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Views: 59 DOM: 124 Updated: 10.22.24 Posted: 08.01.24 Status: Contract

Summary

Price $2,640,000
Built/Renov 1991/2024
Tenant Starbucks
Cap Rate 6.25%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 3,661
Lease Start 11-29-2023
#Units 38,038
Price/SF $721.11
Expiration 02-28-2034
Tenant Type Fast Food/QSR
NOI $165,000
R. Term 9.2
Ownership Fee Simple
Rent/SF $45.07
Increases 10.0%/5/yrs
Pop 5Mi 17,011
Lot/AC 1.30
Options 6/5yrs/10%
AHHI 5Mi $115,445

Lease Highlights

  • Starbucks has 9+ 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 primary term and option periods
  • Favorable NN+ lease with landlord responsible for structure only
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on Stuarts Draft Highway, the primary commercial corridor, with access to 15,200 vehicles passing by daily. The property is situated on a pad site to the Windmill Square Shopping Center, anchored by a Food Lion that serves as the primary grocer for the area. Additionally, it benefits from excellent visibility, prominent signage, frontage, and two points of...

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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 : 2,316 11,630 17,919
2024 Total Population : 2,223 11,484 17,696
2024 Employed Civilian Pop : 1,269 6,270 9,335
2024 Total Businesses : 124 249 473
2024 Average Household Income : $ 80,638 $ 86,442 $ 86,549
2024 Total Consumer Spending : $ 66 M $ 354 M $ 549 M
2024 Median Age : 45 43 45
2024 Total Households : 925 4,673 7,204
2024 Pop Age 25+: Bachelor's Degree : 260 1,329 2,089
2024 Average Home Value : $ 301,358 $ 311,050 $ 335,148
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Highland Dr Steep Hill Ln 2004 920 0.18 mi
Draft Ave Forrer Ave 2016 12,000 0.19 mi
Draft Avenue Forrer Ave 2018 12,000 0.21 mi
Draft Avenue Finley Dr 2021 12,000 0.21 mi
Edgewood Ln Stuarts Draft Hwy 2007 270 0.27 mi
Stuarts Draft Highway Sunny Slope Ln 2020 12,000 0.27 mi
Forrer Ave Stuart Ave 2004 340 0.28 mi
Woodview Ct Windmill Ln 2013 240 0.29 mi
Tinkling Spring Road Highland Dr 2018 6,200 0.34 mi
Edgewood Ln Stuarts Draft Hwy 2013 860 0.35 mi

Listing Broker

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