Starbucks

1204 Whitley Avenue, Corcoran, CA 93212

$3,368,856

Cap Rate 5.00%

Views: 91 Updated: 01.26.24 Posted: 11.30.23 Status: Inactive

Summary

Price $3,368,856	Built/Renov 2023	Tenant Starbucks
Cap Rate 5.00%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 2,000	Lease Start 12-18-2023	#Units 36,000
Price/SF $1,684.43	Expiration 12-17-2033	Tenant Type Fast Food/QSR
NOI $168,443	R. Term 9.0	Ownership Fee Simple
Rent/SF $84.22	Increases 10.0%/5/yrs	Pop 5Mi 23,543
Lot/AC 0.41	Options 4/5yrs/10%	AHHI 5Mi $62,642

Lease Highlights

Brand-new 2023 construction
Starbucks recently signed a brand-new 10-year lease with 4 (5-year) options to extend | No kickout clause customarily found in Starbucks leases
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Rare self-maintaining lease | Starbucks responsible for day-to-day CAM
Corporate guaranteed lease

Location Description

Starbucks is strategically located at the hard corner intersection of Whitley Avenue and Norboe Avenue, which is the main corridor through Corcoran. The property is in close proximity to well-known national retailers, including Rite Aid, True Value Hardware, Chevrolet, Shell, Pizza Factory, and more. In addition, the property is conveniently situated less than one half mile from Corcoran High...

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Key Features

New construction
Hard corner intersection
Dense retail corridor
Near major nationals
Strategically located
Brand new lease
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Corcoran, California Zip Code 93212 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Starbucks
Guarantor:Corp T and Rated
Company:Starbucks Corporation
# Units:36,000
Tenant S&P: BBB+
Moody’s: Baa1
Stock: NASDAQ: SBUX

About Tenant

Starbucks Corporation is the leading roaster, retailer, and marketer of specialty coffee in the world. In addition to drinks and food, many stores carry Starbucks' official merchandise, such...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,710	17,530	23,434
2023 Total Population :	9,841	17,631	23,543
2023 Employed Civilian Pop :	3,397	4,855	5,025
2023 Total Businesses :	206	245	253
2023 Average Household Income :	$ 61,415	$ 61,847	$ 62,642
2023 Total Consumer Spending :	$ 162 M	$ 232 M	$ 241 M
2023 Median Age :	29	31	32
2023 Total Households :	3,015	4,298	4,412
2023 Pop Age 25+: Bachelor's Degree :	363	494	579
2023 Average Home Value :	$ 265,221	$ 274,512	$ 277,411

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Dairy Ave	Preston Way	2003	6,148	0.53 mi
Dairy Ave	Whitley Ave	2003	6,411	0.54 mi
Whitley Ave	Pickerell Ave	2012	2,600	0.70 mi
8th Ave	Orange Ave	2008	4,100	0.74 mi
8th Ave	5th Ave	2003	4,850	0.77 mi
8th Ave	5 1/2 Ave	2008	5,500	0.81 mi
8th Ave	Whitley Ave	2017	2,900	0.87 mi
43		2018	4,450	0.92 mi
CA 43	Whitley Ave	2021	3,958	0.95 mi
CA 43	Whitley Ave	2021	2,750	0.95 mi

Listing Broker

Randy Blankstein

The Boulder Group (HQ)

Contact

165 Listings
16816 Views
62 Sold

Jimmy Goodman

The Boulder Group (HQ)

Contact

168 Listings
17368 Views
65 Sold

Randy Blankstein

President of The Boulder Group, Blankstein is a senior commercial real estate executive with over 30 years of experience focused on advisory services in the single tenant net lease sector. Led The Boulder Group to a top 10 company national ranking for single tenant retail transactions by both CoStar and Real Capital Analytics from 2010-2021. Founded and managed net leased companies on both the advisory and principal sides that have been involved in over $7 billion in single tenant transaction

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Jimmy Goodman

Goodman is a partner at The Boulder Group, with over 15 years of experience in the investment real estate sector. His career began at PricewaterhouseCoopers in 2001 and afterward, he has been solely focused on investment real estate. He has been featured in multiple publications including Globe Street, Commercial Property Executive, Real Estate Forum and was a featured speaker at Real Share’s Net Lease Conference. He is a member of the International Council of Shopping Centers and received a Ba

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