Starbucks

1011 Piney Forest Road, Danville, VA 24540

$2,090,000

Cap Rate 6.21%

Views: 150 DOM: 245 Updated: 11.25.24 Posted: 04.20.24 Status: Active

Summary

Price $2,090,000	Built/Renov 2022	Tenant Starbucks
Cap Rate 6.21%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,517	Lease Start 12-02-2022	#Units 38,038
Price/SF $830.35	Expiration 02-28-2038	Tenant Type Fast Food/QSR
NOI $129,729	R. Term 13.2	Ownership Fee Simple
Rent/SF $51.54	Increases 10.0%/4/yrs	Pop 5Mi 49,803
Lot/AC 1.28	Options 6/5yrs/10%	AHHI 5Mi $61,152

Lease Highlights

Starbucks has 13+ years remaining on the current lease term with 6 (5-year) options to extend
The lease features 10% rental increases 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 Piney Forest Road, with access to 31,000 vehicles passing by daily. The property is surrounded by well-known national tenants including Walmart Neighborhood Market and Burger King. The 5-mile trade area is supported by a population of 49,803 residents with an average household income of $61,152. Danville is an independent city in the Commonwealth of...

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Key Features

New construction
Build to suit
Dense retail corridor
Near major nationals
Strategically located
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 Danville, Virginia Zip Code 24540 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 :	6,255	26,945	49,322
2023 Total Population :	6,311	27,204	49,803
2023 Employed Civilian Pop :	2,998	11,551	21,894
2023 Total Businesses :	251	1,412	2,073
2023 Average Household Income :	$ 60,709	$ 55,889	$ 61,152
2023 Total Consumer Spending :	$ 156 M	$ 591 M	$ 1183 M
2023 Median Age :	45	44	45
2023 Total Households :	2,927	12,034	22,026
2023 Pop Age 25+: Bachelor's Degree :	468	2,019	4,453
2023 Average Home Value :	$ 112,470	$ 127,783	$ 156,138

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Piney Forest Rd	Ash St	2016	26,000	0.09 mi
Piney Forest Road	Ash St	2018	26,000	0.09 mi
Beavers Mill Rd	Inge St	2016	2,200	0.35 mi
Melrose Ave	Verne St	2016	4,100	0.36 mi
Arnett Boulevard	Melville Ave	2021	3,900	0.37 mi
Melrose Avenue	Verne Blvd	2020	4,100	0.37 mi
Ruskin Street	Dalton St	2021	7,600	0.38 mi
Arnett Blvd	Melville Ave	2016	2,700	0.39 mi
Ruskin Street	Dalton St	2018	5,500	0.39 mi
Beavers Mill Road	Inge St	2020	2,100	0.41 mi

Listing Broker

Andrew Fallon

SRS National Net Lease Group

Contact

83 Listings
11268 Views
27 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
30257 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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