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860 Monroe Ave, Rochester, NY 14607, USA

Sales Price: $868,400

Tenant: Starbucks

Lease Type: NN

Price Per SF: $302

Cap Rate: 6.50%

Selling Agent: David O'Keefe

NN-LEASED STARBUCKS ACQUIRED AT A 6.50% CAP RATE

December 2, 2020

Just closed at a strong 6.50% cap rate! We recently assisted our client in identifying an attractive 1031 exchange upleg: a NN-leased corporate Starbucks in the densely populated and growing city of Rochester, NY. This asset stood out for its reliable long-term tenant: Starbucks has occupied this store since 1997, invested in substantial roof improvements in 2007, and recently put $150K into this location. The lease has over seven years remaining, two five-year options, and 10% rent increases at each option. This property is located at 680 Monroe Avenue just off Interstate 490 and was acquired for $868,400. For more information, please contact David O’Keefe at David.O'Keefe@MarcusMillichap.com.