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Views: 60 Updated: 12.07.23 Posted: 09.19.23 Status: Sold

Summary

Price $2,365,000
Built/Renov 2023
Tenant Starbucks
Cap Rate 5.20%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 2,286
Lease Start 06-27-2023
#Units 36,000
Price/SF $1,034.56
Expiration 06-30-2033
Tenant Type Fast Food/QSR
NOI $123,000
R. Term 9.0
Ownership Fee Simple
Rent/SF $53.81
Increases 10.0%/5/yrs
Pop 5Mi 19,798
Lot/AC 0.87
Options 4/5yrs/8%
AHHI 5Mi $99,559

Lease Highlights

  • New 2023 build-to-suit construction
  • Starbucks recently signed a new 10-year lease with 4 (5-year) options to renew
  • Rent increases by 10% at the start of Year 6 and increases by 8% at the start of each 5-year option period
  • Favorable NN+ lease with landlord responsibilities limited to roof & structure
  • Corporate guaranteed lease
  • Starbucks is an investment grade tenant (S&P: BBB+)

Location Description

Starbucks is strategically located along I-35 with excellent access and visibility, averaging more than 86,000 vehicles passing by daily. The site is ideally situated adjacent to a newly constructed Go Wash Tunnel Car Cash and Access Health Urgent Care, in addition to numerous other national retailers including McDonald’s, Anytime Fitness, Shell, O’Reilly Auto Parts, and many more,...

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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 : 3,175 20,363 28,784
2023 Total Population : 2,951 15,820 19,798
2023 Employed Civilian Pop : 1,469 7,828 9,877
2023 Total Businesses : 74 198 268
2023 Average Household Income : $ 99,368 $ 96,948 $ 99,559
2023 Total Consumer Spending : $ 79 M $ 449 M $ 581 M
2023 Median Age : 33 34 36
2023 Total Households : 923 5,350 6,737
2023 Pop Age 25+: Bachelor's Degree : 306 1,554 1,900
2023 Average Home Value : $ 372,827 $ 350,446 $ 371,246
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Interstate 35 Frontage Road Pvt Rd 917 2021 2,610 0.04 mi
Co Rd 312 2021 86,008 0.07 mi
Hugh Smith Ln 2021 2,800 0.11 mi
Co Rd 370 I- 35 Svc Rd 2011 159 0.12 mi
Co Rd 312 Co Rd 313 E 2010 540 0.17 mi
Co Rd 312 Co Rd 313 2015 454 0.17 mi
Co Rd 306 I- 35 Svc Rd 2011 86 0.21 mi
TX 121 Co Rd 306 2020 79,494 0.22 mi
Co Rd 313 Co Rd 312 2011 133 0.31 mi
Co Rd 309 Co Rd 306 2011 137 0.37 mi

Listing Broker

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