That’s a lot of Frappuccinos.
A St. Augustine Starbucks currently shells out $15,000 a month — or $181,000 annually — to occupy a commercial space at 1685 US 1 South, according to a sales listing.
The 0.85-acre commercial property is currently on the market for $3.47 million.
A potential buyer, the broker notes, would benefit from the coffee colossus’ current nine-year lease in the 3,200 square foot space.
The package presents a cap rate of 5.25%, according to the listing.
That metric is calculated by dividing the property’s net operating income by its market value.
Situated near a Winn-Dixie and a Target, the property includes 28 parking spots.
“This market has a high barrier to entry and there are no other free-standing coffee shops in the immediate vicinity of the US 1/SR 312 corridor,” agent Sean McGill of Cantrell & Morgan notes.
The listing touts the area’s ongoing growth spurt in beckoning potential buyers.
“St. Johns County’s growth is closely intertwined with St. Augustine’s flourishing appeal as a historic and tourist destination,” McGill writes. “With a vibrant real estate market, quality education, and proximity to Jacksonville, the county continues to attract newcomers, making it a thriving and vibrant part of Northeast Florida.”
