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Starbucks, Palm Coast , FL

Starbucks

Price $2,286,000
Cap Rate 5.25% return
NOI $120,000
Lease Term 9 years
Lease Type Net, with tenant responsible for taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% rental increases every five (5) years
Year Built 2017
Building Size 2,200 SF
Lot Size 0.89 acres (38,768 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

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

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» Long-term lease to Starbucks Corporation with nine years remaining in initial term, plus four, five-year options
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» No early termination
» Starbucks is an investment grade tenant, rated “BBB+” by Standard & Poor’s

HIGH-TRAFFIC LOCATION IN NEW COMMERCIAL DEVELOPMENT
» Conveniently located at the signalized intersection of Belle Terre Boulevard and Highway 100, with excellent visibility and access to 54,309 vehicle per day directly in front of the property
» Highway 100 provides easy access Interstate 95 (85,044 AADT), the main highway through the area, connecting with Jacksonville to the north and Miami to the south
» Outparcel to The Shoppes at Palm Coast, a new retail development currently featuring Aldi, Tractor Supply Company, and Taco Bell, with more tenants still to come
» Directly across from Palm Coast Landings, one of Palm Coast’s most popular shopping areas, anchored by Super Target and featuring well-known brands like Walgreens, Ulta, Dollar Tree, Michaels, Hibbett Sports, Ross, and more

STRONG CUSTOMER BASE IN RAPIDLY GROWING AREA
» Within walking distance of Flagler Palm Coast High School, which has a total enrollment of 2,488 students
» Near the 81-bed AdventHealth Palm Coast hospital, one of the largest employers in the area, with 1,000 employees onsite
» Flagler County has had one of the highest rates of population growth in the United States since 1990
» Between 2010 and 2019, the population within five miles of the property increased more than 25%
» Population within a one-mile radius is expected to grow nearly 15% by 2023

NEW 2017 CONSTRUCTION WITH DEDICATED DRIVE-THRU
» High-quality 2017 construction featuring latest store designs and concepts
» 20-year roof warranty
» Dedicated drive-thru, providing additional customer convenience



Property Description

The property is conveniently located at the signalized intersection of Belle Terre Boulevard and Highway 100, with excellent visibility and access to 54,309 vehicle per day directly in front of the property. Highway 100 provides easy access Interstate 95 (85,044 AADT), the main highway through the area, connecting with Jacksonville to the north and Miami to the south. The property is outparcel to The Shoppes at Palm Coast, a new retail development currently featuring Aldi, Tractor Supply Company, and Taco Bell, with more tenants still to come. The property is directly across from Palm Coast Landings, one of Palm Coast’s most popular shopping areas, anchored by Super Target and featuring well-known brands like Walgreens, Ulta, Dollar Tree, Michaels, Hibbett Sports, Ross, and more.

The property is centrally located within walking distance of Flagler Palm Coast High School, which has a total enrollment of 2,488 students. The property is also a short distance from AdventHealth Palm Coast. The 81-bed hospital is one of the largest employers in the area, with 1,000 employees onsite. Additionally, the property is surrounded by rapidly growing residential neighborhoods. Between 2010 and 2019, the population within five miles of the property increased more than 25%. This growth is expected to continue, with the population within a one-mile radius expected to grow nearly 15% by 2023.

Contact Us About This Property



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