113 Ten Mile Rd Meridian, ID 83642

Property Details for 113 Ten Mile Rd

Year built

2023

Lot size

0.85 lot acres

Property size

2,300 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a 2,300 square foot, newly constructed (2023) Starbucks located at 113 S Ten Mile Rd, Meridian, ID 83642. The property sits on a 0.85-acre lot within the thriving Discovery mixed-use development, boasting 559 residential units and 166,425 square feet of additional retail and office space. This prime location benefits from its proximity to Idaho State University (3.5 miles), a strong demographic base (154,513 residents within a 5-mile radius with an average household income of $119,651), and significant projected income growth in the surrounding area. The 10-year net lease (NN+) with Starbucks Corporation, a credit-rated tenant with a corporate guarantee, includes 10% rental increases every five years, ensuring a stable and appreciating asset. The lease commenced October 20, 2023, and expires February 28, 2034. The property features a dual-lane drive-thru and patio seating, maximizing customer convenience. Its high-visibility location along South Ten Mile Road (32,000 AADT) and excellent access to Interstate 84 (136,000 AADT) guarantee significant traffic exposure. The property offers a 4.75% cap rate and a current NOI of $145,000, making it an attractive investment opportunity for a 1031 exchange. The asking price is $3,053,000. This is a truly exceptional opportunity to acquire a trophy asset in a high-growth market.