8801 4th Street, St. Pete, FL - Starbucks
$4,270,000.00 asking price
Net Operating Income - $181,525, CAP Rate 4.25%
10+ years remaining on Corporate Guaranteed lease
We are pleased to announce for sale a Starbucks located in Saint Petersburg, Florida, (part of a four property portfolio selling as individuals or package). The investment contains a corporately guaranteed lease from an investment grade tenant ( S & P Rating AA - ), who has operated at the site since construction in 2003. Starbucks term runs until 2028 and has four, five year option periods with significant 10% rent increases throughout. Starbucks is the largest coffeehouse company in the world, with over 24,000 stores globally, including around 13,000 in the United States, followed by nearly 1,000 in Canada and more than 900 in Japan.
Situated just outside of Tampa, Fl in the oceanfront town of Saint Petersburg, Fl. The property is well positioned to take advantage of this growing metropolitan area. Over 167,000 individuals reside within five miles of the property, and the average household income is over $64,000, 20% between $50,000 and $75,000. With a traffic count of 33,500 car per day this property has excellent frontage. The site is surrounded by numerous national major retailers including CVS, TJ Maxx, Wendy's, Pizza Hut and Subway.