Starbucks - Hickory, NC | 204 US Highway 321 NW
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Starbucks - Hickory, NC 204 US Highway 321 NW
3,188 SF Retail Building Hickory, NC 28601 $2,685,000 ($842/SF) 5.40% Cap Rate
Executive Summary
• The tenant, Starbucks, has over 11 years remaining on its current lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site
• 2023 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 39,000 stores
• The lease features 5% rental increases at the beginning of each option, generating NOI and providing an adequate hedge against inflation
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof, structure, foundation, and electrical systems
• Ideal, low-management investment for a passive investor
• For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally
• The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed
• Starbucks’ CEO said, “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.”
• Fiscal year 2023:
• Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
• North America and U.S. comparable store sales increased 9%, driven by a
6% increase in average ticket and 3% increase in comparable transactions
• International comparable store sales increased 5%, driven by a 5% increase in comparable transactions
• Starbucks is ideally located at the signalized intersection of US Highway 321 and 2nd Avenue NW averaging a combined 52,300 VPD
• The immediate trade area is supported by surrounding retailers such as McDonald’s, Dunkin’, Walmart Neighborhood Center, Wendy’s, and more
• The site is equipped with a double drive-thru lane, allowing for Starbucks to maximize efficiency and productivity at this location
• More than 159,000 residents and 6,400 employees support trade area
• $86,722 average household income
• 2023 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 39,000 stores
• The lease features 5% rental increases at the beginning of each option, generating NOI and providing an adequate hedge against inflation
• Tenant pays for taxes, insurance and maintains most aspects of the premises
• Limited landlord responsibilities to roof, structure, foundation, and electrical systems
• Ideal, low-management investment for a passive investor
• For Q4 2023, net revenues were up 11% to a record $9.4B, while comparable store sales were up 8% globally, 8% in North America, and 5% internationally
• The company opened 816 net new stores in Q4 2023, ending the period with 38,038 stores: 52% company-operated and 48% licensed
• Starbucks’ CEO said, “We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance.”
• Fiscal year 2023:
• Global comparable store sales increased 8%, driven by a 5% increase in average ticket and 3% increase in comparable transactions
• North America and U.S. comparable store sales increased 9%, driven by a
6% increase in average ticket and 3% increase in comparable transactions
• International comparable store sales increased 5%, driven by a 5% increase in comparable transactions
• Starbucks is ideally located at the signalized intersection of US Highway 321 and 2nd Avenue NW averaging a combined 52,300 VPD
• The immediate trade area is supported by surrounding retailers such as McDonald’s, Dunkin’, Walmart Neighborhood Center, Wendy’s, and more
• The site is equipped with a double drive-thru lane, allowing for Starbucks to maximize efficiency and productivity at this location
• More than 159,000 residents and 6,400 employees support trade area
• $86,722 average household income
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
3,188 SF
Building Class
C
Year Built
2023
Price
$2,685,000
Price Per SF
$842
Cap Rate
5.40%
NOI
$145,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Lot Size
1.53 AC
Zoning
C-2
Parking
30 Spaces (13.64 Spaces per 1,000 SF Leased)
Frontage
291 FT on U.S. 321
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 2793208029790000 | Improvements Assessment | $966,900 |
| Land Assessment | $351,600 | Total Assessment | $1,318,500 |
PROPERTY TAXES
Parcel Number
2793208029790000
Land Assessment
$351,600
Improvements Assessment
$966,900
Total Assessment
$1,318,500
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Starbucks - Hickory, NC | 204 US Highway 321 NW
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