Caribou Coffee
534 SF | 100% Leased | Retail Building | Advance, NC 27006 | $2,168,000 ($4,060/SF) | 6.40% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,168,000
- Property Type
-
Retail
- Square Feet
- 534 SF
- Price / Square Foot
- $4,060
Listing Contacts
David Hoppe
Verified Profile
Ben Olmstead
Verified Profile
- Property Info
Property Overview
Attractive Lease Fundamentals
- 10 year lease provides next owner with stable cash flow for the next decade
- 10% rental increases in primary term and in option periods
- 3 x 5 year option periods
Name Brand Tenant
- Caribou Coffee has over 700 locations worldwide
- Caribou Coffee is a subsidiary of Panera Brands (parent company of Panera Bread and Einstein Bagels)
High Earning Demographics
- Average household income exceeds $116K in a 3-mile radius
- Over 17K people live within a 3-mile radius
Easily Accessible to Major Interstate
- Subject site is located at a full access interchange on Hwy 801 (14.5K VPD) with access to Hwy 158 (13K VPD)
- Half mile from I-40 (51.5K VPD) exit, which is a major logistics and commuter interstate
Near Market Drivers
- Atrium Health Wake Forest Baptist Davie Hospital (~0.8 miles) a 50 bed hospital
- Approximately 2 miles to Bermuda Run Country Club, an 18 hole golf course, tennis and fitness center
New Construction of “Coffee Cabin” Prototype
- New building with Caribou’s new Coffee Cabin Concept, which maximizes service efficiency, reduces cost, and increase profitability
- New roof and structure with transferable warranties in place
- 10 year lease provides next owner with stable cash flow for the next decade
- 10% rental increases in primary term and in option periods
- 3 x 5 year option periods
Name Brand Tenant
- Caribou Coffee has over 700 locations worldwide
- Caribou Coffee is a subsidiary of Panera Brands (parent company of Panera Bread and Einstein Bagels)
High Earning Demographics
- Average household income exceeds $116K in a 3-mile radius
- Over 17K people live within a 3-mile radius
Easily Accessible to Major Interstate
- Subject site is located at a full access interchange on Hwy 801 (14.5K VPD) with access to Hwy 158 (13K VPD)
- Half mile from I-40 (51.5K VPD) exit, which is a major logistics and commuter interstate
Near Market Drivers
- Atrium Health Wake Forest Baptist Davie Hospital (~0.8 miles) a 50 bed hospital
- Approximately 2 miles to Bermuda Run Country Club, an 18 hole golf course, tennis and fitness center
New Construction of “Coffee Cabin” Prototype
- New building with Caribou’s new Coffee Cabin Concept, which maximizes service efficiency, reduces cost, and increase profitability
- New roof and structure with transferable warranties in place
Property Details
- Year Built
- 2024
- Stories
- 1
Highlights
- Attractive Lease Fundamentals
- High Earning Demographics
- Name Brand Tenant with New Drive-Thru Prototype
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