North Fort Myers, FL - Starbucks

3141 NE. Pine Island Road, North Fort Myers, FL

For Sale

Retail

$3,900,000

Price

Overview

Cap Rate

NOI

$195,000

Building Size

2,500 sqft

Lot Area

0.83 acres

Year Built

2023

Offered by

Description

• Starbucks recently signed a brand new 10-year lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2023 construction which features high-quality materials, high-level finishes, and distinct Starbucks design elements
• The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 35,000 stores
• The lease features 5% rental increases every 5 years and at the beginning of each option, growing NOI and hedging against inflation
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities for roof and structure
• Ideal, low-management investment for a passive investor in a state with no state income tax

• Starbucks is located off the signalized, hard corner intersection of US Highway 41 and NE Pine Island Rd averaging 89,000 VPD
• The subject property is situated as an outparcel to Merchant Crossing, a 194,000 SF center anchored by Planet Fitness, Home Depot, AMC Theater, and Dollar General
• Other nearby national/credit tenants include Target, Walmart Supercenter, Advance Auto Parts, Home Depot, Walgreens, Lowe’s, CVS Pharmacy, Dollar General, AutoZone, Family Dollar, and many more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• Furthermore, the site benefits from close proximity to a new Residential Development at Merchant’s Crossing (279 Units), further increasing consumer traffic to the site
• The 5-mile trade area is supported by over 131,000 residents and 49,000 employees, providing a direct consumer base from which to draw
• Residents within a 5-mile radius of the subject property have an average household income of $75,394