3027 Covington Pike - Retail FOR SALE


Memphis, TN 38128- Raleigh
$3,100,000 USD
415-481-0788
3027 Covington Pike, Memphis, TN for Sale
$3,100,000 USD
Retail - FOR SALE
1/6
null | 6% Cap Rate

3027 Covington Pike
Memphis, TN 38128
Raleigh


HIGHLIGHTS

  • New 10.5-year corporate NN+ lease to Starbucks Corporation (NASDAQ: “SBUX”)
  • Investment-grade tenant, rated “BBB+” by Standard & Poor’s
  • Rare 1.5% annual rental increases in initial term and option periods
  • Starbucks is the world’s premier coffee company, with over 38,038 locations and $35.9 billion in annual revenue
  • Per Statista, customers go to Starbucks six times per week on average
  • Approximately 60 million Starbucks customers are served every week, while approximately four million coffee-based beverages are sold daily

OVERVIEW

This Starbucks is excellently positioned as an outparcel to Home Depot at an infill location, greatly improving the visibility of the site to passing traffic. In addition, the site has direct access to Covington Pike and Stage Road, two of the main thoroughfares in the area, benefiting from over 42,799 vehicles per day collectively. With its strategic placement and access to prominent attractions, this Starbucks promises sustained success as a focal point for community engagement and exceptional coffee experiences, making it an ideal acquisition for investors keen on tapping into Memphis’s dynamic cultural scene. The site is located in a retail-dense corridor surrounded by many other top national tenants. Both Covington Pike and Stage Road closely connect Starbucks to retailers such as The Home Depot, McDonald’s, Kroger, Mattress Firm, Marshalls, Burlington, Taco Bell, Walgreens, Sherwin-Williams, Caliber Collision, and others. The surrounding area is home to many community hubs that will drive traffic to Starbucks such as Bartlett High School (2,839 students), Craigmont High School (702 students), Craigmont Middle School (555 students), Methodist North Hospital (246 beds), and Douglass High School (546 students). Located near the heart of Memphis, Tennessee, this Starbucks retail property offers an exceptional investment opportunity. Surrounded by renowned tourist attractions like Graceland, Beale Street, and Sun Studio, the property benefits from a constant flow of visitors seeking quality coffee and refreshments. With its prime location and strong tourist traffic, this Starbucks presents a lucrative opportunity to capitalize on Memphis’s vibrant tourism industry.

FOR SALE DETAILS

PRICE

$3,100,000 USD

PRICE/SF

$1,388 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Starbucks

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Fast Food, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.27 AC

LAND SF

55,397 SF

ZONING

CMU-2

APN/PARCEL ID

08-7053-0-0054

ASK ABOUT THIS PROPERTY

Michael YurasCushman & WakefieldMore Info
415-481-0788

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Michael YurasCushman & WakefieldMore Info
415-481-0788

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.