For Sale
$3,053,000

113 Ten Mile RdMeridian, ID 83642

High-growth market; 10-year net lease.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 2,300 square foot, newly constructed (2023) Starbucks located at 113 S Ten Mile Rd, Meridian, ID 83642. The property sits on a 0.85-acre lot within the thriving Discovery mixed-use development, boasting 559 residential units and 166,425 square feet of additional retail and office space. This prime location benefits from its proximity to Idaho State University (3.5 miles), a strong demographic base (154,513 residents within a 5-mile radius with an average household income of $119,651), and significant projected income growth in the surrounding area. The 10-year net lease (NN+) with Starbucks Corporation, a credit-rated tenant with a corporate guarantee, includes 10% rental increases every five years, ensuring a stable and appreciating asset. The lease commenced October 20, 2023, and expires February 28, 2034. The property features a dual-lane drive-thru and patio seating, maximizing customer convenience. Its high-visibility location along South Ten Mile Road (32,000 AADT) and excellent access to Interstate 84 (136,000 AADT) guarantee significant traffic exposure. The property offers a 4.75% cap rate and a current NOI of $145,000, making it an attractive investment opportunity for a 1031 exchange. The asking price is $3,053,000. This is a truly exceptional opportunity to acquire a trophy asset in a high-growth market.

Highlights

  • $3,053,000 asking price for a Starbucks net lease property.
  • 10-year net lease (NN+) with a credit-rated corporate guarantee.
  • 2,300 square feet, built in 2023, located on a 0.85-acre lot in Meridian, Idaho.
  • 4.75% cap rate with a $145,000 NOI.
  • Located in the Discovery mixed-use development, near residential and commercial properties, and Idaho State University.

Property Details for 113 Ten Mile Rd

Property type
Retail properties, Retail space
Square Feet
2,300 SF
Year Built
2023
Lot Size (sq. ft)
37,026 SF

Location Insight

City
Meridian
County
Ada
State
Idaho
Latitude
43.60326537
Longitude
-116.4338543
113 Ten Mile Rd, Meridian, Idaho

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113 Ten Mile Rd
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