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Starbucks, Santa Cruz, CA

Starbucks

Santa Cruz, California

Price $5,100,000
Cap Rate 4.85%
NOI $247,500
Lease Term 10 Years With 4+ Years Remaining
Lease Type Net, With Tenant Responsible For Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increase In Year 6, And 6% Rental Increases In Option Periods
Year Built 2017
Building Size 2,179 SF
Lot Size 0.36 Acres (15,680 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

HIGH-QUALITY, INVESTMENT GRADE SINGLE-TENANT ASSET
» 10-year net lease to Starbucks Corporation with four five-year option periods
» Scheduled rental increases every five years in option periods
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 33,833 locations and $29.1 billion in annual revenue

HIGH-TRAFFIC LOCATION AT KEY GATEWAY INTERSECTION
» Located at the signalized hard corner of Ocean Street and Water Street, with excellent visibility and access—including a dedicated right turn lane on Water Street—to 63,628 vehicles per day
» Ocean Street serves as the primary corridor that brings visitors to the beach from Highway 17, which is the main route north to San Jose and the rest of the San Francisco Bay Area
» Water Street leads to Santa Cruz’s vibrant downtown
» Surrounded by a strong mix of local and national retailers, commercial businesses, and tourist oriented shops and hotels

LARGE, AFFLUENT CUSTOMER BASE
» Located within walking distance of downtown Santa Cruz and just over a mile from attractions like the Santa Cruz Beach Boardwalk, the Santa Cruz Wharf, and Seabright State Beach, which are popular draws for both local residents and Santa Cruz’s 4 million annual visitors
» Just steps from the Santa Cruz Governmental Center, which houses over 2,200 city and county employees
» 123,062 residents with an average household income of $143,969 live within five miles of the property

NEW 2017 “CALIFORNIA MODERN” UPGRADED CONSTRUCTION
» Upgraded “California Modern” exterior featuring abstract mural pained by a local artist
» Includes bike racks and lockers to serve Santa Cruz’s large population of students and bike commuters
» Two walls of floor-to-ceiling windows and ample outdoor seating
» 27.5-foot tall building with the potential to be retrofitted in the future with a second floor for one or two rental units


Property Description

» Located at the signalized hard corner of Ocean Street and Water Street, with excellent visibility and access—including a dedicated right turn lane on Water Street—to 63,628 vehicles per day directly in front of the property
» Ocean Street serves as the primary corridor that brings visitors to the beach from Highway 17, which is the main route north to San Jose and the rest of the San Francisco Bay Area. Water Street leads to Santa Cruz’s vibrant downtown, located less than half a mile away
» Additionally, the property—which includes bike racks and lockers to serve Santa Cruz’s large population of students and bike commuters—is steps away from the Santa Cruz Governmental Center, which houses over 2,200 city and county employees
» Within walking distance of downtown Santa Cruz and is just over a mile from attractions like the Santa Cruz Beach Boardwalk, the Santa Cruz Wharf, and Seabright State Beach, which are popular draws for both local residents and Santa Cruz’s 4 million annual visitors
» Furthermore, the property is supported by a large, affluent customer base; 123,062 residents with an average household income of $143,969 live within five miles of the property

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