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Starbucks, Inverness, FL

Starbucks, Inverness, FL


Investment Summary

Price $4,248,000
Cap Rate 5.65%
NOI $240,000
Lease Term 15 years
Lease Type Net lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years in option periods
Year Built 2024
Building Size 2,500 SF
Lot Size 1.63 acres (70,785 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

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

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

Investment Highlights

NEW 15-YEAR NET LEASE TO THE LARGEST COFFEEHOUSE COMPANY IN THE WORLD
» New 15-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 in option periods
» 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-VISIBILITY LOCATION OFF INVERNESS’ MAIN RETAIL THOROUGHFARE
» Easily accessible location off Hwy 44 W (38,500 AADT), Inverness’ primary retail thoroughfare
» Less than a mile from Withlacoochee Technical College (768 students)
» Mile and a half from HCA Florida Citrus Hospital (204 beds, 1,150 employees and physicians), the largest employer in Inverness
» Walking distance from Whispering Pines City Park, a 290-acre park featuring a 25-meter pool, basketball, pickleball, tennis, and racquetball courts, and two 18-basket disc golf courses
» One and a half miles from Citrus High School (1,520 students)

DENSELY POPULATED AND GROWING FLORIDA CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 161,525 residents live within fifteen miles of the property, establishing a large customer base for the site
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Starbucks and Inverness for steady concurrent growth
» 15% population increase within 15 miles since 2010 signals the immediate area’s steady recent growth
» Centrally located between Gainesville, Orlando, and Tampa, funneling a significant amount of commuter traffic directly to the site

NEW 2024 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2024 construction built to latest Starbucks prototype
» Site features a drive-thru for added customer convenience
» Florida is an income tax-free state

Property Description

» This Starbucks features a high-visibility and easily accessible location off Hwy 44 W (38,500 AADT), Inverness’ primary retail thoroughfare.
» The site is located less than one mile from Withlacoochee Technical College (768 students) and 1.5 miles from HCA Florida Citrus Hospital (204 beds, 1,150 employees and physicians), the largest employer in Inverness
» The property is 1.5 miles from Citrus High School (1,520 students), and walking distance from Whispering Pines City Park, a 290-acre park featuring a 25-meter pool, basketball, pickleball, tennis, and racquetball courts, and two 18-basket disc golf courses
» 161,525 residents live within fifteen miles of the property, establishing a large customer base for the site
» Projected population and income increases within 5-, 10-, and 15-mile radii over the next five years poise Starbucks and Inverness for steady concurrent growth
» 15% population increase within 15 miles since 2010 signals the immediate area’s steady recent growth
» Centrally located between Gainesville, Orlando, and Tampa, funneling a significant amount of commuter traffic directly to the site

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