|Gross Leasable Area (GLA)||1,800 Sq.Ft.|
|Price Per Square Foot (GLA)||$1,443|
|Lot Size||0.51 Acres|
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.
Net-Leased Restaurant Specialist