Starbucks

Tenant

Starbucks

Location

Rochester , NY

Price

$868,400

CAP Rate

6.50%

NOI

$56,446

Lease Term

7+ Years

Occupancy

100%

Building Size

2,875

Property Type

Single Tenant

Year Built

1920/2012

Lot Size

0.13

Status

Closed

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • Paying Full Rent Through COVID | NO Rent Concessions or Abatement
  • NN Corporately Guaranteed Lease
  • Investment Grade Tenant | BBB+ (S&P)
  • Excellent Demographics | Over 300,000 People in Five Miles
  • 10% Rent Increases in each Option Period
  • Long Term Historical Occupancy | Starbucks has Operated at this Location since 1997
  • Increased Mobile Order Pick-Up Strategy | Second Entrance for Mobile Pick-Up Customers
  • Located 0.2 Miles from I-490 Exit 18 | 94,640 VPD

The Iacono Team at Marcus and Millichap is pleased to exclusively present a Starbucks in Rochester, NY. The property is subject to a NN corporately guaranteed lease. There are 7.4 years remaining on the base term and two five-year option periods available. The lease calls for rental increases of 10% in each option period. Starbucks has been operating at this location since 1997. The sloped roof was re-shingled in the Summer of 2007 with a fifty-year architectural shingle. The flat roof was replaced completely in Summer 2007. The property has non-exclusive access to all parking spaces in the city managed parking lot behind the building. Starbucks has been paying full rent at this location for the entirety of the COVID-19 shutdown. Since re-opening after COVID, the store has increased their focus on mobile ordering. The store has two entrances allowing for optimal traffic flow for mobile pick-ups and walk-ins.

Starbucks is an American based global coffee company based in Seattle, WA. Starbucks is the largest coffeehouse company in the world with more than 31,000 locations across 78 countries. Since its founding in 1971, Starbucks has grown into a global public company that ranks #132 on the Fortune 500 list.

The subject property is located in Downtown Rochester near many national and local tenants. National tenants nearby include Walgreens, 7-Eleven, Chase Bank, Subway, McDonald’s and more. Starbucks is located only 0.2 miles off Interstate 490 which has an average of 94,650 vehicles per day. Downtown Rochester is the fastest growing area in the region with over $2.5 billion dollars invested since 2000. Over $770 million is being invested in Downtown in 2020 by both the public and private sector. World-class festivals, museums, concerts, sporting events, and food options draw in more than five million annual visitors.  Since 2000, 59 commercial buildings have been converted into residential and mixed use and 13 new residential projects have been built. The area is very densely populated with more than 300,000 people residing within five miles.