Starbucks | 9+yrs Remain Corp NNN | S&P: BBB+ 424 US Highway 70 W 2,480 SF Retail Building Havelock, NC 28532 $2,008,000 ($809.68/SF) 6.10% Cap Rate
INVESTMENT HIGHLIGHTS
- Over 9 Years Remaining | Corporate Signed (S&P: BBB+) | Scheduled Rental Increases
- Outparcel to Planet Fitness Anchor | Drive-Thru Equipped |South of Walmart Supercenter | Primary Retail Corridor
- NNN Leased | Fee Simple Ownership | Limited Landlord Responsibilities
- Strong Demographics in 10-Mile Trade Area
EXECUTIVE SUMMARY
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, drive-thru equipped, corporate signed, freestanding Starbucks investment property located in Havelock, North Carolina. The tenant, Starbucks Corporation (NASDAQ: SBUX | S&P: BBB+) has over 9 years remaining on their current lease term with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features a flat base term, with 10% increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,480 SF
Year Built
2023
Price
$2,008,000
Price Per SF
$809.68
Cap Rate
6.10%
NOI
$122,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.80 AC
Zoning
HC - Highway Commercial
Parking
9.27 Spaces per 1,000 SF Leased
Frontage
223’ on State Road 1765
AMENITIES
- Restaurant
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 6-216-007 | Improvements Assessment | $2,208,400 |
| Land Assessment | $907,490 | Total Assessment | $3,115,890 |
