1011 Piney Frst Rd Danville, VA 24540-1507

Property Details for 1011 Piney Frst Rd

Lot size

1.29 lot acres

Zone code

HIGHWAY RETAIL COMM

Property type

Turn key restaurants

APN

53732

APU

53732

Description

This exceptional investment opportunity presents a fee-simple ownership of a newly constructed (2022) Starbucks located at 1011 Piney Forest Rd, Danville, VA 24540. The 2,517 square foot building sits on a 1.28-acre lot and boasts a double drive-thru, strategically positioned on a road averaging 31,000 vehicles per day. The property benefits from a strong 13.3-year remaining lease term (expiring 02/28/2038) with a credit-rated, corporate-guaranteed tenant (Starbucks). The lease includes six 5-year renewal options and features a 10% rent increase every five years, ensuring consistent income growth. The current annual net operating income (NOI) is $129,729, resulting in a 6.21% cap rate and a price per square foot of $830.35. The property's high-quality construction and prime location, supported by a robust trade area with over 49,000 residents and 27,000 employees within a 5-mile radius and an average household income of $60,725 within 1 mile, contribute to its exceptional investment potential. The tenant pays taxes and insurance, minimizing landlord responsibilities to roof and structure maintenance, making this an ideal low-management investment. Starbucks' strong financial performance, with Q4 2023 net revenues up 11% to a record $9.4B and comparable store sales up 8% globally, further underscores the stability and growth potential of this asset. The lease commenced on December 2, 2022.