Starbucks

Dover | Ohio

Offering Summary

  • Status: active
  • Price: $2,166,000
  • Cap Rate: 6.00%
  • GLA: 930 SF
  • Net Operating Income: $130,000
  • Year(s) Built: 2023
  • Lot Size (Acres): 0.64
  • Lease Type: Double Net
  • 2023-Built Starbucks Drive-thru Only Store with 8.5 Years Remaining in Dover, OH
  • Strong Sales of $2M+ Reported Verbally (Contact Broker); Outstanding Sales Volume for Drive-thru Only Store Type
    • Subject Property Sees Higher Sales Volume than the Majority of Starbucks Typical Larger Format Stores, Many of which have Higher Occupancy Costs
  • Top-Tier Performance Rankings – Ranked in the Top 14% of all Starbucks Nationally and Top 18% in Ohio with 410K Annual Customer Visits
  • One of Only Two Starbucks in a Market with a Population of 93,000
    • Constructed by Same Developer of 1st Starbucks In-Market which is an Inline Strip Center Endcap w/ Drive-thru in New Philadelphia, OH that Opened in 2017
    • Other Starbucks in Market is the #1 Ranked Starbucks in Ohio and the #30 Ranked Starbucks in the Entire U.S. with 675K Annual Customer Visits; Located 4.5 Miles South of Subject
    • Subject Store Purposefully Located to Take Advantage of Large Gap in Market
  • Subject Property Captured Very Rare 100% Net New Sales for Starbucks in Market – Zero Cannibalization of Sales at Other SBUX in Market
    • No Inner-Chain Competition – Subject Property Effectively Does Not Compete at All with Other Starbucks in Market
  • Highly Successful Tertiary Market for Starbucks – Just 2 Stores Combined Produce Nearly 1 Million Annual Customer Visits and
  • Estimated Sales of $5-6 Million in Market on a Total Base Rent Factor of Only $193K Annually
  • Very Low Competition Market for Starbucks – Only Other National Coffee Chain in 93,000-Person Market is a Biggby Coffee (Opened
  • 2021 and located within Walking Distance of New Philadelphia SBUX)
    • No Other National Coffee Chains within a 4-Mile Radius of Subject Property
  • Highway-Exit Location: Just 0.25-Mile from I-77 Exit Ramps (39,266 VPD)
  • “Starbucks Corporation” Lessee Entity – Publicly-Traded (NYSE: SBUX) #1 Global Coffee Chain with $111 Billion Market Cap & Investment-Grade S&P “BBB+” Credit
  • 10% Rent Increase in 2028 and in Each Option
  • Outparcel to Buehler’s Grocery Store (Regional, 14 Locations) and Amongst Pocket of Significant Recent Development Incl. Cleveland Clinic, First Federal Community Bank, Novogradac, and Upscale Housing
  • High-Quality Construction: Masonry & Composite Exterior, 100% Concrete Parking Lot & Drives, and Long Drive-thru Queue
  • Strong Incomes & Population Density: $93,500/1-Mile AHHI and 33,400/5-Mi Population
  • Dover-New Philadelphia MSA was Ranked #16 out of the Top 100 Micropolitan Markets in U.S. in 2023 by Site Selection Magazine based on Overall Business-Friendly Climate, Diversified Economy & Growth Trajectory
  • Dover is Just 20 Minutes South of Canton, OH and Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million
EXCLUSIVELY LISTED BY:

Nick LiBassi

Business Manager / Senior Associate