Fortis Net Lease is pleased to present a prime investment in a new construction, upgraded prototype Starbucks located in Kirksville, MO. This 2,447 SF building is equipped with a 15 year double net lease providing 7.5% rent increases every 5 years including each of the four, 5-year option periods.
The subject property is an shadow anchored by a Hobby Lobby shopping center with additional national tenants. The prime, signalized corner lot provides excellent visibility to over 15,730 vehicles per day. N. Baltimore Street is a major retail corridor with national retailers including Walmart, Home Depot, Hobby Lobby, Aldi, Marshalls, Five Below and many more.
List price reflects a cap rate of 6.00% based on the NOI of $185,754. The 7.5% rent increases allow the cap rate to grow to average 6.62% over the initial term.