Listed by Marcus & Millichap - Orange County
$1,162,000
Starbucks Drive-Thru @ Maple Hill Pavilion (Target-Anchored)
Details
APN 05-13-255-060
Property Type Retail
Sub Type QSR/Fast Food
Square Footage 1,890
Cap Rate 5.50%
NOI $63,900
Tenancy Single
Lease Type NNN
Lease Term 30
Lease Expiration 09/30/2035
Remaining Term 9
Rent Bumps Yes
Lease Options Four, Five-Year Options @ 10%
Price per SqFt $615
Year Built 2005
Acreage 0.590
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 06/21/2005
Ground Lease No
Over Two Decades of Continuous Operating History
Marketing description
Prime Retail Location in Kalamazoo's Main Street Corridor
- Surrounded by a Dense Mix of National Retailers Including Chick-Fil-A, Chipotle, Five Guys, Kohl's, Lowe's, and Aldi, Reinforcing the Corridor's Draw as a Regional Shopping Destination
- Less than 3.5 Miles from Downtown Kalamazoo and ±3 Miles from Western Michigan University (17,000+ Students), Sustaining Year-Round Consumer Traffic
- Trade Area Supports ±107,709 Residents and ±$89,687 Average Household Income within 5 Miles
Investment highlights
- NNN Corporate-Guaranteed Starbucks (NASDAQ: SBUX) Offers Limited Landlord Responsibilities in a Passive, Investor-Friendly Structure
- Drive-Thru Outparcel Sits Just off US-131 Interchange Which Sees ±55,000 Cars Per Day
- Located in Maple Hill Pavilion Alongside Target, Hobby Lobby, and Marshalls, Delivering Daily Traffic in One of the City’s Most Established Retail Corridors
Corporate-Guaranteed NNN Lease
- Corporate Guaranty: Investment-Grade Credit Backed by ±$38.5 Billion in Annual Revenue and a ±$119 Billion Market Capitalization
- ±9 Years of Lease Term Remaining, plus Four, Five-Year Options Offering Potential Occupancy through 2055
- 10% Rental Increases Every Five Years Provide a Built-In Hedge against Inflation
- Over Two Decades of Continuous Operating History at This Specific Location Demonstrating Proven Site Performance
Listing Contacts
Listed by Marcus & Millichap - Orange County
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$63,900.00
$5,325.00/mo
Valuation Metrics
0
DSCR
5.5%
Cap Rate
5.5%
ROI
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