Starbucks

Starbucks

Starbucks
5435 US Highway 19
New Port Richey, FL 34652

$2,599,000

Cap Rate 5.89%
Gross Leasable Area (GLA) 1,800 Sq.Ft.
Price Per Square Foot (GLA) $1,443
Year Built 2007/2017
Lot Size 0.51 Acres
  • Brand New 10-Year Lease
  • Corporate Guarantee - 'A' Rating by S+P
  • Ten Percent Rent Increases Every Five Years
  • Over 59,000 Vehicles Per Day on US Highway 19
  • Population of Approximately 141,490 Within a Five Mile Radius
  • Upgraded Equipment Showing Great Commitment to This Location
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Starbucks (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

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Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to exclusively offer for sale this 1,800-square foot freestanding Starbucks located in New Port Richey, FL. Located on a large half acre parcel of land, the property lies across from a CVS Pharmacy and adjacent from a Publix Anchored Shopping Center.

This Starbucks has a corporate backed guarantee and just recently invested in upgrading the equipment, which shows their commitment to the property. Starbucks has recently signed a new 10-year lease with a single option to terminate at year five provided they give 6 months notice and pay a penalty fee of $50,000. Starbucks has occupied this location for the past ten years and is expected to thrive for the next ten years with the volume of traffic that can be observed visiting this location. Starbucks Corporate is a strong tenant with over 13,107 locations around the world and has shown its history of rapid growth.

The property is situated with easy ingress/egress on busy US-19, New Port Richey’s main North/South thoroughfare. Starbucks benefits from the extremely high traffic counts on US-19, seeing an average of over 59,000 vehicles per day. New Port Richey is located approximately 45 minutes north of Tampa, Florida along the Gulf of Mexico and is an affordable suburb for families and retirees. The average household income within a 5-mile radius of Starbucks is $50,425 and the median age is 46.7 years. These demographics are ideal for the existing tenant base and is attractive for both national and regional retailers. Located in Pasco County, which is experiencing a 2.5 percent increase in population year over year, Starbucks is well positioned for above average growth and appreciation in rents and real estate values.

For More Information, Please Contact:

James Garner

Net-Leased Restaurant Specialist
(813) 387-4796
James.Garner@MarcusMillichap.com