now open | recession resistant | cap: 5.25% year 1, 5.775% ... · now open | recession resistant |...

CONTACT:Joe BOYD | CSM/CMDoFFICE: 843.973.8283mOBILE: 843.906.7751

[email protected] Ellis Oak AvenueCharleston, SC 29412

Starbucks | outparcel to walmart supercenterNow open | recession resistant | CAP: 5.25% year 1, 5.775% year 64177 W Vernon Avenue | Kinston, NC

2,800 SFFOr Sale

Starbucks4177 W Vernon Avenue, Kinston, NC 28504

oFFICE: 843.973.8283mOBILE: 843.906.7751email: [email protected]

Joe BOYD 2

3investment summary

offering summary | investment highlights

5property overview

survey | site plan | elevations | location map | aerials

11area overview

city overview | demographics

13financials

tenant overview | rent roll

Table of Contents



Joe BOYD 3

OFFERING SUMMARYOFFERINGPRICING: $1,647,619

NET OPERATING INCOME: $86,500

CAP RATE: 5.25% ON FIRST YEAR RENT, 5.775% ON YEAR 6 RENT10 YEAR LEASE, NO KICKOUT

TENANT: STARBUCKS CORPORATION

LEASE TYPE: NN

PROPERTY SPECIFICATIONSRENTABLE AREA: 2,800 SF

LAND AREA: 0.52 ACRES

PROPERTY ADDRESS: 4177 W VERNON AVENUE, KINSTON, NC 28504

YEAR BUILT: BUILT 1992/RENOVATED 2020

PARCEL NUMBER: 28927

OWNERSHIP: FEE SIMPLE

PARKING SPACES: 21

ZONING: GC (CITY OF KINSTON)



Joe BOYD 4

Investment Highlights

essential businessonly starbucks for

20 miles

27,000 VPDHwy 70 (W Vernon Street) is a major

thoroughfare

Kinston is the county seat of Lenoir County

fortune 500company

Major Retail Area

CAPITALIZATION RATE 5.25% year 1

5.775% year 6

10 YEAR LEASENO KICKOUT

CLAUSE

surrounded by essential traffic

generators



Joe BOYD 5

property overview

27,000 VPD

firm 10 year lease; no kickout

built 1992/renovated 2020

28927

GC (CITY OF KINSTON)

vpd

parcelnumber

CO

CO

PROPOSED

STARBUCKS

COFFEE CO.

2,720 SF

(REF. ARCHITECTUAL PLANS

FOR EXACT BUILDING

DIMENSIONS)

S

S

PROPOSED

PATIO9'

19'

24.4'

R3'R2'

R5'

R15'

R28.5'

R20

'

13.5'

13.4'

R3'

R2'R2'

9'

19'

21.4'

3.1'

3.4'

R2'

R2'

22.6'

VERNON AVE

HILL FAR

M R

D

SHEFFIELD DR.

DO

DSO

N D

R

HWY. 258 NORTH

HILL FAR

M R

D

SITE

VICINITY MAPN.T.S.

PARKING INFORMATIONRESTAURANT PARKING: 1 SPACE PER 150 SF REQUIRED

19 SPACES REQUIRED

PROVIDED: 21 TOTAL SPACES

ACCESSIBLE PARKING REQ'D: 1 SPACETOTAL ACCESSIBLE PARKING PROV'D: 1 SPACE

PARKING AREA PROVIDED: 26,300 SF

HVAC NOTE:HVAC WILL BE LOCATED ON TOP OF BUILDINGS.

SITE LIGHTINGALL EXTERNAL LIGHTING PROVIDED TO BE INTERNALLYORIENTED AND NOT REFLECT OFFSITE.

SITE DATAPROJECT NAME: STARBUCKS COFFEE SITE REFURBISH (±2800 SF)SITE ADDRESS: 4177 W VERNON DRIVE, KINSTON, NC 28504PARCEL ID: 28927PIN: 4505-03-337-150PROPERTY OWNER: BJE PROPERTIES, LLCSOURCE DEED: DEED BOOK 1781, PAGE 581

ZONING: SC (SHOPPING CENTER DISTRICT)PROPOSED USE: RETAIL/RESTAURANT

DIMENSION REQUIREMENTSREQUIRED PROVIDED

FRONT SETBACK 60' 100.17'SIDE SETBACK 8' 13.62'REAR SETBACK 20' 56.75'

BUILDING INFORMATIONBUILDING USE: RESTAURANTBUILDING FOOTPRINT: APPROX. 2800 SQFTBUILDING HEIGHT: 22' PROVIDED, MAX. HEIGHT NOT SPECIFIED

IMPERVIOUS COVERAGE

EXISTING CONDITIONS SUMMARY:

PROPOSED CONDITIONS SUMMARY:

18949 SF ONSITE IMPERV3738 SF ONSITE PERV83.52% ONSITE IMPERV16.48% ONSITE PERV

18500.08 SF ONSITE IMPERV4186.92 SF ONSITE PERV81.55% ONSITE IMPERV18.45% ONSITE PERV

0 10 20 40 80

SCALE: 1"=20'

GRAPHIC SCALE

NAD

83

(201

1)(N

C G

RID

)

712 4th AVE SOUTHNASHVILLE, TN

37210(p) 615.244.8170(f) 615.244.8141

www.mjmarch.com

SITE PLAN

C2.0

1 PAINTED CONCRETE PAVEMENTREFER TO CIVIL DETAILS

1

6 AS1.11

5 AS1.3

6 AS1.11

4 AS1.3

7 AS1.1

2

10

3

3

3

4

6 AS1.3

5

4 AS1.3

6SITE KEY LEGEND

2 24" SPILL CURB & GUTTERREFER TO CIVIL DETAILS

3 4" PAINTED STRIPINGREFER TO STARBUCKS STDS.

