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Views: 114 DOM: 154 Updated: 07.26.24 Posted: 06.20.24 Status: Active

Summary

Price $1,871,009
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.75%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 2,289
Lease Start 02-01-2024
#Units 38,038
Price/SF $817.39
Expiration 01-31-2034
Tenant Type Fast Food/QSR
NOI $107,583
R. Term 9.2
Ownership Fee Simple
Rent/SF $47.00
Increases 0.0%/5/yrs
Pop 5Mi 81,859
Lot/AC 0.54
Options 4/5yrs
AHHI 5Mi $67,077

Lease Highlights

  • New 2023 construction
  • Starbucks has 9+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features $2/PSF rental escalations throughout the initial term and option periods
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the signalized, hard corner intersection of West Hill Road and Torrey Road, with a combined daily traffic count of 23,490 vehicles. The property is just 0.25 miles west of the on/off ramps of US Highway 23, which sees 58,000 VPD. Additionally, it is in a dense retail corridor across the street from a Meijer grocery store and surrounded by well-known...

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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 : 1,844 23,161 80,881
2024 Total Population : 1,860 23,645 82,526
2024 Employed Civilian Pop : 856 11,002 35,876
2024 Total Businesses : 211 1,101 3,768
2024 Average Household Income : $ 87,721 $ 82,371 $ 72,088
2024 Total Consumer Spending : $ 72 M $ 760 M $ 2299 M
2024 Median Age : 45 42 40
2024 Total Households : 936 10,372 35,691
2024 Pop Age 25+: Bachelor's Degree : 295 2,762 8,312
2024 Average Home Value : $ 208,774 $ 209,477 $ 180,245
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Hill Rd Wendt Dr 2018 17,223 0.11 mi
Torrey Rd 2021 15,668 0.17 mi
Hill Road Hill 23 Dr 2022 15,245 0.17 mi
Torrey Ln 2022 5,313 0.18 mi
W Hill Rd Torrey Ln 2021 7,895 0.18 mi
Torrey Rd Torrey Ln 2000 5,350 0.20 mi
Torrey Road Hutchinson Ln 2022 4,819 0.24 mi
Hill Rd 2022 4,426 0.31 mi
FROM HILL ROAD - MUNDY TWP Hill Rd 2021 4,521 0.31 mi
Hill Rd 2022 5,687 0.32 mi

Listing Broker

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