Investment Summary
Price | $1,800,000 |
Cap Rate | |
NOI | |
Lease Term | 10 Years, With 6+ Years Remaining |
Lease Type | Net, With Tenant Responsible For All Taxes And Maintenance, Excluding Roof, Structure, And Parking Lot |
Rental Increases | 10% Rental Increases Every Five (5) Years |
Year Built | 2016 |
Building Size | 2,107 SF |
Lot Size | 0.82 Acres (35,718 SF) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years, plus four (4) five-year options
» 10% fixed rental increases every five years in initial term and extension terms, 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 33,295 locations and $23.52 billion in annual revenue
» 2016 construction with drive-thru for added customer convenience
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, AFFLUENT, AND GROWING AREA
» Excellent visibility and access to 31,148 vehicles per day directly in front of the property along State Route 28
» High-traffic location with beneficial proximity to major Milford thoroughfares, including
Wolfpen Pleasant Hill Road and Interstate 275 (combined 100,437 AADT)
» Densely populated area with 75,090 residents living within five miles of the property
» Extremely affluent community with an average household income of $120,748 within a five-mile radius of the location
» Projected 13 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Starbucks and Milford for significant concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Outparcel to a Meijer-anchored shopping center and immediately surrounded by a dense retail corridor
» Surrounded by a strong mix of well-established local and national retailers, including The Home Depot, Lowe’s, Kroger, Tractor Supply Co., Kohl’s, Planet Fitness, Wendy’s, White Castle, McDonald’s, Sonic Drive-In, and many more
» Nearest Starbucks to Milford High School and Milford Junior High School (combined 2,992 students), greatly increasing traffic to the location
» Beneficial proximity to several multi-family developments and shopping centers promoting increased traffic to the area
Property Description
SOLD
The property is situated in an easily accessible location along State Route 28, one of Milford’s main thoroughfares, with access to 31,148 vehicles per day directly in front of the property. This high-traffic location also features a beneficial proximity to surrounding major Milford thoroughfares, including Wolfpen Pleasant Hill Road and Interstate 275 (combined 100,437 AADT). Visibility to the property is increased by the site’s centralized location in a densely populated, affluent, and growing retail corridor. 75,090 residents live within a five-mile radius of the property with an extremely high average household income of $120,748. The location is poised for significant future growth as well, with a projected 13 percent average annual household income increase within a one-mile radius of the site in the next five years.
The property is outparcel to a Meijer-anchored shopping center and immediately surrounded by a dense retail corridor. The location is surrounded by a strong mix of well-established local and national retailers, including The Home Depot, Lowe’s, Kroger, Tractor Supply Co., Kohl’s, Planet Fitness, Wendy’s, White Castle, McDonald’s, Sonic Drive-In, and many more. The property serves as the nearest Starbucks to Milford High School and Milford Junior High School (combined 2,992 students), greatly increasing traffic to the location. The site benefits from its proximity to several multi-family developments and shopping centers, promoting increased traffic to the area. The site is also a common gateway to Downtown Cincinnati, Ohio’s largest metropolitan area (population 309,317).