Starbucks | 1797 W Hillsborough Ave
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Starbucks 1797 W Hillsborough Ave
2,503 SF Retail Building Tampa, FL 33603 $4,000,000 ($1,598/SF) 5.25% Cap Rate
Investment Highlights
- The asset is located on Hillsborough Ave, a primary thoroughfare in Tampa, FL with an AADT of 54,500.
- Tenant pays for taxes, insurance, and maintains all aspects of the premises.
- Brand new construction (2024) decreases the likelihood of capital expenditures needed to be made by Landlord.
- Brand-new, NN+, 10-year lease with six (6) 5-year options to extend, demonstrating their long-term commitment to the site.
- Landlord is responsible for roof, structure, parking lot paving, and utility systems.
- The lease is a corporate lease with Starbucks Corporation.
Executive Summary
RIPCO Real Estate is pleased to offer for sale 1797 W Hillsborough Avenue, a 2,503 SF Starbucks recently constructed on the northeast corner of W Hillsborough Ave and N Albany Ave in Tampa, FL. The property has a brand-new, NN+, 10-year lease with six (6) 5-year options to extend with Starbucks Corporation (S&P: BBB+), demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the original term and at the beginning of each option period, growing NOI and hedging against inflation. This stretch of W Hillsborough Ave where the property is located has an AADT of 54,500. Within 1 mile of 1797 W Hillsborough Ave, there is a population of 14,423 and an average household income of $82,411.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a newly-constructed retail building, a brand-new long-term lease with a strong national tenant, 10% rental increases every 5 years to hedge against inflation, and located in a state without state income tax.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, a newly-constructed retail building, a brand-new long-term lease with a strong national tenant, 10% rental increases every 5 years to hedge against inflation, and located in a state without state income tax.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
2,503 SF
Building Class
C
Year Built
2024
Price
$4,000,000
Price Per SF
$1,598
Cap Rate
5.25%
NOI
$210,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.84 AC
Zoning
CI
Frontage
180 FT on West Hillsborough Avenue
Amenities
- Pylon Sign
Walk Score ®
Very Walkable (74)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | A-35-28-18-3H0-000009-00020.0 | Improvements Assessment | $227,381 |
| Land Assessment | $373,301 | Total Assessment | $600,682 |
PROPERTY TAXES
Parcel Number
A-35-28-18-3H0-000009-00020.0
Land Assessment
$373,301
Improvements Assessment
$227,381
Total Assessment
$600,682
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Starbucks | 1797 W Hillsborough Ave
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