Starbucks
424 U.S. Highway 70 West, Havelock, NC 28532
$2,227,000
Cap Rate 5.50%
Summary
| Price $2,227,000 | Built/Renov 2023 | Tenant Starbucks |
| Cap Rate 5.50% | Lease Type
NN+ | Guarantor Corp T and Rated |
| Size/SF
2,480
| Lease Start
08-04-2023
| #Units
36,000
|
| Price/SF $897.98 | Expiration
08-31-2033
| Tenant Type Fast Food/QSR |
| NOI $122,500 | R. Term 9.8 | Ownership Fee Simple |
| Rent/SF
$49.40
| Increases 10.0%/5/yrs | Pop 5Mi 43,370 |
| Lot/AC 1.44 | Options 6/5yrs/10% | AHHI 5Mi $73,379 |
| | |
Lease Highlights
- Brand-new 2023 construction
- 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
- Favorable NN+ lease with landlord responsible for roof and structure
- Corporate guarantee by Starbucks Corporation (NASDAQ: SBUX)
Location Description
This newly constructed 2,480 square foot Starbucks is strategically located along US Hwy 70 West with access to 26,000 vehicles per day. The site benefits from its location as an outparcel to a Planet Fitness anchored shopping center with neighboring tenants including T-Mobile, Mucho Bueno, Clean Wheels Carwash and more. National/credit tenants in the area include McDonalds, Dollar General,...
...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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Highway location
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Brand new lease
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Long 10+ yr lease
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Favorable NN+ lease
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Traded and rated company
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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...
...
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| US 70 | Catawba Rd | 2020 | 24,500 | 0.13 mi |
| Catawba Rd | Hwy 70 | 2018 | 26,500 | 0.13 mi |
| US Hwy 70 | Greenfield Heights Blvd | 2004 | 24,000 | 0.19 mi |
| Stratford Rd | Devonshire Dr | 2001 | 1,500 | 0.28 mi |
| Greenfield Heights Blvd | Sunset Ave | 2004 | 3,800 | 0.29 mi |
| Catawba Road | State Rd 1765 | 2019 | 5,800 | 0.29 mi |
| Ketner Blvd | State Rd 1765 | 2001 | 1,800 | 0.56 mi |
| W Main St | State Rd 1765 | 2019 | 31,000 | 1.24 mi |
| W Main St | State Rd 1765 | 2018 | 29,000 | 1.24 mi |
| US Hwy 70 | W Main St | 2004 | 28,000 | 1.28 mi |
