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Starbucks 1797 W Hillsborough Ave 2,503 SF Retail Building Tampa, FL 33603 $3,500,000 ($1,398.32/SF) 6% Cap Rate
Investment Highlights
- The asset is located on Hillsborough Ave, a primary thoroughfare in Tampa, FL with an AADT of 54,500.
- Tenant pays for taxes, insurance, and maintains all aspects of the premises.
- Brand new construction (2024) decreases the likelihood of capital expenditures needed to be made by Landlord.
- Brand-new, NN+, 10-year lease with six (6) 5-year options to extend, demonstrating their long-term commitment to the site.
- Landlord is responsible for roof, structure, parking lot paving, and utility systems.
- The lease is a corporate lease with Starbucks Corporation.
Executive Summary
RIPCO Real Estate is pleased to offer for sale 1797 W Hillsborough Avenue, a 2,503 SF Starbucks recently constructed on the northeast corner of W Hillsborough Ave and N Albany Ave in Tampa, FL. The property has a brand-new, NN+, 10-year lease with six (6) 5-year options to extend with Starbucks Corporation (S&P: BBB+), demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the original term and at the beginning of each option period, growing NOI and hedging against inflation. This stretch of W Hillsborough Ave where the property is located has an AADT of 54,500. Within 1 mile of 1797 W Hillsborough Ave, there is a population of 14,423 and an average household income of $82,411.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a newly-constructed retail building, a brand-new long-term lease with a strong national tenant, 10% rental increases every 5 years to hedge against inflation, and located in a state without state income tax.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a newly-constructed retail building, a brand-new long-term lease with a strong national tenant, 10% rental increases every 5 years to hedge against inflation, and located in a state without state income tax.
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,503 SF
Building Class
B
Year Built
2024
Price
$3,500,000
Price Per SF
$1,398.32
Cap Rate
6%
NOI
$210,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.84 AC
Zoning
CI - Commercial Intensive
Frontage
180’ on West Hillsborough Avenue
Amenities
- Pylon Sign
- Drive Thru
- Air Conditioning
Walk Score®
Very Walkable (72)
Nearby Major Retailers
Property Taxes
| Parcel Number | A-35-28-18-3H0-000009-00020.0 | Improvements Assessment | $889,580 |
| Land Assessment | $410,620 | Total Assessment | $1,300,200 |
Property Taxes
Parcel Number
A-35-28-18-3H0-000009-00020.0
Land Assessment
$410,620
Improvements Assessment
$889,580
Total Assessment
$1,300,200
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Starbucks | 1797 W Hillsborough Ave
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