Starbucks

617 NC-24, Albemarle, NC 28001

$2,308,000

Cap Rate 5.85%

DOM: 278 Updated: 08.12.24 Posted: 10.21.23 Status: Sold 07.25.24

Summary

Price $2,308,000	Built/Renov 2023	Tenant Starbucks
Cap Rate 5.85%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 07-01-2023	#Units 36,000
Price/SF $923.20	Expiration 06-30-2033	Tenant Type Fast Food/QSR
NOI $135,000	R. Term 8.1	Ownership Fee Simple
Rent/SF $54.00	Increases 10.0%/5/yrs	Pop 5Mi 22,997
Lot/AC 0.92	Options 6/5yrs/10%	AHHI 5Mi $77,646

Lease Highlights

Brand new 2023 construction featuring a double drive-thru
Starbucks recently signed a brand-new 10-year lease with 6 (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)

Location Description

This newly constructed Starbucks is strategically positioned with excellent access and direct visibility from along NC-24, which has a daily traffic count of over 24,000 vehicles. It boasts a prime location in close proximity to major retail anchors such as Walmart Supercenter, Lowe’s, and Ingles Markets, creating a strong consumer drive to the trade area. Situated within a bustling...

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Key Features

New construction
New prototype
Major thoroughfare
Dense retail corridor
Top 100 MSA
Brand new lease
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Albemarle, North Carolina Zip Code 28001 Broker Site Page

Maps

Local Information

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 :	2,777	16,405	24,120
2023 Total Population :	2,710	16,200	23,938
2023 Employed Civilian Pop :	1,145	6,734	10,169
2023 Total Businesses :	260	1,068	1,253
2023 Average Household Income :	$ 65,898	$ 68,709	$ 73,086
2023 Total Consumer Spending :	$ 62 M	$ 414 M	$ 634 M
2023 Median Age :	40	41	42
2023 Total Households :	1,074	6,818	9,833
2023 Pop Age 25+: Bachelor's Degree :	197	1,468	2,284
2023 Average Home Value :	$ 145,498	$ 217,320	$ 224,912

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
NC 24;NC 27	Mount Vernon Dr	2021	14,500	0.06 mi
State Hwy 24	Jeffries St	2018	14,000	0.09 mi
US 52	Eben St	2021	13,000	0.17 mi
US 52	Eben St	2020	11,000	0.18 mi
Aquadale Rd	Eben St	2016	12,000	0.18 mi
US Hwy 52 N	Henning Dr	2018	21,500	0.23 mi
	Ross Dr	2021	22,000	0.25 mi
US 52 Business	Nc 27 27 Byp E	2021	950	0.37 mi
South 2nd Street	Boyette Dr	2021	5,000	0.43 mi
South 2nd Street	Aquadale Rd	2018	5,500	0.43 mi

Listing Broker

Aron Cline

Berkeley Capital Advisors

Contact

177 Listings
49419 Views
59 Sold

Calvin Short

Berkeley Capital Advisors

Contact

187 Listings
51526 Views
61 Sold

Aron Cline

Specializing in Single Tenant Net Lease and Shopping Centers, Aron Cline leads Berkeley Capital Advisors’ West Coast Office. Since 2011, Aron has been actively engaged in the commercial real estate space. Over the last decade, he and his team have been regarded as one of the most active brokerage teams in the country - having brokered over 1,300 transactions totaling $3.5 billion. His dedication and success have earned him the trust of some of the country’s top institutions, developers, high ne

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Calvin Short

Calvin Short joined Berkeley Capital Advisors in 2021 and leads the West Coast capital markets group. Since joining Berkeley, Calvin has been a part of closing 1,400 separate transactions with $4 billion in sales volume. Prior to Berkeley, Calvin served as Senior Vice President at Matthews REIS where he was consistently ranked within Matthews’ top five producing agents. In 2012, he graduated from The University of San Diego with a B.A. in Real Estate Finance. Calvin has spent the past 10 years

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