Starbucks NNN Properties for Sale in Florida
Starbucks (NASDAQ: SBUX) is the largest coffee chain in America with 16,000+ US stores. Starbucks NNN real estate has become a major net lease category with the company's shift toward drive-thru-focused locations. Starbucks NNN properties are favored for strong morning/evening traffic, investment-grade corporate credit, and brand recognition.
Typical Cap Rate
4.75% - 5.50%
Lease Term
10 - 15 years
Price Range
$2M - $5M
Building Size
1,500 - 2,200 SF
Lot Size
0.50 - 1.00 acres
Credit Rating
S&P: BBB+
Investment Highlights
- Investment-grade corporate credit (S&P BBB+)
- Drive-thru essential — strong corner locations
- Corporate-guaranteed leases
- Small building size but premium real estate
- Strong brand recognition and traffic drawing
- Real estate typically remains valuable if Starbucks exits
Lease Structure
Starbucks leases are typically 10-15 year initial terms with multiple 5-year renewal options. Most are NNN (not always absolute NNN — some have landlord responsibility for roof and structural). Rent increases are commonly 10% every 5 years. Corporate-guaranteed by Starbucks Corporation.
Starbucks Tenant Profile
Starbucks operates 16,000+ US stores directly (not franchised in most cases). Annual revenue $36B+. The company is the dominant US coffee chain with strong brand recognition and significant real estate investment. Credit: S&P BBB+, Moody's A2 (solid investment grade). Recent labor union activity and some store closures — verify specific store performance.
Starbucks in Florida
Florida has 600+ Starbucks locations with continuous expansion. Central Florida drive-thru Starbucks properties in growth markets (Lake Nona, Celebration, Oviedo, Lake Mary) trade at 4.75-5.25% cap rates. Secondary markets trade 5.25-6%. Starbucks continues aggressive Florida expansion with emphasis on drive-thru locations.
Why Buy Starbucks
- +Investment-grade corporate credit and premium brand
- +Smaller building size = more affordable entry than pharmacy
- +Drive-thru locations command premium locations
- +Strong traffic drawing increases cap rate resilience
- +Florida expansion continues creating new BTS inventory
Considerations
- •Tighter cap rates limit current yield
- •Labor union activity has increased operational risk
- •Some leases are NN not absolute NNN — verify carefully
- •Recent same-store sales softness — monitor tenant performance
Related Coffee Tenants
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