Pictures of Retail property located at 3073 N Eastman Rd, Longview, TX 75605 for sales - image #1

Pictures of Retail property located at 3073 N Eastman Rd, Longview, TX 75605 for sales - image #2

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Starbucks - Longview, TX

Recent Lease Extension | Hard Corner Signalized Intersection with 44,000+ Cars

Listing Contacts

Andrew Slade
PRO
License: CA 01746250
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Arbi Goce
PRO
License: CA CA 01895830
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Asking Price: $1,525,000

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Listing Broker NameCongress Realty, Inc.

Address

3073 N Eastman Rd, Longview, TX 75605

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Date Added

Nov 26, 2024

Days on Market

112 days

Time Since Last Update

28 days

Details

Property TypeRetail

SubtypeQSR/Fast Food

Investment TypeNet Lease

Lease TypeNN

Tenant CreditCredit Rated

TenancySingle

Brand/TenantStarbucks

Remaining Term10 years

Square Footage1,750

Price/Sq Ft$871.43

Cap Rate6.20%

Occupancy100%

NOI$94,500

Year Built2008

Lot Size (acres)1.19

Parking (spaces)16

Broker Co-OpYes

APN93070

Lease OptionsFour (4), 5-Years

Ground LeaseNo

Marketing Description

CIRE Partners is pleased to present a single-tenant net leased investment opportunity in Longview, Texas. This property is occupied by Starbucks and located at 3073 North Eastman Rd. The site consists of a ±1,750 square foot drive-thru building on a ±1.19 acre corner parcel of land. Starbucks has operated at this location for over 17 years and extended their lease, demonstrating their commitment to and performance at this location. Starbucks is the largest coffeehouse chain in the world with approximately 33,833 locations. Starbucks is publicly traded (NASDAQ:SBUX) and has an investment-grade Standard & Poor’s rating of BBB+.

Starbucks is renowned for its high-quality coffee and exceptional customer service, making it a household name that people return to frequently for their daily caffeine fix. The strategic location of this property is an added advantage, situated in a high-traffic area with significant foot and vehicular traffic flow. This visibility will augment the potential for customer attraction and retention for the Starbucks Coffee location. Situated on a corner signalized intersection with over 44,000 ADT, the property perfectly situated for maximum exposure and accessibility. With this property’s location in Longview TX, the investor can tap into the increasing demand for coffee in the area. There are approximately 9 years remaining on the corporate-backed lease, offering investors a safe and an easy-to-manage ownership structure for many years to come.

Investment Highlights

Below Market Rent: Starbucks has recently been executing leases at $120,000+ per year for inferior locations.

Corporate Lease Guaranty: The lease is corporately guaranteed by Starbucks, the largest coffeehouse chain in the world with approximately 38,038 locations, reporting 2023 sales of ±$36 billion, a 11.55% increase from 2022.

Investment-Grade Tenant and Publicly Traded:Starbucks currently holds an Investment-Grade Standard & Poor’s Credit Rating of BBB+ | (NASDAQ:SBUX).

Proven Location: Successful Starbucks location with 15+ years of operating history located in established and growing trade area.

Highly Visible and Easily Accessible: Ideally located with excellent frontage and visibility at the hard-signaled intersection of N Eastman Rd and Hawkins Pkwy (combined traffic counts of over 44,000 ADT) with multiple points of ingress/egress.

Freestanding Drive-Thru Location: Property features a drive-thru component, an essential part of tenant’s success.

No State Tax: Texas is an income tax free state.