Starbucks - 15 Yr Lease - 7.5% Inc Every 5 - No Early Out
15 Yrs | 7.5% Inc Every 5 Yrs | No Termination Clause | Walmart & Hobby Lobby Shadow Anchored
Marketing description
Fortis Net Lease is pleased to present a prime investment in a new construction, upgraded prototype Starbucks located in Kirksville, MO. This 2,447 SF building is equipped with a 15 year double net lease providing 7.5% rent increases every 5 years including each of the four, 5-year option periods. The subject property is an shadow anchored by a Hobby Lobby shopping center with additional national tenants. The prime, signalized corner lot provides excellent visibility to over 15,730 vehicles per day. N. Baltimore Street is a major retail corridor with national retailers including Walmart, Home Depot, Hobby Lobby, Aldi, Marshalls, Five Below and many more.
List price reflects a cap rate of 6.40% based on the NOI of $185,754. The 7.5% rent increases allow the cap rate to grow to average 6.89% over the initial term.
Investment highlights
New 2025 Upgraded Prototype Build w/Drive-Thru
No Early Termination Clause in Lease
15 Year Double Net Lease with 7.5% Rent Increases Every 5 Years
Double Net Lease Requires Minimal Landlord Responsibilities
Rent Increases During Initial Term Increase Avg Cap Rate to 6.62%
Four, 5-Year Option Periods with 7.5% Rent Increases Each
Investment Grade Credit Tenant - S&P: BBB+
Hobby Lobby Anchored Shopping Center Outparcel
$246M+ in Consumer Spending within 10 Miles of Subject Property
Excellent Traffic Visibility to Over 15,730 VPD at Signalized Corner
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