Starbucks,
Kyle, TX Investment Summary
| Price | $2,920,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 10 Years |
| Lease Type | Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Roof and Structure |
| Rental Increases | 10% Rental Increases in Year 6 and Then 7% Rental Increases in Each Option |
| Year Built | 2022 |
| Building Size | 2,200 SF |
| Lot Size | 1.18 Acres (51,401 SF) |
| Status | Sold |
| Lead Brokers | Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Jack Hinson Brokerage 704.572.9921 jack.hinson@cushwake.com CA RE License #02059267 |
Investment Highlights
CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years plus four five-year options
» 10% fixed rental increases every five years in the initial term, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,000 locations and $23.52 billion in annual revenue
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED AND GROWING RETAIL CORRIDOR
» Strategic high-visibility location immediately off Interstate 35 with access to 143,429 vehicles per day
» Infill location surrounded by several national retailers, including Walmart Supercenter, H-E-B plus!, AutoZone, O’Reilly Auto Parts, Chick-fil-A, Walgreens, CVS, and many others
» 72,788 residents live within a five-mile radius (40%+ population growth since 2010 and projected to increase by 19% by 2026)
INFILL LOCATION NEAR LARGE EMPLOYERS, SCHOOLS, HOSPITALS AND COMMUNITY HUBS
» Average household income of $97,911 within a one-mile radius and projected to increase 12 percent in five years
» 3.4 miles from Austin Community College Hays Campus (18,000 students), establishing a strong customer base
» Minutes from Wallace Middle School (800 students) and Kyle Elementary School (636 students)
» Less than two miles from Ascension Seton Hays Hospital (142 beds, 610 employees), one of the largest employers in the area
NEW 2022 CONSTRUCTION IN TAX FREE STATE
» New building featuring dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» Texas has no state income tax, estate tax, or inheritance tax
Property Description
SOLD
The subject property is strategically located off Interstate 35 with excellent visibility and access to 143,429 vehicles per day. The property provides convenient access to Interstate 35 Frontage Road and maintains beneficial proximity to single and multi-family units. 72,788 residents live within a five (5)-mile radius (40 percent population growth since 2010) and is projected to increase 19 percent by 2026. The site serves an affluent community with an average household income of $97,911 within a one-mile radius, which is projected to increase 12 percent in five (5) years.
The site is immediately surrounded by several national retailers, including Walmart Supercenter, H-E-B plus!, AutoZone, O’Reilly Auto Parts, Chick-fil-A, Walgreens, CVS, and many more. The property is minutes from Wallace Middle School (800 students), Kyle Elementary School (636 students), and 3.4 miles from Austin Community College Hays Campus (18,000 students), providing a strong customer base for Starbucks. Ascension Seton Hays Hospital (142 beds, 610 employees), one of the largest employers in the area, is located less than two miles from the site.
