- The tenant, Starbucks, has over 11 years remaining on its current 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 39,000 stores
- The lease features 5% rental increases at the beginning of each option, generating NOI and providing an adequate hedge against inflation
- Tenant pays for taxes, insurance and maintains most aspects of the premises
- Limited landlord responsibilities to roof, structure, foundation, and electrical systems
- Ideal, low-management investment for a passive investor
- For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally
- The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed
- Starbucks’ CEO said, “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.”
- Fiscal year 2023:
- Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
- North America and U.S. comparable store sales increased 9%, driven by a 6% increase in average ticket and 3% increase in comparable transactions
- International comparable store sales increased 5%, driven by a 5% increase in comparable transactions
Off Market
Hickory, NC - Starbucks
204 Highway 321 NW | Hickory, NC 28601
$2,685,000
Price5.4%
Cap Rate$145,000
NOI2023
Year Built100%
Occupancy2,200
± SF Offering GLA0.78
± AC Land AreaDescription
Location
- Starbucks is ideally located at the signalized intersection of US Highway 321 and 2nd Avenue NW averaging a combined 52,300 VPD
- The immediate trade area is supported by surrounding retailers such as McDonald’s, Dunkin’, Walmart Neighborhood Center, Wendy’s, and more
- The site is equipped with a double drive-thru lane, allowing for Starbucks to maximize efficiency and productivity at this location
- More than 159,000 residents and 6,400 employees support trade area
- $86,722 average household income
Demographics | 3 Miles | 5 Miles | 10 Miles |
|---|---|---|---|
| Population | 30,975 | 68,227 | 159,460 |
Traffic Counts | |
|---|---|
| U.S. Highway 321 | 43,000 VPD |
Contact
Patrick Nutt
Sr Managing Principal & Co-Head of National Net Lease
954.302.7365954.302.7365[email protected]NC #: 281618