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Views: 114 DOM: 71 Updated: 07.25.24 Posted: 05.13.24 Status: Sold 07.23.24

Summary

Price $2,570,000 $2,750,000
Built/Renov 1998/2023
Tenant Starbucks
Cap Rate 5.35% 5.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 3,070
Lease Start 03-31-2023
#Units 38,038
Price/SF $837.13 $895.77
Expiration 03-31-2033
Tenant Type Fast Food/QSR
NOI $137,500
R. Term 8.0
Ownership Fee Simple
Rent/SF $44.79
Increases 7.5%/5/yrs
Pop 5Mi 295,471
Lot/AC 1.05
Options 4/5yrs/7.5%
AHHI 5Mi $83,120

Lease Highlights

  • Starbucks has 8+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 7.5% 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 on West Indian School Road, with access to a daily traffic count of 34,200 vehicles. The property is surrounded by new single-family and multifamily residential developments. Positioned just one mile from the Loop 101 Freeway, the property serves as a major connector for the Phoenix area. Furthermore, it is conveniently situated less than 10 minutes away from...

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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 : 21,657 128,468 342,862
2024 Total Population : 16,923 111,043 315,814
2024 Employed Civilian Pop : 8,819 57,141 157,177
2024 Total Businesses : 202 1,488 5,346
2024 Average Household Income : $ 95,031 $ 103,120 $ 102,478
2024 Total Consumer Spending : $ 452 M $ 3141 M $ 8821 M
2024 Median Age : 34 32 32
2024 Total Households : 5,391 34,382 97,199
2024 Pop Age 25+: Bachelor's Degree : 1,435 10,117 27,266
2024 Average Home Value : $ 403,471 $ 432,245 $ 451,169
*ESRI data is presented for informational purposes only

Listing Broker

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