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: |
10/31/2023 |
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.
|
Current Tenants
| Tenant Business Name |
Starubucks |
| Website URL |
www.starbucks.com |
| 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 |
| Zoning: |
COMMERCIAL |
| 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 |
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 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither Kentucky Commercial Real Estate Alliance nor
Moody's assume any liability for errors or omissions.
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