Mexia, TX - Starbucks
$2,179,000
702 E Milam Street, Mexia, TX 76667
4.75
Cap Rate
103,500
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, NN leased, Starbucks Corporation (S&P: BBB+) investment property located in Mexia, Texas (Waco MSA). The tenant, Starbucks Corporation, recently signed a brand new 10-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features a 10% rental increase in year 6, and an 8% increase at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is signed by the corporate entity (S&P: BBB+) and is NN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The property consists of 1,950 sq ft of brand new, custom Starbucks construction.
Starbucks is located on the hard corner intersection of E Milam St. and N Canton St., averaging a combined 17,500 vehicles per day. E Milam St. is the primary retail corridor of Mexia, serving many major national/credit tenants including Walmart, Tractor Supply, CVS, McDonalds, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover retail exposure for Starubucks. The site benefits from multiple points of ingress and egress, providing excellent access to the site. The building is equipped with a drive-thru, providing ease and convenience for customers. The property will experience minimal competition, as it is the only Starbucks location for over 29 miles. On average, stores with drive-thrus experience higher sales than those without. The 5-mile trade area is supported by a population of over 9,500 and 4,786 daytime employees with an average household income of $59,107.
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