Starbucks

101 Peebles Street, South Hill, VA 23970

$2,378,278

Cap Rate 5.75%

Views: 42 DOM: 55 Updated: 04.26.24 Posted: 03.25.24 Status: Active

Summary

Price $2,378,278	Built/Renov 2022	Tenant Starbucks
Cap Rate 5.75%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 09-20-2022	#Units 36,000
Price/SF $951.31	Expiration 02-28-2038	Tenant Type Fast Food/QSR
NOI $136,751	R. Term 13.9	Ownership Fee Simple
Rent/SF $54.70	Increases 10.0%/4/yrs	Pop 5Mi 8,794
Lot/AC 0.92	Options 6/5yrs/10%	AHHI 5Mi $82,348

Lease Highlights

Starbucks has 13+ 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
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the signalized, hard corner intersection of Peebles Street and E. Atlantic Street/Hwy 58, with access to a combined daily traffic count of 25,900 vehicles. The property is situated on a pad site adjacent to a Walmart Supercenter, featuring excellent visibility and prominent signage. Moreover, it is centrally located within the primary commercial corridor...

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Key Features

New construction
Hard corner intersection
Dense retail corridor
Freeway close
Top 100 MSA
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 South Hill, Virginia Zip Code 23970 Broker Site Page Drone Video (YouTube)

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 :	825	6,440	9,347
2023 Total Population :	809	6,383	9,290
2023 Employed Civilian Pop :	310	3,184	4,633
2023 Total Businesses :	127	482	563
2023 Average Household Income :	$ 56,105	$ 69,603	$ 69,300
2023 Total Consumer Spending :	$ 15 M	$ 171 M	$ 250 M
2023 Median Age :	40	44	45
2023 Total Households :	311	2,770	4,061
2023 Pop Age 25+: Bachelor's Degree :	70	695	920
2023 Average Home Value :	$ 232,086	$ 199,659	$ 200,825

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	E Atlantic St	2021	1,100	0.26 mi
	I- 85	2021	1,600	0.26 mi
	Thompson St	2021	1,400	0.37 mi
	Cycle Ln	2021	2,600	0.38 mi
	Hwy 1	2021	28,000	0.39 mi
	E Atlantic St	2018	25,000	0.39 mi
I- 85	E Atlantic St	2016	26,000	0.39 mi
	E Atlantic St	2021	28,000	0.40 mi
	E Atlantic St	2018	25,000	0.40 mi
	E Atlantic St	2021	1,700	0.43 mi

Listing Broker

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