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Views: 121 DOM: 178 Updated: 11.11.24 Posted: 06.07.24 Status: Active

Summary

Price $4,000,000
Built/Renov 2024
Tenant Starbucks
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 07-12-2024
#Units 38,038
Price/SF $1,600.00
Expiration 07-11-2039
Tenant Type Fast Food/QSR
NOI $210,000
R. Term 14.7
Ownership Fee Simple
Rent/SF $84.00
Increases 10.0%/5/yrs
Pop 5Mi 84,577
Lot/AC 0.85
Options 6/5yrs/10%
AHHI 5Mi $77,171

Lease Highlights

  • Brand-new 2024 construction | Relocation store
  • Brand-new 15-year lease with 6 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on Martin Luther King Jr. Boulevard, with access to 23,500 vehicles passing by daily. The property is conveniently situated adjacent to the Panama City Mall mixed-use redevelopment. The immediate area is surrounded by well-known national tenants, including Lowe's, Discount Tires, Chipotle, Dunkin', Chick-fil-A, and more. The 5-mile trade area is supported by...

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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 : 2,708 51,099 88,507
2024 Total Population : 2,603 48,994 85,378
2024 Employed Civilian Pop : 1,206 22,974 41,334
2024 Total Businesses : 604 3,505 4,795
2024 Average Household Income : $ 98,140 $ 82,582 $ 90,745
2024 Total Consumer Spending : $ 92 M $ 1452 M $ 2735 M
2024 Median Age : 40 40 41
2024 Total Households : 1,055 19,830 34,121
2024 Pop Age 25+: Bachelor's Degree : 252 5,876 10,930
2024 Average Home Value : $ 331,684 $ 357,113 $ 379,034
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North Cove Boulevard E 23rd St 2022 23,500 0.14 mi
East 23rd Street N Palo Alto Ave 2022 20,400 0.18 mi
E 23rd St N Cove Blvd 2005 34,653 0.18 mi
State Highway 77 E 24th Plz 2005 27,000 0.24 mi
Edwards Dr 2022 19,300 0.32 mi
East 23rd Street Wilson Ave 2022 35,000 0.36 mi
East 23rd Street Mercedes Ave 2022 16,100 0.43 mi
Hwy 77 2022 28,000 0.53 mi
North Cove Boulevard United States Hwy 231 2022 26,000 0.64 mi
Harrison Ave 2022 15,600 0.70 mi

Listing Broker

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