W Ridge Rd | Erie, PA 16506
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W Ridge Rd
Erie, PA 16506
Starbucks · Retail Property For Sale
Investment Highlights
- 10-year corporate net lease to Starbucks Corporation (NASDAQ: “SBUX”)
- 10% rental increases every five years in initial term and option periods
- Starbucks Corporation is the world’s premier coffee company, with over 38,000 locations worldwide and $36B in annual revenue
- Rare “Tenant-Maintain” lease structure
- Investment-grade tenant, rated “BBB+” by Standard & Poor’s
- Per Statista, customers go to Starbucks six times per week on average
Executive Summary
This Starbucks is positioned along West Ridge Road with direct visibility access to more than 19,000 vehicles per day directly in front of the property. This site is directly adjacent to Erie International Airport (100,000+ 2023 passengers). Excellent annual average household income of $120,754 within a three-mile radius. Located near highly attended Erie schools, including McDowell Senior High School, Walnut Creek Middle School, and Asbury Elementary School (combined 3,193 students). This new Starbucks is located near strong local traffic drivers including Walmart Supercenter, Lowe’s, Wegmans, PNC Bank, Five Guys, Chick-fil-A, Dollar General, Applebee’s, ALDI, Sheetz, and many others. This new Starbucks is located near strong local traffic drivers including Walmart Supercenter, Lowe’s, Wegmans, PNC Bank, Five Guys, Chick-fil-A, Dollar General, Applebee’s, ALDI, Sheetz, and many others. The property is a new, high quality 2024 construction built to Starbucks’ latest prototype and featuring a dedicated drive-thru for added customer convenience.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
2,400 SF
Building Class
B
Year Built
2024
Price
$2,400,000
Price Per SF
$1,000
Cap Rate
6.15%
NOI
$147,600
Tenancy
Single
Building Height
1 Story
Building FAR
0.03
Lot Size
1.79 AC
Parking
26 Spaces (10.83 Spaces per 1,000 SF Leased)
Amenities
- Drive Thru
PROPERTY TAXES
| Parcel Number | 33-042-230.1-001.01 | Improvements Assessment | $0 |
| Land Assessment | $249,000 | Total Assessment | $249,000 |
PROPERTY TAXES
Parcel Number
33-042-230.1-001.01
Land Assessment
$249,000
Improvements Assessment
$0
Total Assessment
$249,000
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