Starbucks

202 Cedar Springs Road, Spartanburg, SC 29302

$2,649,852

Cap Rate 6.00%

Views: 231 Updated: 09.03.24 Posted: 06.20.24 Status: Sold

Summary

Price $2,649,852	Built/Renov 2024	Tenant Starbucks
Cap Rate 6.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 03-01-2024	#Units 38,038
Price/SF $1,059.94	Expiration 02-28-2039	Tenant Type Fast Food/QSR
NOI $158,991	R. Term 13.11	Ownership Fee Simple
Rent/SF $63.60	Increases 10.0%/5/yrs	Pop 5Mi 65,060
Lot/AC 0.90	Options 7/5yrs/10%	AHHI 5Mi $86,054

Matt Nadler

Horvath & Tremblay: MA

Contact

Lease Highlights

Brand-new 2024 construction
Starbucks has 14+ years of firm term remaining with 7 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the primary term and at the start of each renewal option
Favorable NN+ lease with landlord responsible for roof & structure
Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on Cedar Springs Road, with access to a daily traffic count of 35,100 vehicles. The property serves as a pad site within the Cedar Springs Shopping Center, directly opposite the Walmart Neighborhood Market. This prime location anchors various other well-known national tenants such as Walgreens, McDonald’s, Big Lots, Ingles Market, O’Reilly Auto Parts, and...

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Key Features

New construction
Dense retail corridor
Near major nationals
Strong demographics
Brand new lease
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 Spartanburg, South Carolina Zip Code 29302 Broker Site Page Drone Video

Maps

Local Information

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 :	2,375	29,440	71,068
2024 Total Population :	2,290	28,016	67,766
2024 Employed Civilian Pop :	1,046	12,226	28,696
2024 Total Businesses :	177	1,065	3,117
2024 Average Household Income :	$ 64,324	$ 88,080	$ 77,779
2024 Total Consumer Spending :	$ 56 M	$ 933 M	$ 1913 M
2024 Median Age :	40	42	39
2024 Total Households :	995	12,009	27,682
2024 Pop Age 25+: Bachelor's Degree :	345	4,519	9,048
2024 Average Home Value :	$ 254,433	$ 320,718	$ 286,113

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Union Street	Southport Rd	2022	3,000	0.23 mi
Union Street	Clement Line St	2021	2,900	0.23 mi
Cedar Springs Road	Stone Dr	2021	10,500	0.26 mi
Cedar Springs Road	Johnson Dr	2022	11,000	0.26 mi
Keltner Avenue	Southport Rd	2021	1,800	0.79 mi
Union Street	S 47	2022	18,300	0.79 mi
Union Street	Quarry Rd	2021	17,500	0.79 mi
Country Club Road	Thomas Rd	2022	10,100	0.90 mi
Country Club Road	Conner St	2021	8,700	0.90 mi
Lucerne Drive	Parkdale Dr	2021	1,250	1.05 mi

Listing Broker

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