Overview
Starbucks presents an exceptional investment opportunity, benefiting from a phenomenal ‘story’ with Starbucks relocating to this site in 2016 from a neighboring in-line store location, recently exercising an early five-year option providing six years of lease term remaining, completing an extensive store remodel in 2023 at the Tenant’s costs, and a 10% rental increase in May 2026 increasing the going-in yield approximately 60 basis points. Located on a prime corner parcel at the intersection of 4th Ave W and 128th St SW in Everett, the asset is strategically positioned and sees ample consumer foot traffic and vehicle traffic counts in excess of 50,000 cars per day. This opportunity offers ease of management, and strong growth potential, and stands as a prime acquisition for investors looking for a high-quality, secure, and growth-oriented real estate asset.
Investment Highlights
HIGH-QUALITY PHYSICAL PLANT
- The Tenant relocated to this site in 2016 and completed a full store remodel in 2023 at the Tenant’s cost, substantiating their commitment to the site and location.
EARLY LEASE EXTENSION
- The Tenant executed their option early and a 10% rental increase will take place in May 2026, moving the going-in cap rate approximately 60 basis points.
STRONG HISTORICAL OCCUPANCY
- This has operated as a successful Starbucks location since 2016, featuring over 8 years of historical occupancy.
STRONG SITE VISITS
- Placer.ai ranks this location in the top 13% in Washington State and top 30% in the country for total visits for Starbucks locations. (data collected on last full 12-months).
FREE-STANDING SINGLE TENANT DRIVE THRU
- The offering presents a rare opportunity to acquire a single-tenant drive-thru on a highly sought after corner location and contributes to the already desirable site.
CORPORATE GUARANTEED LEASE
- The lease has a corporate guarantee with Starbucks, providing strong investment grade credit from a leading nationally recognized company.
EXCELLENT LOCATION
- The Property is a free-standing pad on a prime corner parcel within a strong retail node of Everett.
- Neighboring national credit retailers include Safeway, McDonald’s, Taco Bell, Taco Time, Dairy Queen, and Dollar Tree.
- The Property is located in close proximity to a major 1-5 interchange at the intersection of the highly trafficked 4th Ave W and 128th St., with over 50,000 vehicles per day.
- Sound Transit is in the midst of planning the Everett Link Extension that will add 16 miles of light rail and will connect Snohomish County residents to the regional light rail network. There are two potential station sites both located within a half mile of Starbucks. The asset will see a significant increase in consumer foot traffic and vehicular traffic once the extension is completed in late 2030.
HIGH-GROWTH TRADE AREA
- The site is embedded within a dynamic and high-growth trade area. Within a 3-mile radius of the site, there are 160,000 people and the average household income is nearly $150,000.
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