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Views: 95 Updated: 10.20.23 Posted: 07.27.23 Status: Inactive

Summary

Price $2,095,000
Built/Renov 2022
Tenant Starbucks
Cap Rate 5.35%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 1,400
Lease Start 12-27-2022
#Units 36,000
Price/SF $1,496.43
Expiration 02-28-2033
Tenant Type Fast Food/QSR
NOI $111,993
R. Term 8.7
Ownership Fee Simple
Rent/SF $80.00
Increases 7.5%/5/yrs
Pop 5Mi 35,353
Lot/AC 0.86
Options 3/5yrs/7.5%
AHHI 5Mi $58,795

Lease Highlights

  • Starbucks recently signed a 10-year lease
  • The lease features a 10% rent increase in year 6 of the primary term with 3 (5-year) options at 7.5% increases and 1 (5-year) option at 5% increase
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • Corporate guaranteed lease by Starbucks Corporation (NASAQ: SBUX)
  • Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

Starbucks is located at the signalized, hard corner intersection of Estes Parkway and Access Road with clear visibility and access to 17,000 vehicles passing daily. It is the only Starbucks drive-thru located with direct access to the I-20 for over 40 miles. The subject property is 2 miles south of LeTourneau University (3,200 students) and 2 miles north of Eastman Chemical (1,480 employees),...

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Maps

  • 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 : 1,739 15,569 33,552
2023 Total Population : 1,757 15,637 33,430
2023 Employed Civilian Pop : 658 6,392 13,889
2023 Total Businesses : 123 499 2,118
2023 Average Household Income : $ 41,368 $ 63,012 $ 66,462
2023 Total Consumer Spending : $ 27 M $ 302 M $ 722 M
2023 Median Age : 33 32 35
2023 Total Households : 731 5,417 12,320
2023 Pop Age 25+: Bachelor's Degree : 32 863 2,575
2023 Average Home Value : $ 112,332 $ 155,661 $ 184,208
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Estes Parkway S Access Rd 2021 17,131 0.03 mi
South Access Road Estes Pkwy 2021 2,252 0.18 mi
TX 121 I- 20 2020 31,298 0.23 mi
South Eastman Road Estes Pkwy 2020 11,313 0.28 mi
South Eastman Road S Access Rd 2021 11,841 0.28 mi
S Eastman Rd Estes Pkwy 2018 9,623 0.29 mi
TX 121 S Mlk Jr Blvd 2020 38,331 0.35 mi
SE Loop 281 2021 41,366 0.35 mi
Rollins St 2021 2,017 0.37 mi
S Martin Luther King Jr Blvd Rollins St 2013 2,942 0.39 mi

Listing Broker

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