Investment Overview

Marcus & Millichap is pleased to exclusively present this recently opened new Starbucks location, a 2,604 square foot free standing retail property in metro Roanoke which is a city in the Blue Ridge Mountains of southwest Virginia. The subject property was a former bank which has undergone an extensive build-to-suit renovation of the site and improvements at significant cost to Starbucks Corporation and a limited allowance from the Landlord. This single tenant offering is under a 10-Year Double Net (NN) lease with four ?ve year renewal options and 10% rent increases every ?ve years. Starbucks, rated BBB+ by S&P and ranked #120 on the Fortune 500, opened the store for business in late March 2022. Situated on a 1.05 acres parcel on Electric Road (VA 419) with 565 feet of frontage, this Starbucks store has excellent visibility to an average of 22,000 vehicles per day. The area re?ects strong demographics with a 5-Mile population over 113,000 and average annual household incomes of $92,000. Commercial property fundamentals are excellent with CoStar reporting vacancy of only 2.2% for retail properties in a 3-Mile radius of the property. The City of Roanoke is located midway between New York and Atlanta on Interstate 81 approximately 165 miles west of the state capital, Richmond. Roanoke is a mountain city and hub for transportation, finance, and industry as well as innovation while offering award-winning outdoor amenities, endless trails, friendly neighborhoods with character, public art, the famous Roanoke Star, museums, craft breweries, one-of-a-kind shops and restaurants, and historical attractions. The property is located just 6 miles east of downtown Roanoke and a short 9-mile drive from Roanoke-Blacksburg Regional Airport (ROA).