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Starbucks, Freeport, TX

Starbucks, Freeport, TX


Investment Summary

Price $2,224,000
Cap Rate 5.60%
NOI $124,500
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 every five (5) years
Year Built 2023
Building Size 2,016 SF
Lot Size 0.639 acres (27,820 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
» Approximately 60 million Starbucks customers are served every week, while approximately four million coffee-based beverages are sold daily
» High-quality 2023 construction featuring a dedicated drive-thru lane and patio seating, providing additional customer convenience, and boosting sales revenue

INFILL LOCATION NEAR FREEPORT’S LARGEST EMPLOYER AND TRAFFIC DRIVER
» Infill location along North Brazosport Boulevard (22,234 AADT), Freeport’s primary north-south thoroughfare connecting the city to Houston
» Prime setting surrounded by Freeport’s Dow Chemical locations, which feature 7,000 combined employees
» Trophy location at the entrance to multiple Gulf-of-Mexico-based community hubs and attractions, including Bryan Beach, Surfside Jetty County Park, and Freeport Beach
» Excellent proximity to major national tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s, H-E-B, ALDI, and many more

DENSELY POPULATED AND GROWING TEXAS CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 91,110 residents live within fifteen miles of the property
» Excellent daytime population of 32,902 within a five-mile radius of the site
» High average annual household income of $105,750 within 10 miles
» Projected population and income increases within 10- and 15-mile radii over the next five years poise Starbucks and Freeport for steady concurrent growth

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Starbucks prototype
» Site features a drive-thru for added customer convenience
» Texas is an income tax-free state

Property Description

» Prime Location with Excellent Highway Visibility: This Starbucks is a prime Infill location along North Brazosport Boulevard (22,234 AADT), Freeport’s primary north-south thoroughfare connecting the city to Houston
» Strategic Location near Major Employer: The property is situated near Freeport’s largest employer, Dow Chemical, which features 7,000 combined employees
» Proximity to Major Community Hubs: This site is well-positioned to capture retail traffic, with proximity to major national tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s, H-E-B, ALDI, and many more
» Robust Local Demographics: 91,110 residents live within fifteen miles of the property, accompanied by an affluent community boasting an average annual household income of $105,750 within 10 miles
» Prime Suburban Site with High-Growth Projections: The location features an excellent daytime population of 32,902 within a five-mile radius of the site in an income tax-free state. The site is also projected to experience population and income increases within 10- and 15-mile radii over the next five years, poising Starbucks and Freeport for steady concurrent growth

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