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Starbucks 3019 George Washington Memorial Hwy 2,500 SF Retail Building Hayes, VA 23072 $2,600,000 ($1,040/SF) 6.25% Cap Rate
Investment Highlights
- Rare 15-Year Lease
- Attractive Rent Increases
- Strategic Retail Location
- New Construction
- Investment Grade Credit
- Great Retail Trade Area
Executive Summary
Horvath & Tremblay is pleased to present the exclusive sale of a corporate leased Starbucks investment property located at 3019 George Washington Memorial Highway in Hayes, Virginia (the “Property”). Starbucks is operating under a rare, 15-year lease, and is followed by six (6), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each renewal option.
Starbucks is located along the George Washington Memorial Highway (US Highway 17) and enjoys excellent visibility, frontage, and prominent signage. The new construction Property is adjacent to the signalized intersection with Powhatan Drive, which is home to Wendy’s, Chesapeake Bank, and 7-Eleven, and is less than 1.2-miles from the area’s two grocery anchored shopping centers. Hayes is located in the southeastern part of Virginia and is 16-miles north of Newport News, 40-miles north of Norfolk, and 65-miles southeast of Richmond.
Starbucks is located along the George Washington Memorial Highway (US Highway 17) and enjoys excellent visibility, frontage, and prominent signage. The new construction Property is adjacent to the signalized intersection with Powhatan Drive, which is home to Wendy’s, Chesapeake Bank, and 7-Eleven, and is less than 1.2-miles from the area’s two grocery anchored shopping centers. Hayes is located in the southeastern part of Virginia and is 16-miles north of Newport News, 40-miles north of Norfolk, and 65-miles southeast of Richmond.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Retail
Building Size
2,500 SF
Building Class
B
Year Built
2024
Price
$2,600,000
Price Per SF
$1,040
Cap Rate
6.25%
NOI
$162,533
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.94 AC
Zoning
B-1
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- May 2039
Starbucks began in 1971 in Seattle's Pike Place Market as a seller of fresh-roasted whole bean coffee, and the business became a coffeehouse in 1987. The company now serves a global footprint of coffeehouses and roastery reserves, with a business built around specialty coffee, coffee drinks, food, cups, and merchandise. Starbucks also has a growing presence in consumer-packaged goods and foodservice, extending the brand beyond cafés while keeping coffee sourcing and roasting at the center of the model. Community support, sustainability, and responsible sourcing remain part of the company's broader operating approach.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | May 2039 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,471,200 | |
| Land Assessment | $1,357,100 | Total Assessment | $3,828,300 |
Property Taxes
Parcel Numbers
Land Assessment
$1,357,100
Improvements Assessment
$2,471,200
Total Assessment
$3,828,300
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