283 Orange Ave, Chula Vista, CA 91911
1,129 SF | Retail Building | Chula Vista, CA 91911 | $4,705,000 ($4,167/SF) | 4.25% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,705,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 1,129 SF
- Price / Square Foot
- $4,167
Listing Contacts
Shaun Riley
Verified Profile
Nick Miller
Verified Profile
- Property Info
Property Overview
Faris Lee Investments is pleased to bring to market a unique opportunity to acquire a coastal San Diego newly constructed, single tenant, NNN leased Starbucks Drive Thru investment offering. With over 35,000 locations globally, Starbucks is the #1 World’s Most Valuable Restaurant Brand (QSR Magazine). The investment offers a new 10 Year lease term with 10% rent increases every 5 years backed by a publicly-traded company who reported revenue in the most recently-completed fiscal year of $35.97 Billion, an 11% increase from the prior fiscal year. Starbucks pioneered the drive thru only concept and now with customer dining habits changing so quickly with many customers only using the drive thru, many QSR behemoths like McDonald’s are following suit.
Starbucks is ideally situated on the stand-alone hard corner of Orange Avenue and Third Avenue benefitting from exposure to 39,900 vehicles per day. Orange Avenue is a major east/west thoroughfare connecting two of San Diego’s busiest freeways – Interstates 5 and 805. A noteworthy aspect of this location is that Starbucks is located just over 1 mile from Chula Vista Bayfront Development, and ongoing 535 Acre mixed-use development featuring resort, hotel, convention center, retail, restaurant, recreation, and marina uses. Upon completion, the Chula Vista Bayfront Development will be a regional destination draw for not only San Diego County, but also the greater Southern California area. With its unparalleled location, strong tenant backing, and favorable lease terms, this investment opportunity presents a rare chance to secure a high-performing asset in a prime San Diego coastal location.
Starbucks is ideally situated on the stand-alone hard corner of Orange Avenue and Third Avenue benefitting from exposure to 39,900 vehicles per day. Orange Avenue is a major east/west thoroughfare connecting two of San Diego’s busiest freeways – Interstates 5 and 805. A noteworthy aspect of this location is that Starbucks is located just over 1 mile from Chula Vista Bayfront Development, and ongoing 535 Acre mixed-use development featuring resort, hotel, convention center, retail, restaurant, recreation, and marina uses. Upon completion, the Chula Vista Bayfront Development will be a regional destination draw for not only San Diego County, but also the greater Southern California area. With its unparalleled location, strong tenant backing, and favorable lease terms, this investment opportunity presents a rare chance to secure a high-performing asset in a prime San Diego coastal location.
Property Details
- Class
- B
- Year Built
- 2023
- Stories
- 1
- Property Subtype
- Freestanding, Storefront
- Lot Size (sq. ft)
- 58,806 SF
Highlights
- Credit Income Stream From Starbucks Corporation | #1 World’s Most Valuable Restaurant Brand | Best in Class Coffee
- Long-Term 10 Year Lease (No Outs) | 10% Rent Increases Every 5 Years
- Expanded Trade Area - 5 Miles from Tijuana Border Crossing | World’s Busiest Border Crossing with 50 Million Crossings per Year
- Ideal Drive-Thru Only Concept Gaining Traction in the QSR Industry as Customer Dining Habits Change
- Strategic Location 1 Mile from Interstate 5 (162,300 VPD)
- 535 Acre Mixed-Use Chula Vista Bayfront Development Is Underway | Resort, Convention Center, Commercial
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