1209 Main St, Marion, VA 24354
2,500 SF | Retail Building | Marion, VA 24354 | $1,960,000 ($784/SF) | 6.21% Cap Rate
Asking Price $1,960,000
- Property Type
-
Retail
- Square Feet
- 2,500 SF
- Price / Square Foot
- $784
Listing Contacts
Andrew Fallon
Patrick Nutt
Philip Wellde
- Property Info
Property Overview
• Starbucks exercised their first option early allowing them to extend their lease term significantly. They now have 13+ years remaining on their lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2022 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 an outparcel at Smyth Valley Crossing, anchored by Walmart and Ingles Markets
• The immediate trade area is supported by neighboring retailers such as Food Lion, Tractor Supply Co, Food City, Wendy’s, and more
• Off I-81 (35,000 VPD), providing direct on/off ramp access for users
• 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 10,000 residents and 7,000 employees support trade area
• $63,816 average household income within a 1-mile radius
• Down the road from Marion High School, providing a direct consumer base from which to draw
• 2022 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 an outparcel at Smyth Valley Crossing, anchored by Walmart and Ingles Markets
• The immediate trade area is supported by neighboring retailers such as Food Lion, Tractor Supply Co, Food City, Wendy’s, and more
• Off I-81 (35,000 VPD), providing direct on/off ramp access for users
• 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 10,000 residents and 7,000 employees support trade area
• $63,816 average household income within a 1-mile radius
• Down the road from Marion High School, providing a direct consumer base from which to draw
Property Details
- Class
- B
- Year Built
- 2022
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 30,056 SF
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].