Starbucks Strip Building A - Seacrest, FL

STARBUCKS STRIP BUILDING A SEACREST, FL

PRI CING & F INAN CI AL AN ALYSI S

STAR B U C K S ST R IP B U ILD ING A

Starbucks Strip Building A 10343 E County Hw 30A Seacrest, FL 32461

OFFERING SUMMARY Price NOI Occupancy Gross Leasable Area

Call Agent* $425,113 100.0% 6,250 SF

*Jennifer Pierson 469-844-8885 or JPierson@strivere.com

F I N A N C I A L A N A LY S I S

2

PRI CING & F INAN CI AL AN ALYSI S

STAR B U C K S ST R IP B U ILD ING A

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT

CURRENT 100%

PSF

PSF

$68.02

Real Estate Taxes

$22,250

$3.56

$425,115

$68.02

Insurance

$9,063

$1.45

Total CAM

$34,375

$5.50

Total Expenses

$65,687

$10.51

Real Estate Tax Recoveries

$22,250

$3.56

Insurance Recoveries

$9,063

$1.45

CAM Recoveries

$34,375

$5.50

$65,688

$10.51

$490,800

$78.53

Total Insurance

$9,063

$1.45

Total Real Estate Taxes

$22,250

$3.56

Total CAM*

$34,375

$5.50

Total Recoverable Expenses

$65,687

$10.51

Net Operating Income

$425,113

$68.02

EFFECTIVE GROSS REVENUE

CURRENT

$425,115

Expense Reimbursements

Total Expense Reimbursements

EXPENSES

Operating Expenses

For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com

*The CAM expenses includes an HOA fee. The HOA handles the management of the property

F I N A N C I A L A N A LY S I S

3

RE NT RO L L Tenant

STAR B U C K S ST R IP B U ILD ING A Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Creative Crepes

1,250

20.00%

10/19

12/24

$73,990

$6,166

$59.19

$13,138

$10.51

$87,128

17.75%

Starbucks

1,250

20.00%

04/21*

-

$87,500

$7,292

$70.00

$13,138

$10.51

$100,638

20.50%

Lola's Coastal Italian

3,750

60.00%

03/20

03/30

$263,625

$21,969

$70.30

$39,413

$10.51

$303,038

61.74%

Totals

$425,115

$35,426

$490,803

100.00%

Total Count/GLA

3

6,250

100%

Occupied

3

6,250

100.0%

Available

0

0

0.0%

$68.02

6,250

100.0%

Total Avg Rent

$65,688

*Starbucks opened for business on 4/15/2021 and a new 10 year lease will be signed at COE

E S TI MATED REIMBUR SEMEN T R EVEN U E

Tenant

Suite

SQ FT

% of SQFT

Real Estate Taxes

Insurance

CAM

Management Fee

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Creative Crepes

1,250

20.00%

$371

$3.56

$151

$1.45

$573

$5.50

$0

$0.00

$1,095

$10.51

Starbucks

1,250

20.00%

$371

$3.56

$151

$1.45

$573

$5.50

$0

$0.00

$1,095

$10.51

Lola's Coastal Italian

3,750

60.00%

$1,113

$3.56

$453

$1.45

$1,719

$5.50

$0

$0.00

$3,284

$10.51

TOTALS

6,250

100%

$1,854

$755

$2,865

$0

$5,474

F I N A N C I A L A N A LY S I S

4

L E A SE PROVIS ION S

Tenant

STAR B U C K S ST R IP B U ILD ING A

Suite

SQ FT

Base Rental Increases

Renewal Options

Date

PSF

Options

Date

PSF

Creative Crepes

1,250

-

-

1x5

1/1/2025

Annual 3% increases

Starbucks

1,250

-

-

-

-

-

Lola's Coastal Italian

3,750

6/1/2023 6/1/2024 6/1/2025 6/1/2026 6/1/2027 6/1/2028 6/1/2029

73.11 76.04 79.08 82.24 85.53 88.95 92.51

2x5

4/1/2030 4/1/2035

Annual 4% Increases Annual 4% Increases

TOTAL

F I N A N C I A L A N A LY S I S

5

TE NA NT INF ORMAT I ON

STAR B U C K S ST R IP B U ILD ING A

DBA

Starbucks

Entity on Lease

Starbucks

Locations

32,660 Locations in 83 countries

Public/Private

Private

Line of Business

Starbucks is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. As the world’s largest coffeehouse chain, Starbucks is seen to be the main representation of the United States’ third wave of coffee culture.

