1685 US-1, St. Augustine, FL 32084

Cantrell & Morgan Inc. is pleased to offer for sale 1685 US Highway 1 S in St. Augustine, FL. This 3,200SF Starbucks is located in the heart of St. Augustine in the high barrier to entry market along the US 1 and SR 312 corridor. The building was originally built in 2019 and Starbucks renovated for its needs in 2023 demonstrating their long-term committment to the site.

Starbucks opened in December of 2023 on a brand-new, NN+, 10-year lease with six (6) 5-year options to extend with Starbucks Corporation (S&P: BBB+), and have 9+ years remaining on their initial lease term. The lease features 10% rental increases every 5 years throughout the original term and at the beginning of each option period, growing NOI and hedging against inflation.

Area retailers in the immediate market include, Publix, Home Depot, Lowe’s, Wal-Mart, Chick-Fil-A, JP Morgan Chase, Lowe’s, Aldi and many others. This is ground zero for national retail in the St. Augustine market. US 1 has an AADT of 36,500 and SR 312 has an AADT of 28,000. T

The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a new long-term lease with a strong national tenant, 10% rental increases every 5 years to hedge against inflation, and located in a state without state income tax.