1359 Garnet Avenue
San Diego (Pacific Beach), CA 92109
Price: $3,350,835Cap Rate: 3.75%NOI: $125,656Building SF: 1,535 SFLot Size: 9,374 SFYear Built: 1979Status: Under Contract
Rare Southern California Beach Community Investment
- The subject property is ideally located in the San Diego Beach community of Pacific Beach and is one of only a few drive thru properties located along Garnet Avenue.
Corporately Guaranteed Long-Term Lease
- The lease is guaranteed by Starbucks Corp., an investment grade tenant rated “A-” by Standard & Poors.
- There are 9 years left on the current option period
Well Located on Major Thoroughfare with High Pedestrian and Traffic Counts
- The property benefits from its location along Garnet Avenue, the major thoroughfare through Pacific Beach.
- Ideally located among a number of national restaurants and retailers. Located just 6 blocks from the beach, the property benefits from high pedestrian traffic throughout the year.
Newly Renewed Lease
- Last year, Starbucks exercised a 10-year option even though they were only obligated to a 5-year options, showing their dedication to the site.
- Upon exercising the above mentioned lease extension, Starbucks remodeled the subject property at their expense showing further long term dedication to this location.
- Starbucks benefits from the densely populated Pacific Beach with nearly 275,000 people in the 5-mile radius.
- High Average Household Incomes of $90,799, ideal demographics for Starbucks.