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Starbucks
3120 North Central Avenue, Phoenix, AZ 85012
$3,470,000
Cap Rate 4.25%
Summary
| Price $3,470,000 | Built/Renov 2022 | Tenant Starbucks |
| Cap Rate 4.25% | Lease Type
NN+ | Guarantor Corp T and Rated |
| Size/SF
2,458
| Lease Start
11-01-2023
| #Units
36,000
|
| Price/SF $1,411.72 | Expiration
11-01-2033
| Tenant Type Fast Food/QSR |
| NOI $147,480 | R. Term 9.10 | Ownership Fee Simple |
| Rent/SF
$60.00
| Increases 10.0%/5/yrs | Pop 5Mi 436,218 |
| Lot/AC 1.31 | Options 4/5yrs/10% | AHHI 5Mi $73,680 |
| | |
Lease Highlights
- New 2022 construction
- Starbucks recently signed a new 10-year lease with 4 (5-year) options to extend
- Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
- Corporate guarantee by Starbucks Corporation (NASDAQ: SBUX)
- Starbucks is an investment grade tenant (S&P: BBB+)
Location Description
Starbucks is situated on N Central Avenue, benefiting from a daily traffic count of 30,806 vehicles passing by. It is located in a densely populated area of central Phoenix. The property's prime position along Central Avenue, a busy thoroughfare in Phoenix with a daily traffic count of 30,806 vehicles, adds to its convenience. In addition, this Starbucks location enjoys the advantage of being...
...Features
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New construction
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New prototype
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Major thoroughfare
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Near major nationals
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Dense 200M+ pop 5 mi
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Top 100 MSA
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Brand new lease
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Traded and rated company
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Corporate Guarantee
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Investment grade tenant
...
Maps
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...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 20,163 | 182,249 | 434,103 |
| 2023 Total Population : | 18,016 | 170,154 | 422,277 |
| 2023 Employed Civilian Pop : | 11,282 | 90,064 | 204,794 |
| 2023 Total Businesses : | 2,108 | 11,518 | 20,436 |
| 2023 Average Household Income : | $ 96,386 | $ 88,791 | $ 90,787 |
| 2023 Total Consumer Spending : | $ 840 M | $ 6026 M | $ 13262 M |
| 2023 Median Age : | 39 | 35 | 33 |
| 2023 Total Households : | 9,971 | 77,259 | 166,238 |
| 2023 Pop Age 25+: Bachelor's Degree : | 4,333 | 27,792 | 53,663 |
| 2023 Average Home Value : | $ 468,433 | $ 466,706 | $ 462,801 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| North Central Avenue | W United Bank Dr | 2018 | 21,095 | 0.00 mi |
| N Central Ave | E Earll Dr | 2012 | 22,486 | 0.10 mi |
| N 1st Pl | E Monterey Way | 2010 | 866 | 0.12 mi |
| E Osborn Rd | N 2nd St | 2015 | 20,953 | 0.21 mi |
| E Catalina Dr | N Central Ave | 2010 | 4,119 | 0.21 mi |
| N 2nd St | E Catalina Dr | 2014 | 1,755 | 0.23 mi |
| N 3rd Ave | W Earll Dr | 2010 | 7,648 | 0.25 mi |
| N 3rd St | E Monterey Way | 2015 | 14,679 | 0.26 mi |
| N 3rd Ave | W Osborn Rd | 2012 | 6,830 | 0.28 mi |
| N Central Ave | E Thomas Rd | 2010 | 19,618 | 0.29 mi |
