Starbucks | Tampa, FL
Starbucks | Brand New Construction | NN+, 10-Year Lease | Tampa, FL
Marketing description
RIPCO Real Estate is pleased to offer for sale 1797 W Hillsborough Avenue, a 2,503 SF Starbucks recently constructed on the northeast corner of W Hillsborough Ave and N Albany Ave in Tampa, FL. The property has a new, NN+, 10-year lease with six (6) 5-year options to extend with Starbucks Corporation (S&P: BBB+), demonstrating their long-term commitment to the site. 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. This stretch of W Hillsborough Ave where the property is located has an AADT of 56,500. Within 1 mile of 1797 W Hillsborough Ave, there is a population of 14,511 and an average household income of $87,852.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a newly-constructed retail building, a brand-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.
Investment highlights
STRATEGIC LOCATION
The asset is located on Hillsborough Ave, a primary thoroughfare in Tampa, FL with an AADT of 56,500.
The property is located 2.5 miles from Tampa International Airport and 1.5 miles from N Dale Mabry Hwy, the primary north-south retail thoroughfare in Tampa, FL.
In close proximity to Mendenhall Elementary School, Kindred Hospital Central Tampa, and the Medical Village Surgical Center.
The property is located in Florida, which has no state income tax.
STRONG DEMOGRAPHICS
14,511 population within a 1-mile radius
$87,852 average household income within a 1-mile radius
STRONG NATIONAL TENANT
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.
The lease is a corporate lease with Starbucks Corporation.
Starbucks Corporation is investment grade (S&P: BBB+), internationally recognized, and an established firm with over 35,000 stores across 80 countries.
MINIMAL RESPONSIBILITIES
Brand-new, NN+, 10-year lease with six (6) 5-year options to extend, demonstrating their long-term commitment to the site.
Tenant pays for taxes, insurance, and maintains all aspects of the premises, including grease traps, plumbing, HVAC, trash, parking lot maintenance, etc.
Landlord is responsible for roof, structure, parking lot paving, and utility systems.
Brand new construction (2024) decreases the likelihood of capital expenditures needed to be made by Landlord.
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