Starbucks 175 Merritt Island Cswy, Merritt Island, FL Cap Rate 5.4% Merritt Island ( Florida, US ) Built

$1,900,000 USD
Dollars

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  • Type: Commercial
  • Style: Commercial
  • Development Level: Built
  • Lot Size: 0.42 acres

Description

Starbucks 175 Merritt Island Cswy, Merritt Island, FL Cap Rate 5.4%

Cap Rate: 5.4%
Lot Area: 0.42 acres

Price: $1,900,000 USD

DESCRIPTION
NNN Investment Advisors is pleased to present for sale this Starbucks drive-thru in Merritt Island, Brevard County, Florida. The subject is strategically positioned on the heavily trafficked E Merritt Island Causeway (SR 520), which serves at the Gateway to Cocoa Beach and is a highly important thoroughfare as the main retail corridor leading from A1A, Beachside and connecting to SR 528 to Orlando.

One of the most compelling aspects of this investment is the location of the site and it’s exceptional access to an important trade area and Florida vacation destination. Starbucks benefits from its strategic corner, out parcel location to a 90,000 SF Publix anchored shopping center with easy access to both east/west bound traffic and high visibility to over 32,000 VPD. Located along the area’s primary retail and medical corridor the site is 2 blocks west of the Merritt Square Mall, an 842,000 square foot Regional Mall anchored by Macy’s, Dillard's, J.C. Penney, Sears and Cobb Theater and surrounded numerous national retailers within a one mile radius including CVS, Walgreens, Ross, Michaels, Home Depot, Office Depot, Bank of America, UPS, T-Mobile, Sprint, Red Lobster, McDonald’s, Arby's, Wendy's, Burg-er King, Steak n Shake, O’Reilly, Advance Auto Parts, Bank of America, Olive Garden, Chili's, Bonefish Grill and many more.

This location is also in close proximity to the NASA John F. Kennedy Space Center which is a major tourist at-traction and largest employer in the area with over 8,500 employees. There are currently 6 years remaining on the NN lease with four (4), five-year options including 10% rent increases every five years. With potentially over 25 years of term, investors have the opportunity to purchase an asset with one of the strongest corporate guaranteed leases in the entire Net Lease industry. Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating 25,085 stores in 75 countries. As of October 2017, the company had a net worth in excess of $5.4 billion, TTM revenue of $22.3 billion, and TTM net income of $2.8 billion.

HIGHLIGHTS
• Starbucks is Rated "A-" by S&P
• NN Lease - Minimal Landlord Responsibility
• Drive-Thru Location
• Attractive 10% Rental Increases Every Five Years
• No Kickout Clause
• Out Parcel Location to 80,000 SF Publix Anchored Center
• High Visibility with Easy Ingress/Egress to Both East and West Bound Traffic
• 64,500 VPD at Intersection (E Merritt Island Cswy & S Courtney Pkwy)
• Excellent Location in Main Retail Corridor - Merritt Island is Florida’s largest Island
• 2 Blocks West of Merritt Square Mall, an 842,000 square foot Regional Mall anchored by Macy’s, Dillard's, J.C. Penney, Sears and Cobb Theater
• All important national tenants represented within a 1 mile radius including: CVS, Walgreen's, Ross, Michaels, Home Depot, Office Depot, Bank of America, UPS, T-Mobile, Sprint, Red
Lobster, McDonald’s, Arby's, Wendy's, Burger King, Steak n Shake, O’Reilly, Advance Auto Parts, Bank of America, Olive Garden, Chili's, Bonefish Grill and many more.
• 5.4% CAP based on March 2019 NOI. Seller to make up the difference at closing.

For more information:
Javier Tamez Martínez.
jtamez@bai-mex.com
Celular: +52 (81) 1599 75 36
Podemos encontrar propiedades comerciales e industriales para invertir en cualquier ciudad y estado de estados unidos.

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Information is deemed to be correct but not guaranteed.