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Starbucks, Orangeburg, SC

Starbucks, Orangeburg, SC


Investment Summary

Price $2,291,000
Cap Rate 5.50%
NOI $126,000
Lease Term 10 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
Year Built 2023
Building Size 2,305 SF
Lot Size 0.77 acres (33,541 SF)
Status Available
Lead Brokers 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

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

Investment Highlights

NEW 10-YEAR NET LEASE TO THE LARGEST COFFEEHOUSE COMPANY IN THE WORLD
» New 10-year net lease to Starbucks Corporation in an excellent South Carolina suburb
» 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 $32.3B in annual revenue (11% increase from 2021 revenue of $29.1B)
» 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

INFILL LOCATION IN DENSE ORANGEBURG RETAIL CORRIDOR
» Conveniently located near the signalized hard corner of U.S. Route 178/Chestnut Street Northeast and State Road S-38-1637, with excellent visibility and access to 29,100+ vehicles per day
» Central location at the confluence of highly trafficked South Carolina thoroughfares, including U.S. Route 21 and U.S. Route 601 (combined 52,500 AADT)
» Adjacent to Prince of Orange Mall, attracting significant crossover shopping to the location
» Surrounded by notable tenants such as Walmart Supercenter, Lowe’s Home Improvement, T.J. Maxx, Tractor Supply Co., ALDI, and many more
» Beneficial proximity to South Carolina State University (2,900 students, 1,696 employees)

DENSELY POPULATED AREA WITH POSITIVE AND GROWING DEMOGRAPHICS
» 33,991 residents live within five miles of the property
» Average annual household income of $80,957 within a one-mile radius of the site
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years, poising Starbucks and Orangeburg for steady concurrent growth
» Gateway to Downtown Columbia, the capital of South Carolina (population 134,057)

Property Description

» The property is conveniently located near the signalized hard corner of U.S. Route 178/Chestnut Street Northeast and State Road S-38-1637, with excellent visibility and access to 29,100+ vehicles per day
» Located in a dense retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Lowe’s Home Improvement, T.J. Maxx, Tractor Supply Co., ALDI, and many more
» This Starbucks is adjacent to Prince of Orange Mall, attracting significant crossover shopping to the location
» The site greatly benefits from its proximity to South Carolina State University (2,900 students, 1,696 employees)
» The location serves as a common gateway to Downtown Columbia, the capital of South Carolina (population 134,057)
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Starbucks and Orangeburg for steady concurrent growth

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