Starbucks - Chesapeake, VA
2,500 SF | Retail Building | Chesapeake, VA 23322 | $3,225,000 ($1,290/SF) | 5.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,225,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 2,500 SF
- Price / Square Foot
- $1,290
Listing Contacts
Andrew Fallon
Verified Profile
Patrick Nutt
Verified Profile
Philip Wellde
Verified Profile
- Property Info
Property Overview
• Starbucks has 14.75 years remaining on their lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements
• The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 38,000 stores
• The lease features 10% rental increases every 5 years and at the beginning of each option
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof & structure
• Ideal, low-management investment for a passive investor
• Starbucks is part of the Target-anchored Edinburgh North Shopping Center, which features other retailers such as Chick-fil-A, Buffalo Wild Wings, and more
• Ideally positioned right off Chesapeake Expressway (76,000 VPD), allowing users to benefit from on/off ramp access to the subject site and surrounding trade areas
• The neighboring retailers include The Home Depot, Wawa, and a newly built Walmart Supercenter
• Equipped with a drive-thru, providing ease and convenience for customers while maximining productivity and efficiency
• For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally
• The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed
• Starbucks’ CEO said, “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.”
• Fiscal year 2023:
• Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
• North America and U.S. comparable store sales increased 9%, driven by a
6% increase in average ticket and 3% increase in comparable transactions
• International comparable store sales increased 5%, driven by a 5% increase in comparable transactions
• More than 60,000 residents and 16,000 employees support trade area
• $178,360 average household income within a 1-mile radius
• Last Starbucks before entering North Carolina border on the way to Outer Banks. Next NC location is 55 miles away.
• Just North of Hickory High School, providing a direct consumer base from which to draw
• 2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements
• The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 38,000 stores
• The lease features 10% rental increases every 5 years and at the beginning of each option
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof & structure
• Ideal, low-management investment for a passive investor
• Starbucks is part of the Target-anchored Edinburgh North Shopping Center, which features other retailers such as Chick-fil-A, Buffalo Wild Wings, and more
• Ideally positioned right off Chesapeake Expressway (76,000 VPD), allowing users to benefit from on/off ramp access to the subject site and surrounding trade areas
• The neighboring retailers include The Home Depot, Wawa, and a newly built Walmart Supercenter
• Equipped with a drive-thru, providing ease and convenience for customers while maximining productivity and efficiency
• For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally
• The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed
• Starbucks’ CEO said, “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.”
• Fiscal year 2023:
• Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
• North America and U.S. comparable store sales increased 9%, driven by a
6% increase in average ticket and 3% increase in comparable transactions
• International comparable store sales increased 5%, driven by a 5% increase in comparable transactions
• More than 60,000 residents and 16,000 employees support trade area
• $178,360 average household income within a 1-mile radius
• Last Starbucks before entering North Carolina border on the way to Outer Banks. Next NC location is 55 miles away.
• Just North of Hickory High School, providing a direct consumer base from which to draw
Property Details
- Class
- B
- Year Built
- 2023
- Stories
- 1
- Lot Size (sq. ft)
- 88,862 SF
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