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Views: 20 DOM: 35 Updated: 04.14.24 Posted: 04.14.24 Status: Active

Summary

Price $2,380,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 4.74%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,400
Lease Start 02-12-2023
#Units 38,038
Price/SF $991.67
Expiration 05-31-2033
Tenant Type Fast Food/QSR
NOI $112,800
R. Term 9.0
Ownership Fee Simple
Rent/SF $47.00
Increases 10.0%/5/yrs
Pop 5Mi 68,545
Lot/AC 0.90
Options 4/5yrs/10%
AHHI 5Mi $100,823

Lease Highlights

  • New 2023 construction
  • Starbucks has 9 years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on Racetrack Road, with access to 24303 vehicles passing by daily. The property serves as an outlot to the Meadowlands Racetrack and Casino, featuring its own drive-thru and outdoor seating area. Moreover, there is an ATM positioned at the far south end of the development that is leased to First National Bank on a NNN ground lease. Additionally, the location...

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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
2028 Total Population : 3,490 21,776 69,052
2023 Total Population : 3,343 21,243 68,545
2023 Employed Civilian Pop : 1,940 11,423 35,584
2023 Total Businesses : 288 1,172 3,438
2023 Average Household Income : $ 120,349 $ 113,383 $ 100,823
2023 Total Consumer Spending : $ 160 M $ 904 M $ 2560 M
2023 Median Age : 45 48 45
2023 Total Households : 1,561 9,285 29,436
2023 Pop Age 25+: Bachelor's Degree : 975 4,380 12,147
2023 Average Home Value : $ 312,654 $ 295,909 $ 291,369
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Quail Acres Ln 2021 14,129 0.10 mi
Racetrack Rd Washington Rd 2017 12,690 0.35 mi
Racetrack Rd 2019 4,168 0.48 mi
Allison Ave Racetrack Rd 2017 12,035 0.49 mi
Boone Ave 2021 3,152 0.52 mi
Racetrack Rd 2021 10,478 0.52 mi
Allison Ave 2019 6,537 0.54 mi
Allison Ave 2021 2,814 0.54 mi
Allison Ave 2021 4,667 0.54 mi
Allison Ave 2021 4,848 0.59 mi

Listing Broker

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