1685 Us-1 St. Augustine, FL 32084
- Retail properties
- 0.85 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1685 Us-1
- Year built
- 2019
- Lot size
- 0.85 lot acres
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 3,200 square foot Starbucks located at 1685 US Highway 1 S in St. Augustine, Florida. The property sits on a 0.85-acre lot and boasts a brand-new, Net Lease agreement with Starbucks Corporation (S&P: BBB+), a credit-rated tenant with a corporate guarantee. The 10-year lease commenced December 15, 2023, and includes six five-year renewal options, providing a secure investment with over nine years remaining on the initial term. Rent increases by 10% every five years, effectively hedging against inflation. The property, originally built in 2019, underwent renovations by Starbucks in 2023, showcasing their long-term commitment. The property generates a strong Net Operating Income (NOI) of $181,000, resulting in a 5.25% cap rate. This prime location benefits from high traffic counts on US Highway 1 (AADT 36,500) and SR 312 (AADT 28,000), surrounded by other national retailers including Publix, Home Depot, Lowe's, Walmart, Chick-fil-A, and JP Morgan Chase. The property offers cross-access to the adjacent Seabridge Square Shopping Center. This is a rare opportunity to acquire a low-maintenance, high-return investment in a desirable location within a state without state income tax. The property offers minimal landlord responsibilities and significant long-term growth potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Augustine
- County
- St. Johns
- State
- Florida
- Longitude
- -81.3239
- Latitude
- 29.8709
