Cap Rate: 4.65%
Net Operating Income: $48,616.00
Year Built: 2004
Lot Size: 0.09 AC
The subject offering is a fee simple interest in a net leased Starbucks. The ten year lease calls for minimal landlord obligations. The subject property is well situated on a major commercial thoroughfare, surrounded by major national retailers including Walgreens and Baskin Robbins. The lease calls for 10% increases in rent every five years, including at both options. The tenant has a one time early termination right after the 3rd year of the lease; should tenant exercise this termination right, they shall be responsible for paying a $50,000 termination fee.
Tacoma is a mid-sized urban port city and the county seat of Pierce County, Washington. The city is on Washington’s Puget Sound, 32 miles southwest of Seattle (of which it is the largest satellite city), 31 miles northeast of the state capital, Olympia, and 58 miles northwest of Mount Rainier National Park. The population was 198,397, according to the 2010 census. Tacoma is the second-largest city in the Puget Sound area and the third largest in the state. Tacoma also serves as the center of business activity for the South Sound region, which has a population of around 1 million.