Starbucks

720 Henderson Way, Pendleton, IN 46064

$2,271,142

Cap Rate 6.30%

View OM

DOM: 344 Updated: 01.06.25 Posted: 11.19.24 Status: Active

Summary

Price $2,271,142	Built/Renov 2024	Tenant Starbucks
Cap Rate 6.30%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,300	Lease Start 06-04-2024	#Units 38,038
Price/SF $987.45	Expiration 06-30-2034	Tenant Type Fast Food/QSR
NOI $143,082	R. Term 8.8	Ownership Fee Simple
Rent/SF $62.21	Increases 7.5%/5/yrs	Pop 5Mi 21,116
Lot/AC 0.72	Options 6/5yrs/6%	AHHI 5Mi $96,362

Highlights

Brand new 2024 construction with a drive-thru
New 10-year lease with 6 (5-year) options to extend
7.5% rental increase in year 6 | 6% increases at the beginning of each option period
Favorable NN+ lease with landlord responsibilities limited to roof & structure
Corporate guarantee | No early termination or kick out clause
Investment grade tenant (S&P: BBB+)

Location Description

This newly constructed Starbucks is strategically located along Henderson Way, directly off the I-69 exit, which sees a combined 89,576 vehicles per day. It is adjacent to multiple new developments, including Wolfie’s Bar & Grill, 3 Rivers Credit Union, BP Gas Station, and Community Health Network Medical Office, with proposed developments such as 324 multi-family units, a Hampton Inn &...

...

Key Features

New construction
Shopping Ctr out-parcel
Freeway close
Highway location
Top 100 MSA
New development zone
Brand new lease
Favorable NN+ lease
Traded and rated company
Investment grade tenant

...

Links

Starbucks Wikipedia Starbucks Wikipedia Pendleton, Indiana Zip Code 46064 Broker Site Page

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...

...

Demographics

	1 Miles	3 Miles	5 Miles
2030 Total Population :	1,056	12,360	24,025
2025 Total Population :	1,024	11,993	23,439
2025 Employed Civilian Pop :	497	4,548	9,976
2025 Total Businesses :	59	381	608
2025 Average Household Income :	$ 104,448	$ 119,675	$ 117,901
2025 Total Consumer Spending :	$ 42 M	$ 367 M	$ 802 M
2025 Median Age :	42	41	40
2025 Total Households :	471	3,574	7,891
2025 Pop Age 25+: Bachelor's Degree :	159	1,880	3,601
2025 Average Home Value :	$ 287,629	$ 322,987	$ 306,907

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Heritage Way	State St	2013	876	0.07 mi
State St	Enterprise Dr	2014	10,260	0.10 mi
Heritage Way	Settlement Trl	2013	538	0.12 mi
State Street	Enterprise Dr	2021	12,166	0.19 mi
Pioneer Trce	Heritage Way	2013	1,099	0.23 mi
	I- 69	2021	1,525	0.26 mi
SR 38	I- 69	2021	2,114	0.28 mi
I 69 219 RAMP A SE	State St	2021	4,078	0.30 mi
State Street	Arrowhead Dr	2021	12,166	0.31 mi
	State St	2021	2,089	0.36 mi

Listing Broker

Damien Yoder

Marcus & Millichap

Contact

8 Listings
4478 Views
1 Sold

Madison Harman

Marcus & Millichap

Contact

8 Listings
4478 Views
1 Sold

Damien Yoder

Damien Andrew Yoder is a real estate investment advisor specializing in the disposition of single-tenant net leased and multi-tenant retail investments throughout the Midwestern United States. Damien joined Marcus & Millichap in the summer of 2011 and brings a unique financial perspective to the investment brokerage business. Damien's previous experience in accounting and finance allows him to provide his clients with a high-level of financial analysis and strategic real estate advisory ser

...

Madison Harman

Madison Harman, (formerly Madison Shurtz), First Vice President of Investments, guides her clients through a proactive decision-making process when it comes to the acquisition, disposition and exchange of investment grade retail, net leased and medical office properties throughout the United States. Madison joined Marcus & Millichap in 2014 as an associate agent. In 2016, Madison became a member of the National Retail Group and Net Leased Properties Group of Marcus & Millichap. In 20

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT