Property Details for 424 Us-70

Year built

2023

Lot size

0.80 lot acres

Property size

2,480 SF

Property type

Retail properties & Spaces

Property subtype

Restaurants

Description

This exceptional investment opportunity presents the fee simple ownership of a new, 2,480 square foot Starbucks located at 424 US-70 in Havelock, North Carolina (APN: 6-216 -27000). The property, built in 2023, sits on a 0.8-acre lot and boasts 23 parking spaces. This single-tenant, free-standing building features a drive-thru, a significant advantage in the fast-food sector. The property benefits from its location on a major retail thoroughfare, US Highway 70, with an average daily traffic count of 30,000 vehicles. It's strategically positioned as an outparcel to a 132,000 square foot shopping center anchored by Planet Fitness and near a Walmart Supercenter, ensuring high visibility and significant consumer traffic. Other nearby national retailers include Dollar Tree, CVS Pharmacy, and AutoZone. The 10-mile trade area encompasses a population exceeding 43,800, with an average household income of $80,981. The Starbucks lease, commencing August 1, 2023, and expiring August 31, 2033, offers a remaining term of 8.8 years with six 5-year renewal options. The lease is a triple-net (NNN) agreement with a corporate guarantee from Starbucks Corporation, minimizing landlord responsibilities. The current annual net operating income (NOI) is $122,500, representing a 6.10% cap rate and a price per square foot of $809.68. The asking price is $2,008,000. The lease includes 10% rental increases at the beginning of each option period, providing built-in protection against inflation and increasing future NOI. The property is zoned HC (Highway Commercial). This is a low-management, high-return investment opportunity with a strong tenant and excellent location.

Location Insight

City

Havelock

County

Craven

State

North Carolina

Longitude

-76.9346

Latitude

34.9079