Starbucks

201 Carmichael Way, Chesapeake, VA 23322

$2,910,000

Cap Rate 6.10%

$2,960,000

Cap Rate 6.00%

DOM: 182 Updated: 10.16.24 Posted: 05.14.24 Status: Sold 11.12.24

Summary

Price $2,910,000 $2,960,000	Built/Renov 2023	Tenant Starbucks
Cap Rate 6.10% 6.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 09-14-2023	#Units 38,038
Price/SF $1,164.00 $1,184.00	Expiration 02-28-2039	Tenant Type Fast Food/QSR
NOI $177,468	R. Term 13.8	Ownership Fee Simple
Rent/SF $70.99	Increases 10.0%/5/yrs	Pop 5Mi 60,662
Lot/AC 2.04	Options 6/5yrs/10%	AHHI 5Mi $157,476

Highlights

New 2023 construction
Starbucks has 14+ years remaining on the current lease term with 6 (5-year) options to extend
The lease features 10% rental increases throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guarantee | Investment grade tenant

Location Description

Starbucks is strategically located on Carmichael Way, just off the Chesapeake Expressway, offering convenient on/off ramp access and acess to a substantial daily traffic count of 76,000 vehicles. The property serves as the last Starbucks before entering North Carolina on the way to the Outer Banks, with the next North Carolina location being 55 miles away. Additionally, it is situated just...

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Key Features

New construction
Near major nationals
Shopping Ctr out-parcel
Freeway visibility
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long 10+ yr lease
Favorable NN+ lease
Traded and rated company
Investment grade tenant

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Links

Starbucks Wikipedia Starbucks Wikipedia Chesapeake, Virginia Zip Code 23322 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...

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Demographics

	1 Miles	3 Miles	5 Miles
2029 Total Population :	4,934	24,530	61,517
2024 Total Population :	4,388	23,562	60,036
2024 Employed Civilian Pop :	2,418	12,296	29,336
2024 Total Businesses :	115	478	1,458
2024 Average Household Income :	$ 177,082	$ 166,903	$ 155,695
2024 Total Consumer Spending :	$ 232 M	$ 1118 M	$ 2591 M
2024 Median Age :	37	41	41
2024 Total Households :	1,521	7,865	19,528
2024 Pop Age 25+: Bachelor's Degree :	1,143	5,244	11,497
2024 Average Home Value :	$ 653,761	$ 570,610	$ 536,354

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Hillcrest Parkway	Chesapeake Expy	2020	3,100	0.15 mi
Hillcrest Pkwy	Edinburgh Pkwy	2016	3,400	0.15 mi
Chesapeake Expressway	Hillcrest Pkwy	2018	3,400	0.16 mi
Chesapeake Expressway	Peaceful Rd	2021	40,000	0.21 mi
Chesapeake Expressway	Hillcrest Pkwy	2021	40,000	0.23 mi
Great Brg Byp	Hillcrest Pkwy	2016	36,000	0.29 mi
Chesapeake Expressway	Hillcrest Pkwy	2018	37,000	0.29 mi
Hillcrest Pkwy	Battlefield Blvd S	2016	3,400	0.29 mi
South Battlefield Boulevard	Hillcrest Pkwy	2021	21,000	0.44 mi
South Battlefield Boulevard	Hillcrest Pkwy	2021	21,000	0.45 mi

Listing Broker

Andrew Fallon

SRS National Net Lease Group

Contact

83 Listings
18379 Views
33 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
54367 Views
118 Sold

Andrew Fallon

Andrew Fallon joined SRS in 2020 as executive managing director for the NNLG, and market leader for the newest office in Washington D.C. His expertise encompasses many areas including net lease brokerage, commercial land brokerage, real estate underwriting, and litigation project management. Prior to joining SRS, Andrew was executive managing director with Calkain Companies where he also served as a member on the Executive Committee. As an annual top producer, he closed nearly $1 billion in net

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Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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