Starbucks - Marion, VA | 1209 N Main St
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Starbucks - Marion, VA 1209 N Main St
2,500 SF Retail Building Marion, VA 24354 $1,965,000 ($786/SF) 6.20% Cap Rate
INVESTMENT HIGHLIGHTS
- More than 10,000 residents and 7,000 employees support trade area
- $71,274 average household income within a 1-mile radius
EXECUTIVE SUMMARY
• Starbucks exercised their first option early allowing them to extend their lease term significantly. They now have 12.5 years remaining on their lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2022 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 38,000 stores
• The lease features 10% rental increases every 5 years and at the beginning of each option
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof & structure
• Ideal, low-management investment for a passive investor
• Starbucks is an outparcel at Smyth Valley Crossing, anchored by Walmart and Ingles Markets
• The immediate trade area is supported by neighboring retailers such as Food Lion, Tractor Supply Co, Food City, Wendy’s, and more
• Off I-81 (35,000 VPD), providing direct on/off ramp access for users
• Equipped with a drive-thru, providing ease and convenience for customers while maximining productivity and efficiency
• Down the road from Marion High School, providing a direct consumer base from which to draw
• 2022 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 38,000 stores
• The lease features 10% rental increases every 5 years and at the beginning of each option
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof & structure
• Ideal, low-management investment for a passive investor
• Starbucks is an outparcel at Smyth Valley Crossing, anchored by Walmart and Ingles Markets
• The immediate trade area is supported by neighboring retailers such as Food Lion, Tractor Supply Co, Food City, Wendy’s, and more
• Off I-81 (35,000 VPD), providing direct on/off ramp access for users
• Equipped with a drive-thru, providing ease and convenience for customers while maximining productivity and efficiency
• Down the road from Marion High School, providing a direct consumer base from which to draw
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
2,500 SF
Building Class
B
Year Built
2022
Price
$1,965,000
Price Per SF
$786
Cap Rate
6.20%
NOI
$121,760
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.69 AC
Zoning
C1 - Commercial
AMENITIES
- 24 Hour Access
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 153-29-4 | Improvements Assessment | $345,800 |
| Land Assessment | $120,200 | Total Assessment | $466,000 |
PROPERTY TAXES
Parcel Number
153-29-4
Land Assessment
$120,200
Improvements Assessment
$345,800
Total Assessment
$466,000
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Starbucks - Marion, VA | 1209 N Main St
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