15-Year Starbucks Drive-Thru in Calabasas 4955 Las Virgenes Rd 2,331 SF Retail Building Calabasas, CA 91302 $6,650,000 ($2,852.85/SF) 4.51% Cap Rate

Pegasus Investments Real Estate Advisory, as exclusive representatives for the Seller, is pleased to offer the fee simple interest in a newly renovated Starbucks located in Calabasas, California (the “Property”). This 2,331-square-foot building, formerly a Taco Bell, has been completely modernized and re-tenanted by Starbucks under a brand-new 15-year corporate net lease. Situated on approximately half an acre with a highly coveted drive-thru, this offering represents an exceptional investment opportunity in one of Southern California’s most affluent and supply-constrained submarkets.
The lease features 10% rent increases every five years, including during each of the four five-year renewal options, providing both long-term income durability and built-in growth. Notably, there are no termination rights. Starbucks elected to add this second store to the retail corridor, their other location being an inline store in the adjacent Albertsons-anchored shopping center, opening this freestanding location to secure drive-thru capabilities and enhance operational efficiency, demonstrating their success and deep confidence in this market and the long-term value of the rare drive-thru entitlement.
Strategically positioned just off the Las Virgenes Road exit of the 101 Freeway, also known as Malibu Canyon, the Property benefits from outstanding visibility and access to high-volume commuter and local traffic. This corridor serves as the primary connection between Calabasas and Malibu and is heavily trafficked by Pepperdine University students, families accessing A.E. Wright Middle School, and area professionals. The surrounding trade area includes a mix of national retailers and essential service providers such as McDonald’s, Jack in the Box, Jersey Mike’s, Philz Coffee, and a new Erewhon Market. The Property also enjoys proximity to key daytime drivers including the Las Virgenes Unified School District headquarters, the Calabasas Community Center, and major corporate offices for UCLA Health, Yamaha, The Cheesecake Factory, and Harbor Freight.
Perhaps most notably, the drive-thru entitlement offers investors a truly irreplaceable asset. Since 1998, the City of Calabasas has enforced a ban on new drive-thru development, making this one of only three drive-thru properties in the entire city. This rare entitlement creates significant long-term competitive insulation and anchors the investment in a hard-to-replicate location. With median home values exceeding $2 million and average household incomes approaching $200,000, Calabasas ranks among the most desirable and demographically compelling communities in California. This offering presents the opportunity to acquire a best-in-class net lease asset backed by one of the world’s most iconic brands, in a market defined by high barriers to entry and enduring real estate fundamentals.