Standalone Starbucks Offering - Northside Crossing

Retail-Commercial for Sale
Catylist Listing ID: 30850986
Property Subtypes: Free-Standing Building, Restaurant, Street Retail
Building Size (RSF): 2,200 SF
Gross Building Area: See Agent
Gross Land Area: 1.12 Acres
Sale Price: $2,419,000
Unit Price: $1,099 PSF
Is Quick-Service Restaurant? Yes
Has Drive-Thru? Yes
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: 5.0%
Average Occupancy Rate: 100
Last Updated: 4/1/2024

Overview / Comments

Qualified investors are extended the opportunity to acquire a 100.0% fee simple interest in a newly constructed NNN lease Starbucks in north-eastern New Albany, IN (Floyd County), one of the city’s most affluent and fastest growing commercial and residential corridors. The initial lease term for the new Starbucks is ten (10) years with four (4) five (5) year extension terms.
The property is part of a 6-acre multi-tenant retail development fronting Charlestown Road (Hwy 311), a four lane north-south thoroughfare that intersects at I-265 at a full exchange. Starbucks is positioned at the corner of Charlestown Road & Northside Drive with excellent access and exposure to the main thoroughfare. The intersection is anchored by Meijer’s, Regal Cinemas, and Northside Christian Church, one of the largest churches in the MSA with over 10,000 members.
Most of new retail construction within Floyd County over the past 10 years has occurred along Charlestown Road, and as a result this area has become the preeminent commercial hub of Floyd County, due in large part to its accessibility and strong neighborhood demographics. New Albany is also home to several large Business and Industrial parks and Indiana University Southeast. The university currently has 800 employees and an enrollment of 6,200 students.

Attachments & Media

Current Tenants

Tenant Business Name Starubucks
Website URL
Is Renting? Yes
SF of Space Occupied 2,200 SF
Current Rent $121,000 PSF (Annual)
Escalations Years 6-10: $133,100.00 | $60.50 PSF
Options Years 11-15: $146,410.00 | $66.55 PSF Years 16-20: $161,062.50 | $73.21 PSF Years 21-25: $177,166.00 | $80.53 PSF Years 26-30: $194,876.00 | $88.58 PSF

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-08-500-062.001-007
Retail Clientele: General, Family, Business, Traveler
Property Located Between: Charlestown Road & I-265
Property Visibility: Excellent
Largest Nearby Street: Charlestown Road
Traffic/Vehicle Count: 30,000
Highway Access: Located less than .5 miles from Interstate 265
Area Description: The surrounding neighborhoods boast a strong residential base with attractive household income levels with average household incomes of $105,000 within 3 miles.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,200 SF
Property Condition: Excellent
Year Built: 2023
Total Parking Spaces: 50
Parking Type: Surface
Part of Planned Development?: Yes

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,666 45,049 110,300
Median Age: 37.75 39.33 38.13
Households: 3,076 18,299 45,535


Photograph of Listing Agent

Justin R Phelps

Hogan Real Estate KCREA Member
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