Starbucks,
Hickory, NC Investment Summary
| Price | $2,418,000 |
| Cap Rate | 5.25% |
| NOI | $126,900 |
| 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 | 2,500 SF |
| Lot Size | 1.639 Acres (71,394 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 Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
10-YEAR CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENTGRADE TENANT
» 10-year corporate net lease to Starbucks Corporation
» 10% fixed rental increases every five years, 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 35,711 locations and $32.3 billion in annual revenue
PRIME LOCATION OUTPARCEL TO WALMART NEIGHBORHOOD MARKET
» Strategically located outparcel to St. Stephens Village, a Walmart Neighborhood Market anchored shopping center
» Located along 24th Street NE/McDonald Pkwy NE with access to 20,500 vehicles per day directly in front of the site
» Near several national tenants, including Walmart Neighborhood Market, Walgreens, Arby’s, Zaxby’s, McDonald’s, Taco Bell, Sheetz, O’Reilly Auto Parts, Dollar Tree, Burger King and more
» Beneficial proximity to Spring Road NE and access to 23,500 vehicles per day
PROMINENT SITE WITH A STRONG AND GROWING NORTH CAROLINA CUSTOMER BASE
» Population of 73,274 within a five-mile radius, creating a reliable customer base for the site
» Affluent area with average annual household income of $81,960 within five miles of the location
» 40% of the world’s fiber optic cable is made in the Hickory area
» Projected average annual household income growth of more than 18% within 1-, 3-, 5-mile radii over the next five years, poising Starbucks and Hickory for steady concurrent growth
2023 CONSTRUCTION BUILT TO LATEST STARBUCKS PROTOTYPE
» New 2023 construction with dedicated double drive-thru and an exceptional amount of parking with 34 total spaces for added customer convenience
Property Description
» This Starbucks is strategically located outparcel to St. Stephens Village, a Walmart Neighborhood Market anchored shopping center
» The site is located near several national tenants, including Walmart Neighborhood Market, Walgreens, Arby’s, McDonald’s, Taco Bell, Sheetz, O’Reilly Auto Parts, Dollar Tree, Burger King and more
» This new Starbucks is prominently located just off the signalized intersection of Spring Road NE and 24th Street NE (combined 44,000 AADT)
» Projected annual household income growth of more than 18% within 1-, 3-, 5-mile radii over the next five years, poising Starbucks and Hickory for steady concurrent growth
