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Views: 181 DOM: 245 Updated: 11.25.24 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 12.7
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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Maps

  • 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

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