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Views: 143 DOM: 189 Updated: 08.27.24 Posted: 05.16.24 Status: Active

Summary

Price $2,483,400
Built/Renov 1973/2023
Tenant Starbucks
Cap Rate 6.00%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 3,670
Lease Start 05-30-2023
#Units 38,038
Price/SF $676.68
Expiration 05-31-2033
Tenant Type Fast Food/QSR
NOI $149,000
R. Term 8.6
Ownership Fee Simple
Rent/SF $40.60
Increases 10.0%/5/yrs
Pop 5Mi 184,742
Lot/AC 0.87
Options 6/5yrs/10%
AHHI 5Mi $88,612

Lease Highlights

  • Starbucks has 9 years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Corporate guarantee (NASDAQ: SBUX)
  • Investment grade tenant (S&P: BBB+)

Location Description

Starbucks is strategically located on East Cornwallis Drive, with access to 8,800 vehicles passing by daily. The property is also positioned one mile north of US-220 (48,000 VPD) and less than 2 miles southwest of US-29 (57,000 VPD). Additionally, it serves as an outparcel to Golden Gate Shopping Center, which is anchored by Food Lion, Planet Fitness, H&R Block, and other establishments. The...

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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
2029 Total Population : 7,946 92,448 187,148
2024 Total Population : 7,732 91,378 185,389
2024 Employed Civilian Pop : 3,655 40,308 85,516
2024 Total Businesses : 683 6,082 9,138
2024 Average Household Income : $ 105,369 $ 82,228 $ 88,834
2024 Total Consumer Spending : $ 316 M $ 2605 M $ 5718 M
2024 Median Age : 40 33 35
2024 Total Households : 3,424 35,774 72,877
2024 Pop Age 25+: Bachelor's Degree : 1,569 12,737 30,091
2024 Average Home Value : $ 434,249 $ 341,427 $ 335,332
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Golden Gate Drive E Cornwallis Dr 2022 4,490 0.06 mi
East Cornwallis Drive Golden Gate Dr 2022 8,874 0.07 mi
East Cornwallis Drive N Church St 2019 11,500 0.07 mi
North Church Street State St 2022 11,362 0.15 mi
North Church Street State St 2019 13,000 0.15 mi
Hubbard St 2022 7,157 0.24 mi
North Elm Street State St 2022 12,035 0.25 mi
Blakeney Pl 2022 6,799 0.35 mi
Kimberly Dr 2022 11,846 0.37 mi
North Church Street 16th St 2022 12,920 0.43 mi

Listing Broker

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