Starbucks

1017 Carrington Mill Boulevard, Morrisville, NC 27560

$2,095,000

Cap Rate 5.25%

$2,095,000

Cap Rate 5.25%

DOM: 107 Updated: 07.08.24 Posted: 01.10.24 Status: Sold 04.26.24

Summary

Price $2,095,000 $2,095,000	Built/Renov 2021	Tenant Starbucks
Cap Rate 5.25% 5.25%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,521	Lease Start 05-28-2021	#Units 36,000
Price/SF $831.02 $831.02	Expiration 05-31-2031	Tenant Type Fast Food/QSR
NOI $110,000	R. Term 5.9	Ownership Fee Simple
Rent/SF $43.63	Increases 10.0%/2/yrs	Pop 5Mi 145,082
Lot/AC 1.24	Options 6/5yrs/10%	AHHI 5Mi $158,950

Highlights

Brand-new (2021), state-of-the-art construction featuring Starbucks latest prototype
Starbucks has 7+ years of firm term remaining with 6 (5-year) options to extend
The lease features 10% rental increases every 5 years
Favorable NN+ lease | Landlord responsible for roof, structure, *Parking lot, *Landscaping (reimbursable expenses, per the Lease)
Rent is 60% below-market for build-to-suit Starbucks in a comparable market | See Agent for comps
Corporate guaranteed | Investment grade tenant

Location Description

Starbucks is strategically located at the hard corner intersection of Carrington Mill Boulevard and Chapel Hill Road, with a combined daily traffic count of 34,000 vehicles. It is conveniently situated just a couple blocks from Highway 540/ Western Wake Fwy (45,000 VPD). Moreover, this prime location serves as one of the main entrances to a major office complex, housing tenants such as...

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Key Features

New construction
Hard corner intersection
Freeway close
University college close
Dense 100M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
Below Market Rent
Traded and rated company
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Morrisville, North Carolina Zip Code 27560 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 :	7,500	51,159	156,912
2023 Total Population :	7,330	47,732	148,048
2023 Employed Civilian Pop :	4,224	27,623	84,749
2023 Total Businesses :	282	2,302	6,230
2023 Average Household Income :	$ 155,482	$ 148,493	$ 159,461
2023 Total Consumer Spending :	$ 365 M	$ 2334 M	$ 8205 M
2023 Median Age :	34	35	36
2023 Total Households :	2,729	18,458	60,442
2023 Pop Age 25+: Bachelor's Degree :	1,736	12,962	39,211
2023 Average Home Value :	$ 486,256	$ 448,663	$ 519,349

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Carrington Mill Blvd	Chapel Hill Rd	2010	6,440	0.04 mi
Chapel Hill Rd	Lichtin Blvd	2010	18,850	0.08 mi
Carrington Mill Blvd	Carrington PkCir	2010	6,590	0.10 mi
Lichtin Blvd	Chapel Hill Rd	2010	6,410	0.11 mi
Chapel Hill Rd	Carrington Mill Blvd	2010	15,690	0.14 mi
Think Pl		2010	4,180	0.16 mi
Carrington Mill Blvd	Paramount Pkwy	2011	10,430	0.19 mi
	Chapel Hill Rd	2021	7,800	0.21 mi
	Lichtin Blvd	2021	1,700	0.22 mi
Lichtin Blvd	Paramount Pkwy	2011	1,230	0.29 mi

Listing Broker

Aron Cline

Berkeley Capital Advisors

Contact

177 Listings
68595 Views
64 Sold

Calvin Short

Berkeley Capital Advisors

Contact

187 Listings
71472 Views
66 Sold

Aron Cline

Specializing in Single Tenant Net Lease and Shopping Centers, Aron Cline leads Berkeley Capital Advisors’ West Coast Office. Since 2011, Aron has been actively engaged in the commercial real estate space. Over the last decade, he and his team have been regarded as one of the most active brokerage teams in the country - having brokered over 1,300 transactions totaling $3.5 billion. His dedication and success have earned him the trust of some of the country’s top institutions, developers, high ne

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Calvin Short

Calvin Short joined Berkeley Capital Advisors in 2021 and leads the West Coast capital markets group. Since joining Berkeley, Calvin has been a part of closing 1,400 separate transactions with $4 billion in sales volume. Prior to Berkeley, Calvin served as Senior Vice President at Matthews REIS where he was consistently ranked within Matthews’ top five producing agents. In 2012, he graduated from The University of San Diego with a B.A. in Real Estate Finance. Calvin has spent the past 10 years

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