6032 16th St Phoenix, AZ 85042-4465

Property Details for 6032 16th St

Lot size

0.60 lot acres

Zone code

C-R

Property type

Commercial land

APN

114-29-099

APU

11429099

Description

This exceptional investment opportunity presents a fee-simple owned, 2,400 square foot Starbucks located at 6032 S 16th St, Phoenix, AZ 85042. The property boasts a brand-new, 10-year net lease with a corporate guarantee from Starbucks (NASDAQ: SBUX), featuring a 10% rent increase every five years and four, five-year lease options. Built in 2024, this single-story building sits on a 0.6-acre lot and is part of a grocery-anchored center with a recently remodeled Safeway. The high-traffic location, with over 60,000 vehicles passing daily, offers excellent street-front visibility on a major thoroughfare. Benefiting from proximity to South Mountain Community College and South Mountain High School, and just a short drive from Downtown Phoenix and I-17, this property is situated in a densely populated area (225,000 within a 5-mile radius) within one of the fastest-growing counties in the US. The property's strong financials include a $3,636,147 asking price, a 5.30% cap rate, and a net operating income (NOI) of $192,716. This is a rare opportunity to acquire a low-management, high-return investment with a blue-chip tenant in a prime location. The property features a unique "farmhouse" design and is one of Starbucks' first double drive-thru locations in Arizona. Air rights are included, totaling 2,400 square feet.