4 CONCRETE WHEEL STOPREFER TO CIVIL DETAILS

5 ACCESSIBILITY RAMPREFER TO CIVIL DETAILS

6 AS1.1

6 EXISTING CURB CUT

7

7

7 SIDEWALKREFER TO CIVIL DETAILS

10 GREASE TRAPREFER TO PLUMBING DETAILS

11 4" SEWER CLEANOUTSREFER TO CIVIL DETAILS

12 STARBUCKS SIGNREFER TO STARBUCKS STDS.

LAWN11

FIRE HYDRANT

CENTER OFSWALE

SWALE TOP OF BANK

12

13 STORM DRAIN INLETS TO REMAIN

13

I

B

F SS

E

9-23-19

10

Starbucks4177 W Vernon Avenue, Kinston, NC 28504Site Plan

Starbucks4177 W Vernon Avenue, Kinston, NC 28504elevations

side elevation drive-thru elevation

side elevationpatio elevation


Mid Aerial

SITE

SUPERCENTER

RapidLube

27,000 VPD

Mid aerial

w. vernon avew. vernon ave

Starbucks4177 W Vernon Avenue, Kinston, NC 28504Site Aerial

SITE

RapidLube

27,000 VPD

110’

217’

Site Aerial

w. vernon avew. vernon ave

hill f

arm

rdhil

l far

m rd

Starbucks4177 W Vernon Avenue, Kinston, NC 28504LOCATION OVERVIEW


Joe BOYD 11

Starbucks 4177 W Vernon Avenue, Kinston, NC 28504city overview | kinston, nc (lenoir county)

HIGHWAY

airport

highway 70 and i-95

raleigh-durhaminternational airport

lifestyle / industries

parksNeuseway parkfairfield park

graingerstadium

BUSINESS

TOTAL BUSINESSES

lumberindustries

1213

healthcare

cultural heritagemuseum



Joe BOYD 12

30,561

$50,661

POPULATION

AVERAGE HOUSehold income

kinston, ncKinston is a city in Lenoir County, North Carolina

with a population of 30,756 as of the 2019 Census. It

has been the county seat of Lenoir County since its

formation in 1791. Kinston is located in the coastal

plains region of Eastern North Carolina. In 2009,

Kinston won the All-America City Award.

demographics2019 SUMMARY 1 Mile 3 Mile 5 Mile

PoPulation 404 7,450 30,561

HouseHolds 181 3,010 12,849

Families 119 1,921 7,900

average HouseHold size 2.22 2.35 2.30

owner occuPied Housing units 128 1,888 6,760

renter occuPied Housing units 53 1,122 6,088

median age 43.3 46.0 43.7

median HouseHold income $51,053 $41,121 $35,790

average HouseHold income $74,409 $60,554 $50,661

2024 SUMMARY 1 Mile 3 Mile 5 MilePoPulation 406 7,337 29,899

HouseHolds 182 2,962 12,566

Families 120 1,880 7,691

average HouseHold size 2.21 2.35 2.30

owner occuPied Housing units 129 1,873 6,670

renter occuPied Housing units 53 1,088 5,896

median age 43.9 46.5 44.3

median HouseHold income $55,317 $44,365 $38,116

average HouseHold income $83,770 $67,607 $56,540



Joe BOYD 13

tenant overview

Starbucks Corporation purchases and roasts high-quality whole bean coffees and sells them along with fresh,

rich-brewed, Italian style espresso beverages, a variety of pastries and confections, and coffee-related equipment

primarily through its company-operated retail stores. In addition to sales through its company-operated retail

stores, Starbucks sells whole bean coffees through a specialty sales group and supermarkets. Additionally,

Starbucks produces and sells bottled Frappuccino coffee drinks and a line of premium ice creams through its joint

venture partnerships and offers a line of innovative premium teas produced by its wholly owned subsidiary, Tazo

Tea Company. The company’s objective is to establish Starbucks as the most recognized and respected brand in

the world.

Quarter ending june 2019 history:

employees291,000

gross profit4.04 billion

market cap161.01 billion

6.823 billion in sales



Joe BOYD 14

financialsRENT ROLLTENANT NAME STARBUCKS CORPORATION

LEASE TYPE NN

PROJECT SQ FT 2,800

INITIAL LEASE TERM 10 YEAR LEASE TERM; NO KICKOUT

LEASE START JUNE 12, 2020

LEASE EXPIRATION JUNE 30, 2030

LANDLORD RESPONSIBILITIES STRUCTURAL REPAIRS (INTERIOR/EXTERIOR), PARKING AREA REPAIRS

EXTENSION OPTIONS:10 YEAR INITIAL TERM WITH A 10% RENT INCREASE STARTING IN YEAR SIX (6) AND FOUR (4) FIVE (5) YEAR OPTIONS WITH A 10% RENT INCREASE EACH OPTION.

EXT. OPTION #1 YRS. 11-15 $104,665.00

EXT. OPTION #2 YRS. 16-20 $115,131.00

EXT. OPTION #3 YRS. 21-25 $126,644.00

EXT. OPTION #4 YRS. 26-30 $139,308.00INITIAL TERM RENTAL AMOUNT

ANNUAL:

YEARS 1-5 $86,500

YEARS 6-10 $95,150

MONTHLY:

YEARS 1-5 $7,208.33

YEARS 6-10 $7,929.16

PER SF:

YEARS 1-5 $30.89

YEARS 6-10 $33.98

PRICE SUMMARYPRICE $1,647,619

CAP RATE 5.25% 1ST YEAR RENT5.775% YEAR 6 RENT

NOI $86,500.00

now open | recession resistant | cap: 5.25% year 1, 5.775% ... · now open | recession resistant |...

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