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Views: 108 DOM: 422 Updated: 07.04.24 Posted: 05.17.23 Status: Active

Summary

Price $1,990,000
Built/Renov 2004
Tenant Starbucks
Cap Rate 5.20%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 3,421
Lease Start 10-11-2017
#Units 36,000
Price/SF $581.70
Expiration 02-29-2028
Tenant Type Fast Food/QSR
NOI $103,485
R. Term 3.7
Ownership Fee Simple
Rent/SF $30.25
Increases 10.0%/5/yrs
Pop 5Mi 325,856
Lot/AC 0.49
Options 4/5yrs/10%
AHHI 5Mi $99,447

Lease Highlights

  • Starbucks has 4+ years remaining on their current lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years in every option period
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • Corporate guarantee by Starbucks Corporation (NASDAQ: SBUX)
  • Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

The subject property is comprised of a 3,421 SF building, with a drive-thru, on a 0.49-acre parcel adjacent to Silver Lake Village Shopping Center. This Starbucks is surrounded by over 3,600 multi-family units within a mile. It is located directly on Silver Lake Road, with excellent ingress/egress (18,600 VPD). Nearby retailers include Cub Foods, AT&T, Chipotle, Culvers, Walgreens, Anytime...

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Maps

  • 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 : 16,888 102,685 337,458
2023 Total Population : 16,314 100,058 327,147
2023 Employed Civilian Pop : 9,291 55,820 181,669
2023 Total Businesses : 308 4,127 14,504
2023 Average Household Income : $ 113,990 $ 103,841 $ 102,041
2023 Total Consumer Spending : $ 694 M $ 3754 M $ 11917 M
2023 Median Age : 43 40 35
2023 Total Households : 7,102 41,911 134,778
2023 Pop Age 25+: Bachelor's Degree : 3,728 21,868 63,644
2023 Average Home Value : $ 374,223 $ 364,894 $ 379,264
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Silver Lake Rd NE 39th Ave NE 2016 18,600 0.10 mi
37th Ave NE Silver Lake Rd NE 2015 8,900 0.10 mi
39th Avenue Northeast 39th Ave NE 2018 18,100 0.15 mi
Silver Lake Rd 36th Ave NE 2017 10,400 0.18 mi
37th Ave NE 36th Ave NE 2019 8,200 0.21 mi
37th Ave NE Chandler Dr NE 2017 13,400 0.27 mi
Chandler Dr Diamond Eight Ter 2019 2,100 0.29 mi
Silver La NE Silver Lake Ter 2019 2,000 0.33 mi
Stinson Blvd 38th Ave NE 2012 7,800 0.39 mi
Silver Ln Silver Lake Ct 2015 2,100 0.39 mi

Listing Broker

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