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Starbucks, Clearwater, FL

Starbucks, Clearwater, FL


Investment Summary

Price $3,568,000
Cap Rate 5.15%
NOI $183,750
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 2,570 SF
Lot Size 0.87 acres (37,897 SF)
Status Available
Lead Brokers 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

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

NEW 10-YEAR NET CORPORATE LEASE TO THE LARGEST COFFEEHOUSE COMPANY IN THE WORLD
» New 10-year corporate net lease to Starbucks Corporation (NASDAQ: “SBUX”)
» Investment-grade tenant, rated “BBB+” by Standard & Poor’s
» 10% rental increases every five (5) years
» Starbucks is the world’s premier coffee company, with over 35,711 locations and $32.3 billion in annual revenue (an 11% increase from 2021 revenue of $29.1 billion)
» Per Statista, customers go to Starbucks six times per week on average
» Rare self-maintain language, providing extremely passive Starbucks investment
» Approximately 60 million Starbucks customers are served every week, while approximately four million coffee-based beverages are sold daily

EXCELLENT LOCATION AT THE CONFLUENCE OF MAJOR FLORIDA THOROUGHFARES
» Prime location near the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)
» Beneficial proximity to U.S. Route 19, a long-haul thoroughfare connecting Lake Erie to the Gulf of Mexico, allowing the site to capture significant commuter traffic (111,000 AADT)
» Excellent proximity to major national tenants such as Walmart Supercenter, Costco, Sam’s Club, The Home Depot, Publix, Carmax, McDonald’s, Raising Cane’s, and many more
» Three miles St. Pete-Clearwater International Airport, which welcomed 2,445,919 passengers in 2022, a 20% increase from 2021

CENTRALLY LOCATED CITY WITH EXCELLENT SURROUNDING FLORIDA DEMOGRAPHICS
» 233,277 residents live within five miles of the property
» Average annual household income of $81,948 within a five-mile radius of the site, with a projected increase of 17% over the next five years
» Projected income increase within 1-, 3- and 5-mile radii over the next five years, poising Starbucks and Clearwater for steady growth
» Located near Tampa, St. Petersburg, attracting significant commuter traffic to the site
» Clearwater is the county seat of Pinellas County and is one of the three principal cities in the Tampa–St. Petersburg–Clearwater metropolitan area, most commonly referred to as the Tampa Bay Area

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» High-quality 2023 construction featuring a dedicated dual-lane drive-thru lane and patio seating, providing additional customer convenience, and boosting sales revenue
» Florida is an income tax-free state

Property Description

» This Starbucks has a prime location near the signalized four-way intersection of Roosevelt Boulevard and Dodge Street (46,000 AADT)
» The property is ideally located just off U.S. Route 19, a long-haul thoroughfare connecting Lake Erie to the Gulf of Mexico, allowing the site to capture significant commuter traffic (111,000 AADT)
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Costco, Sam’s Club, The Home Depot, Publix, Carmax, McDonald’s, Raising Cane’s, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity three miles St. Pete-Clearwater International Airport, which welcomed 2,445,919 passengers in 2022, a 20% increase from 2021
» 233,277 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Starbucks and Clearwater for steady concurrent growth

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