Starbucks,
Oklahoma City, OK Investment Summary
| Price | $2,860,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 10 Years |
| Lease Type | Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Roof, Structure, and Parking Lot |
| Rental Increases | 7% Rental Increases Every Five (5) Years |
| Year Built | 2021 |
| Building Size | 2,100 SF |
| Lot Size | 0.634 Acres (27,617 SF) |
| Status | Sold |
| Lead Brokers | Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 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
HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years plus four five-year options with no early termination
» 7% 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 29,000 locations and $24.7 billion in annual revenue
LOCATED 2-MINUTES FROM OKLAHOMA STATE CAPITOL AND ALL GOVERNMENT OFFICES ON MORNING COMMUTE
» Half-mile from Oklahoma State Capitol and Capitol Complex
» State Capitol Complex features 16 major state government offices with thousands of employees
» Located on the morning rush-hour commute side of Northwest 23rd Street with excellent visibility and access to 27,208 vehicles per day
» Both Interstate 235 (104,874 AADT) and Interstate 44 (169,662 AADT) have offramps nearby–feeding traffic to Northwest 23rd Street
DENSE INFILL DOWNTOWN OKLAHOMA CITY LOCATION IN STRATEGIC RETAIL CORRIDOR
» The five-mile trade area has a population of 191,100 residents
» Out-positions McDonald’s, Dunkin Donuts, Burger King, Sonic Drive-Thru, and many more national chains for breakfast
2021 CONSTRUCTION
» Features dedicated drive-thru, and Starbucks Mobile Order Pickup parking providing additional customer convenience and boosting sales revenue
» New and rare full-brick building, limiting near-term deferred maintenance or capital costs
Property Description
Sold
The property is located a half-mile from Oklahoma State Capitol and Capitol Complex on the morning rush-hour commute side of the road. The State Capitol Complex features 16 major state government offices with thousands of employees. The location has direct visibility and access to 27,208 vehicles per day on Northwest 23rd Street and off-ramps from Interstate 235 (104,874 AADT) and Interstate 44 (169,662 AADT) nearby; therefore this this location will take full advantage of the state employees commuting to work in the morning with its dedicated drive-thru, and Starbucks Mobile Order Pickup pay parking. The property also features full-brick construction which is rare for Starbucks and represents a serious commitment to the location.
The property benefits from being in a dense infill Downtown Oklahoma City location. There are 191,100 residents in five-mile trade area surrounding the location providing a strong customer base. With regard to serving breakfast, the location out positions all national competitors for the business of state employees. These competitors include McDonald’s, Dunkin Donuts, Burger King, Sonic Drive-In, and more.
