Current Use by Public Records
- Starbucks / Cafe & Coffee Shop
Property Details for 916 Van Ave
- Year built
- 2024
- Lot size
- 0.73 lot acres
- Property type
- Retail properties & Spaces
Description
This exceptional investment opportunity presents a fee-simple ownership of a Starbucks located at 916 Van Ave, Daphne, AL 36526. The property boasts a 2,500 square foot building on a 0.73-acre lot, constructed in 2024. It features a drive-thru and ample parking (27 spaces). The property benefits from a prime location at a signalized, hard corner intersection of US Hwy 98 and Van Ave, averaging 34,900 vehicles per day. Surrounding retailers include Target, Chick-fil-A, and Chipotle, ensuring high visibility and traffic. The 10-year lease (commencing June 28, 2024, and expiring June 30, 2034) with a credit-rated Starbucks tenant offers a strong, stable income stream. The lease is a Net Lease (NN), minimizing landlord responsibilities to roof, structure, foundation, utility lines, and parking lot capital repairs. The tenant covers CAM, taxes, and insurance. Rent increases by 5% every 5 years, and six 5-year lease options are included. The property's Net Operating Income (NOI) is $224,928, resulting in a 6.00% cap rate. This is a management-free investment opportunity in a state with no state income tax, making it an ideal addition to any passive investment portfolio. The property's strategic location, strong tenant, and favorable lease terms make this a compelling investment prospect. The asking price is $3,749,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Daphne
- County
- Baldwin
- State
- Alabama
- Longitude
- -87.899
- Latitude
- 30.5979
