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Views: 19 DOM: 24 Updated: 04.25.24 Posted: 04.25.24 Status: Active

Summary

Price $2,500,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.40%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 2,600
Lease Start 11-11-2023
#Units 38,038
Price/SF $961.54
Expiration 11-30-2033
Tenant Type Fast Food/QSR
NOI $134,989
R. Term 9.6
Ownership Fee Simple
Rent/SF $51.92
Increases 10.0%/4/yrs
Pop 5Mi 49,755
Lot/AC 0.86
Options 6/5yrs/10%
AHHI 5Mi $81,312

Lease Highlights

  • Brand new 2023 construction
  • Starbucks has 9+ 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
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located at the signalized, hard-corner intersection of Upward Road and Upward Crossing Road, with access to a combined daily traffic count of 21,000 vehicles. Its prime location is further enhanced by its proximity to Interstate 26, which boasts a daily traffic count of 60,500 vehicles. Additionally, the property is positioned on the morning side of I-26, serving as...

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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 : 3,662 21,043 50,257
2023 Total Population : 3,616 20,629 49,534
2023 Employed Civilian Pop : 1,626 9,433 22,432
2023 Total Businesses : 123 1,154 2,792
2023 Average Household Income : $ 70,337 $ 73,933 $ 81,452
2023 Total Consumer Spending : $ 82 M $ 552 M $ 1544 M
2023 Median Age : 39 44 48
2023 Total Households : 1,341 8,493 21,651
2023 Pop Age 25+: Bachelor's Degree : 511 2,745 7,730
2023 Average Home Value : $ 269,937 $ 334,344 $ 357,932
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Upward Rd 2022 5,357 0.07 mi
Upward Rd 2022 6,100 0.12 mi
Upward Road Acorn Manor Dr 2022 20,831 0.17 mi
Upward Rd 2022 4,356 0.22 mi
McMurray Rd 2022 13,958 0.24 mi
Upward Rd McMurray Rd 2018 14,500 0.24 mi
McMurray Rd 2022 4,958 0.29 mi
I 26;US 74;US 25 College Dr 2022 61,243 0.38 mi
Allen Road Upward Rd 2022 3,021 0.52 mi
Upward Rd 2022 58,845 0.55 mi

Listing Broker

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