DBA

Lola’s Coastal Italian

Entity on Lease

Best Served Cold, LLC

Locations

1

Public/Private

Private

Line of Business

Featuring Certified Master Chef Tom Catherall’s recipes, guests can expect a variety of creative dishes-always in season. Tom Catherall’s classic chef-driven restaurant empire thrived in the 90’s-2015 as fun, sexy hot spots where Asian, Spanish and Southern ingredients came together in surprising fusions of flavor and technique.

DBA

Creative Crepes

Entity on Lease

Creative Crepes, LLC

Locations

1

Public/Private

Private

Line of Business

Creative Crepes offers a variety of different crepes including breakfast, sweet and savory.

PROPERTY DESCRIPTION

6

I N VE S TMENT HI GHLI GHT S

STAR B U C K S ST R IP B U ILD ING A

• One of the most affluent and sought after beach towns in the United States • Houses in the immediate area range from $1 million to $15 million • Year-round walking and biking traffic with high tourist density • Brand new Starbucks poised to gross over 2 million in annual revenue • The only Starbucks within a 10-mile radius • Core, lifestyle, experiential, legacy real estate • The property is located on E County Hwy 30, which sees 10,000 Vehicles per Day • The average household income within a 1-mile radius is $159,000 - more than double the national average

PROPERTY DESCRIPTION

7

S I T E PL A N

STAR B U C K S ST R IP B U ILD ING A

La Cocina

Pizza by the Sea

Grits & Grind

G En ar co ra un Fis Sm te h al rs lc ak es

Suite Tenant

SQ FT

A

Creative Crepes

1,250

B

Starbucks

1,250

C

Lola’s Coastal Italian

3,750

Ophelia Bohlert Massey

First Floor Only Maui Waves

Golden Seashell

Peddlers 30A Bike Rental

Premier Real Estate

Kindness Seacrest Beach Arriaga Pet & Originals Sundries Hospital Brew

E COUNTY HWY 30A Ocean (Gulf of Mexico) 0.2 Miles High Pointe Resort

PROPERTY DESCRIPTION

8

A E R I AL MA P

STAR B U C K S ST R IP B U ILD ING A

US

HW

Y

98

11

Home Values $1M-$5M

10,000 VPD

,40

0V

PD

Home Values $1.1M-$15M

E COUNTY HWY 30 A

Home Values $3M-$15M

Home Values $2M-$10M

PROPERTY DESCRIPTION

9

LO C AL MA P

STAR B U C K S ST R IP B U ILD ING A

PROPERTY DESCRIPTION

10

REG IONA L MA P

STAR B U C K S ST R IP B U ILD ING A

18 M

iles

10

Mi

les

PROPERTY DESCRIPTION

11

M A R KET S U MMARY

STAR B U C K S ST R IP B U ILD ING A

Seacrest, FL

OVERVIEW Seacrest is an unincorporated planned community in Walton County, Florida, United States on a beach side road, CR 30A, on the Gulf Coast.Rosemary Beach is developed on land originally part of the older Inlet Beach neighborhood. The town was founded in 1995 by Patrick D. Bienvenue, President of Leucadia Financial Corporation, and was designed

by Duany Plater-Zyberk & Company. The town is approximately 105 acres (0.42 km2) and, upon completion, included more than 400 home sites and a mixed-use town center with shops, restaurants, and activities. The population of Rosemary Beach is approximately 4,328.nt natural resources, convenient location and numerous amenities.

