424 Us-70Havelock, NC 28532

Property Details for 424 Us-70

Year built

2023

Lot size

0.80 AC

Property size (Sq ft)

2,480 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents the fee simple ownership of a new, 2,480 square foot Starbucks located at 424 US-70 in Havelock, North Carolina (APN: 6-216 -27000). The property, built in 2023, sits on a 0.8-acre lot and boasts 23 parking spaces. This single-tenant, free-standing building features a drive-thru, a significant advantage in the fast-food sector. The property benefits from its location on a major retail thoroughfare, US Highway 70, with an average daily traffic count of 30,000 vehicles. It's strategically positioned as an outparcel to a 132,000 square foot shopping center anchored by Planet Fitness and near a Walmart Supercenter, ensuring high visibility and significant consumer traffic. Other nearby national retailers include Dollar Tree, CVS Pharmacy, and AutoZone. The 10-mile trade area encompasses a population exceeding 43,800, with an average household income of $80,981. The Starbucks lease, commencing August 1, 2023, and expiring August 31, 2033, offers a remaining term of 8.8 years with six 5-year renewal options. The lease is a triple-net (NNN) agreement with a corporate guarantee from Starbucks Corporation, minimizing landlord responsibilities. The current annual net operating income (NOI) is $122,500, representing a 6.10% cap rate and a price per square foot of $809.68. The asking price is $2,008,000. The lease includes 10% rental increases at the beginning of each option period, providing built-in protection against inflation and increasing future NOI. The property is zoned HC (Highway Commercial). This is a low-management, high-return investment opportunity with a strong tenant and excellent location.

Location Insight

City

Havelock

County

Craven

State

North Carolina

Latitude

34.9079

Longitude

-76.9346

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