A brand-new Starbucks drive-thru, 9 years left on an absolute NNN lease.
| Purchase Price | Cap Rate | Year-1 NOI | Lease Term Left | Investor Check |
|---|---|---|---|---|
| $2,450,000 | 6.75% | $165,375 | 9 yrs | $857,500 |
| All-in basis | vs. 6.75% debt | 10% bumps every 5 yrs | 10-yr absolute NNN | 35% down |
Built for long-term, hands-off returns.
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Corporate-guaranteed lease.
Backed directly by Starbucks Corporation (NASDAQ: SBUX) — no franchisee credit risk.
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Drive-thru format outperforms.
Drive-thru-only Starbucks locations consistently post higher unit volumes than in-line café formats.
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10-year initial term with 10% bumps every 5 years.
Next rent increase in 2029 — a contractual hedge against inflation.
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Adjacent to University of North Texas.
6-minute drive to a campus of 46,000+ students and staff.
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Hard corner outparcel to a Walmart-anchored center.
Strong co-tenancy drives incremental drive-thru traffic.
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Zero landlord responsibilities.
Absolute NNN — tenant handles roof, structure, and all operating expenses.
Starbucks Corporation
The world’s largest coffeehouse chain, corporate-operated at this location — not a licensee.
- ✓Operates 16,000+ company-owned stores in the U.S.
- ✓Direct corporate guaranty — no franchisee credit exposure.
- ✓$36B+ in annual global revenue.
- ✓Drive-thru-only prototype with proven unit economics.
2,200 SF drive-thru, delivered 2019.
Freestanding building with dual drive-thru lanes and outparcel visibility.
Built in 2019 to Starbucks’ current drive-thru prototype. Tenant occupies 100% of the building under an absolute NNN lease.
| Building SF | Lot Acres | Year Built | Renovated | Lease Type | Lease Term Left |
|---|---|---|---|---|---|
| 2,200 | 0.85 | 2019 | — | Absolute NNN | 9 yrs |
Where this property sits.
| 3-Mile Pop. | ~54,000 |
|---|---|
| 3-Mile Median HHI | $68,400 |
| City Population | ~150,000 |
| Trade Area | Denton County |
| Major Metro | Dallas-Fort Worth · 38 min |
Denton anchors the northern edge of the Dallas-Fort Worth metroplex and is home to both the University of North Texas and Texas Woman’s University — a combined enrollment of over 60,000 students. The University Drive corridor is the primary retail spine connecting campus to the surrounding trade area, supporting some of the highest daily traffic counts in the city.
Projected investor returns.
| Equity Multiple | 2.55x |
|---|---|
| Investor Contribution | $857,500 |
| Cum. Cashflow | $267,340 |
| Loan Paydown | $142,120 |
| Appreciation | $392,000 |
| Tax Benefit3 | $187,600 |
| Total Property Returns | $989,060 |
| Cash-on-Cash + Tax | 13.1% |
| Avg Annual Equity | 48.4% |
| Equity Multiple | 3.70x |
|---|---|
| Investor Contribution | $857,500 |
| Cum. Cashflow | $612,900 |
| Loan Paydown | $318,650 |
| Appreciation | $556,000 |
| Tax Benefit3 | $187,600 |
| Total Property Returns | $1,675,150 |
| Cash-on-Cash + Tax | 12.4% |
| Avg Annual Equity | 37.0% |
| Closing Cost | Estimate |
|---|---|
| Origination | $18,375 |
| Appraisals & Inspections | $16,800 |
| Legal + Title | $19,500 |
| Total Closing Costs | $54,675 |
| 2026 · Bonus Depreciation | Yr 1 |
|---|---|
| Top Range | $637,000 |
| Low Range | $367,500 |
| Average — used in model | $502,250 |
FOR A 35% BRACKET: ~$187,600 first-year tax shield on $857,500 in.
| Deal Summary | |
|---|---|
| Purchase Price | $2,450,000 |
| Initial Investment | 35% |
| Down Payment | $857,500 |
| NOI | $165,375 |
| CAP Rate | 6.75% |
| Projected Exit CAP RateEstimated national average at projected exit | 6.25% |
| Lending Assumptions | |
| Stated LTV | 65% |
| Estimated Interest RateSubject to change based on lending market factors | 6.75% |
| Amortization | 25 |
| Term | 5 |
| Bank Loan Amount | $1,592,500 |
| Investor Contribution Summary | |
| Initial Investment | $857,500 |
| Down Payment AssistanceNot available on 1031 | $0 |
| Total Investor Contribution | $857,500 |
| Investor Down Payment % | |
| Total Investor Contribution | $857,500 |
| Purchase Price | $2,450,000 |
| Investor Down Payment % | 35% |
| Debt Service Summary | |
| Annual Bank Mortgage | $131,400 |
| Custom Preferred Dividend | $0 |
| Total Annual Debt Payments | $131,400 |