Starbucks Drive-Thru @ Mammoth Lakes

2935 Main Street, Bishop, CA

$4,947,000

Price

4.75%

Cap Rate

$235,000

NOI

Overview
Cap Rate
4.75%
NOI
$235,000
Building Size
4,435 sqft
Lot Area
1.22 acres
Lease Type
Triple Net
Year Built
1984
Year Last Renovated
2018
Lease Expire Year
2/28/2029
Description

Pride of Ownership Single-Tenant Corporate Starbucks Drive-Thru:
- Corporate guaranteed lease (NASDAQ: SBUX; S&P: BBB+)
- New 10-year initial term with 10% rental increases every 5 years (no early termination)
- First quarter 2019 consolidated net revenues up 9% to record $6.6 billion


Trophy Flagship Single-Tenant Investment in Prominent Resort Location:
- Lone Starbucks drive-thru within a 36-mile radius and one of only two stand-alone drive-thru buildings in Mammoth (Carl’s Jr.)
- First major redevelopment in Mammoth in approximately 11 years; $1.7 million in tenant improvements


“A” Real Estate with Long-Term Intrinsic Value:
- Oversized lot with ample parking; 1.22 acres (53,143 SF) with 59 spaces (13.3 per 1,000 SF)
- Future redevelopment potential; entitled to build up to 106,000 square feet for hotel or other commercial uses

Alterra Mountain Company’s Investment in Mammoth:
- Alterra owns 14 resorts that host approximately 7 million skiers annually including Deer Valley (Park City, Utah), Steamboat (Colorado), and Squaw Valley Alpine Meadows (Lake Tahoe, California)
- $555 million of capital improvement projects planned and under construction in Mammoth by 2023


Top West Coast Resort Destination:
- 2.5+ million visitors annually (70% visiting from Southern California)
- #1 on "The Best California Ski Resorts" - Snowpak (2019)
- 11.8% projected population increase between 2018-2023
- 14% growth in transient occupancy tax (TOT) in fiscal 2017/2018 to $17.86 million; 2019 projected TOT is estimated to reach $20-$21 million

Documents
Title
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Location
Gallery