views: 149 DOM: 215 Updated: 11.17.24 Posted: 04.20.24 Status: Active

Summary

Price $1,965,000	Built/Renov 2022	Tenant Starbucks
Cap Rate 6.20%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 07-25-2022	#Units 38,038
Price/SF $786.00	Expiration 07-31-2037	Tenant Type Fast Food/QSR
NOI $121,760	R. Term 12.8	Ownership Fee Simple
Rent/SF $48.70	Increases 10.0%/3/yrs	Pop 5Mi 10,573
Lot/AC 0.69	Options 6/5yrs/10%	AHHI 5Mi $58,185

Lease Highlights

Starbucks has 12+ years remaining on the current lease term with 6 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof & structure
Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on North Main Street, with access to 16,000 vehicles passing by daily. The property serves as an outparcel at Smyth Valley Crossing, which is anchored by Walmart and Ingles Markets. Moreover, it enjoys convenient access off I-81, where traffic count reaches 35,000 VPD, providing direct on/off ramp access for users. The immediate trade area is surrounded by...

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Key Features

New construction
Build to suit
Dense retail corridor
Near major nationals
WalMart out-parcel
Long 10+ yr lease
Favorable NN+ lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Marion, Virginia Zip Code 24354 Broker Site Page

Maps

Local Information

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
2028 Total Population :	1,205	7,434	10,288
2023 Total Population :	1,244	7,619	10,573
2023 Employed Civilian Pop :	465	3,520	5,158
2023 Total Businesses :	179	446	509
2023 Average Household Income :	$ 64,011	$ 56,169	$ 58,185
2023 Total Consumer Spending :	$ 32 M	$ 168 M	$ 242 M
2023 Median Age :	52	45	45
2023 Total Households :	580	3,358	4,662
2023 Pop Age 25+: Bachelor's Degree :	180	701	937
2023 Average Home Value :	$ 225,000	$ 159,950	$ 159,321

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Main St	Keller Ln	2016	14,000	0.01 mi
N Main St	PkBlvd	2016	16,000	0.15 mi
Keller Ln	Veteran St	2016	1,100	0.16 mi
Johnston Road	Highland Dr	2020	1,000	0.30 mi
Industrial Road	Johnston Rd	2021	500	0.33 mi
Keller Lane	Culbert Dr	2020	790	0.36 mi
N Main St	Staley St	2016	16,000	0.43 mi
N Main St	Berkley Dr	2016	10,000	0.45 mi
	Bales Ln	2021	31,000	0.59 mi
North Main Street	Keller Ln	2021	15,000	0.60 mi

Listing Broker

Andrew Fallon

SRS National Net Lease Group

Contact

83 Listings
10404 Views
27 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
27342 Views
93 Sold

Andrew Fallon

Andrew Fallon joined SRS in 2020 as executive managing director for the NNLG, and market leader for the newest office in Washington D.C. His expertise encompasses many areas including net lease brokerage, commercial land brokerage, real estate underwriting, and litigation project management. Prior to joining SRS, Andrew was executive managing director with Calkain Companies where he also served as a member on the Executive Committee. As an annual top producer, he closed nearly $1 billion in net

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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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