South Walton’s Economic Impact of Tourism 2017 Report indicated that there were 4,010,500 visitors in 2017, an 8.6% increase from 2016. The report also showed that tourism has a greater than $4.408 billion impact on the local economy. This number included $2.978 billion in direct impacts; $749,461,100 in induced impact attributed to increased business spending; and $680,354,700 in indirect impact attributed to household spending resulting from tourism dollars. Visitor spending in 2017 led to 21,900 direct jobs, and the total economic impact

including indirect and induced visitor spending resulted in 28,400 jobs. The report indicated that visitors accounted for 65.6% of Walton County’s government revenues in 2017.

Seacrest is located on the Gulf of Mexico in southeastern Walton County. U.S. Route 98 and County Road 30A are the main roads that run through the community. Via US-98, Panama City Beach is 16 mi (26 km) southeast, and Miramar Beach is 24 mi (39 km) northwest. County Road 30A parallels the coast westward, leading northwest 8 mi (13 km) to Seaside.

Seacrest is one of three planned communities on Florida’s Gulf coast designed by Andrés Duany and Elizabeth Plater-Zyberk. The other two are Seaside and Alys Beach. The three are examples of a style of urban planning known as New Urbanism.Rosemary Beach, designed in 1995, offers shops, restaurants, a hotel, and public green spaces. The design of the town reflects New Orleans’ French Quarter and European Colonial influences in the West Indies and Caribbean. Sustainable materials, natural color palettes, high ceilings for better air circulation, balconies, and easy access to the beach by foot are typical design features.

PROPERTY DESCRIPTION

12

D E M OG RA PHIC STAT I ST I CS

STAR B U C K S ST R IP B U ILD ING A

1 Mile

3 Mile

5 Mile

Population

1 Mile

3 Mile

5 Mile

Households:

2010 Population

621

2,172

4,433

2010 Households

274

954

1,997

2020 Population

2,343

5,420

9,989

2020 Households

1,048

2,411

4,477

2025 Population Projection

2,903

6,435

11,565

2025 Household Projection

1,304

2,875

5,195

Annual Growth 2010-2020

27.70%

15.00%

12.50%

Annual Growth 2010-2020

1.60%

1.50%

1.30%

Annual Growth 2020-2025

4.80%

3.70%

3.20%

Annual Growth 2020-2025

4.90%

3.90%

3.20%

Median Age

52.5

50.8

50.4

Owner Occupied

1,009

2,110

3,625

Bachelor's Degree or Higher

74%

54%

47%

Renter Occupied

295

764

1,571

0

10

25

Avg Household Size

2.2

2.2

2.2

2

2

2

$32.5M

$69.6M

$122.6M

U.S. Armed Forces

Avg Household Vehicles

Population By Race

Total Consumer Spending

White

2,242

5,156

9,461

Black

5

25

60

American Indian/Alaskan Native

17

52

108

Avg Household Income

$159,593

$136,540

$119,832

Asian

14

40

80

Median Household Income

$83,941

$78,942

$73,625

1

5

10

< $25,000

69

242

532

Two or More Races

64

143

270

$25,000 - 50,000

191

453

881

Hispanic Origin

83

227

491

$50,000 - 75,000

213

448

885

$75,000 - 100,000

144

390

693

Hawaiian & Pacific Islander

Housing Median Home Value Median Year Built

Demographic data © CoStar 2020

Income

$785,447

$615,028

$426,587

$100,000 - 125,000

137

266

481

2002

2000

1998

$125,000 - 150,000

10

115

220

$150,000 - 200,000

42

117

238

243

378

548

$200,000+

PROPERTY DESCRIPTION

13

CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.

Information About Brokerage Services

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.

• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.

• Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement.

• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Regulated by the Texas Real Estate Commission

Information available at www.trec.texas.gov IABS 1-0

exclusively listed 469.844.8880

STRIVERE.COM