Concord, NC - Starbucks

380 George W Liles Parkway NW, Concord, NC

$2,895,000

Price

5.25%

Cap Rate

$152,000

NOI

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Overview
Cap Rate
5.25%
NOI
$152,000
Building Size
2,365 sqft
Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, newly constructed, Starbucks investment property located in Concord, North Carolina. The tenant, Starbucks Corporation, recently signed a brand new 10 year lease with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease NN with limited landlord responsibilities making it an ideal, limited-management investment opportunity for a passive investor.

The asset is located near the signalized, hard corner intersection of George W Liles Pkwy and Poplar Tent Rd with a combined 41,000 VPD. George W Liles Pkwy is a major retail thoroughfare serving the city of Concord. Starbucks will benefit tremendously from nearby access to points of ingress/egress to Interstate-85 (111,000 VPD). The asset is less than a mile to Afton Ridge, a Target anchored shopping center, with other national tenants including Dollar Tree, Marshall’s, Burlington, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Harris Teeter, Chick-fil-A, QuikTrip, Walgreens, AutoZone,
7-Eleven, Firestone, Advance Auto Parts, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 110,000 with an average household income of $107,101. Today, Starbucks has over 38,000 locations throughout the world, 381,000 employees, and reported a 2023 revenue of$412 billion.

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Listing ID: a28TP000000CVpdYAG
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