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Starbucks, Morrisville, NC

Starbucks

Morrisville, NC

Price $2,316,000
Cap Rate 4.75%
NOI $110,000
Lease Term 10 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 2,500 SF
Lot Size 1.24 Acres (54,014 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET
» Leased to Starbucks Corporation for 10 years, plus six (6) five-year options
» 10% fixed rental increases every five years in initial term and extension terms, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $26.5 billion in annual revenue
» 2021 construction, featuring an upgraded construction and dedicated drive-thru, boosting sales revenue and catering to traffic

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, AFFLUENT, AND GROWING CORRIDOR
» High-visibility location at the hard-corner of State Highway 54/Chapel Hill Road & Carrington Mill Boulevard (29,280 AADT at intersection)
» Surrounded by highly trafficked North Carolina thoroughfares, including State Highway 540 (47,000 AADT), increasing traffic to the site
» Average annual household income of $137,160 within five miles of the property, establishing an extremely affluent customer base for the site
» 125,097 residents live within a five-mile radius of the property, establishing regular local traffic and shopping to the site
» Projected 10 percent average household income increase within five miles of the site in the next five years, poising Starbucks and Morrisville for concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Entrance to Perimeter Park Class A office development with many Fortune 500 companies and campuses
» Hard-corner location surrounded by several national retailers, including Walmart Supercenter, Target, Whole Foods, Chick-fil-A, Hobby Lobby, Harris Teeter, and many more, promoting crossover shopping to the property
» Walking distance from Wake Technical Community College RTP Campus (21,872 students)
» Five miles from Raleigh-Durham International Airport (14.2 million annual passengers)
» Centrally located between Raleigh, Durham, and Chapel Hill, significantly increasing commuter traffic to the site
» Beneficial proximity to highly attended nearby schools, including Panther Creek High School, Alston Ridge Elementary School, and Hortons Creek Elementary School (combined 4,853 students)



Property Description

The property has a high-visibility location at the hard-corner of State Highway 54/Chapel Hill Road and Carrington Mill Boulevard (29,280 AADT at intersection). The property is surrounded by highly trafficked North Carolina thoroughfares, including State Highway 540 (47,000 AADT), increasing traffic to the site. The location is also set in a highly affluent area, with an average annual household income of $137,160 within five miles of the property. The site is located in a densely populated area as well, with 125,097 residents living within a five-mile radius of the property, establishing regular local traffic to the site. With a projected 10 percent average household income increase within five miles of the site in the next five years, Starbucks and Morrisville are poised for significant concurrent growth.

The property benefits from its location near large employers, retailers, and community hubs. The location is surrounded by several national retailers, including Walmart Supercenter, Target, Whole Foods, Chick-fil-A, Hobby Lobby, Harris Teeter, and many more, promoting crossover shopping to the property. Wake Technical Community College RTP Campus is within walking distance of the site, which features 21,872 students. The property also maintains a beneficial proximity to highly attended nearby schools, including Panther Creek High School, Alston Ridge Elementary School, and Hortons Creek Elementary School (combined 4,853 students). The site is a convenient five miles from Raleigh- Durham International Airport (14.2 million passengers annually), and is centrally located between Raleigh, Durham, and Chapel Hill, significantly increasing commuter traffic to the site.

Contact Us About This Property

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