523 S Tillotson Ave
Muncie, IN 47304
Starbucks · Retail Property For Sale

The subject property is a 1,800-square foot Single-Tenant (Starbucks) situated on 0.49-acres in Muncie, Indiana. More specifically, the property is located on the northwestern signalized corner of South Tillotson Avenue and West Godman Avenue. Muncie, Indiana is home to Ball State University. Located 0.80-miles from Ball State University, the subject property benefits the university's enrollment of over 22,500 students. Additionally, the subject property is located less than 1-mile from Indiana University Health Ball Memorial Hospital. IU Health Ball Memorial Hospital is a community hospital including 360 beds serving as a tertiary referral center and teaching hospital for east central Indiana. The hospital was recently named as one of the top 100 hospitals in the United States in the teaching hospital category. The Starbucks lease originally commenced in 2006. Demonstrating their commitment to the location, Starbucks recently exercised two of their 5-year options at the same time. Currently there are just under 9-years remaining on the firm lease term. The lease has a landlord friendly double-net (NN) structure with the Landlord responsible for only the roof, structure and parking lot maintenance. The Landlord is also responsible for common area maintenance, but is fully reimbursed by Starbucks. The lease includes 10% rental increases every 5-years throughout the base term and option periods. There are four 5-year options to extend the lease.