Starbucks NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks every Starbucks net lease property observed for sale in the United States, one of the most actively traded investment grade tenants in the net lease market, refreshed automatically from listing broker materials, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Starbucks credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.

Starbucks NNN Properties For Sale: Latest Listings

The twelve most recently listed single-tenant Starbucks properties with published pricing. Click through for the full listing summary, mapped location and the offering memorandum request.

Search all 267 observed Starbucks listings

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

A Starbucks NNN property is a small building, usually 1,800 to 2,600 square feet on a half-acre to one-acre pad, leased to Starbucks Corporation on a corporate lease. The current inventory is dominated by the drive-thru prototype: roughly 62% of listings with a reported build year were delivered in the last four years, which tells you how much of the market is developer exit inventory rather than seasoned assets. That matters for two reasons. New construction carries the longest term and the lowest cap rate, and it also carries the least sales history at that specific site.

The lease itself is the reason buyers accept sub-6 cap rates on a coffee shop. Starbucks signs as the corporate entity, not a franchisee or licensee, because Starbucks does not franchise its U.S. company-operated stores. A ten-year initial term with 10 percent rent increases every five years and multiple five-year options is the common structure, though older leases vary. The credit behind that signature is covered in depth on the credit page; the point here is that when you compare two Starbucks listings, you are not comparing credit. The credit is identical. You are comparing term, lease type, real estate and price. If the rating framework behind that statement is unfamiliar, the investment grade guide explains it.

One structural warning that the marketing packages tend to understate: a meaningful share of Starbucks listings are NN, not NNN. In the current inventory about 36% are marketed as NN, NN+ or simply “Net,” which almost always means the landlord retains roof and structure, and sometimes parking lot and HVAC replacement. On a building built in 2024 that obligation is small for a decade. On a 2005 store it is a real number. Read the lease, not the brochure headline.

Starbucks Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context: a Starbucks at 5.25 percent is not expensive if it has 15 years of term in Florida, and a Starbucks at 6.50 percent is not cheap if it has four years left in a tertiary market.

How to read the pricing

The cap rate spread inside the Starbucks inventory is wide, from the low 4s to above 7, and almost all of it is explained by three variables. First, remaining term: the table above shows the term premium directly, with short-term deals pricing meaningfully wider than 10-year-plus deals. Second, geography: coastal and Sunbelt metros price tighter, and the state table below shows the difference. Third, lease type and real estate quality: absolute NNN, fee simple, drive-thru, corner or end-cap with signalized access trades at the tight end; NN, ground lease or in-line trades wider. When you see a Starbucks priced far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer, not after.

Where Starbucks NNN Properties Are For Sale

Starbucks inventory is national, currently spread across 42 states, but it concentrates where the chain has been building drive-thru units fastest. State-level cap rate differences of 50 to 100 basis points are normal and reflect state income tax, growth and buyer competition more than anything about the tenant.

Starbucks as a 1031 Exchange Replacement Property

Starbucks is one of the most commonly identified replacement properties in 1031 exchanges, and the inventory explains why. The middle of the market, from $1.5 million to $3.5 million, holds about 64% of listings, which lines up with the equity coming out of a typical sold rental property, small apartment building or land sale. A single Starbucks can absorb an entire exchange without forcing the buyer into multiple properties or a fractional interest.

A few practical points for exchangers working a clock:

• Identify from the live list, not a stale one. Starbucks listings move. Identify two or three specific properties under the three-property rule, and keep one backup that is realistically available, not one that went under contract last month.
• Debt replacement is the trap. If your relinquished property carried a mortgage, you must replace that debt (or add cash) to fully defer gain. At current Starbucks cap rates in the high 5s and lender pricing that is often above that, financed acquisitions frequently run negative leverage. Many exchangers buy all-cash or with low leverage for exactly this reason; run the numbers on your own debt before you identify.
• Term should match your hold. If the plan is to hold through the next exchange or pass the asset to heirs with a stepped-up basis, prioritize term and options over 25 basis points of cap rate. If the plan is to resell in five to seven years, buy term you can resell with term still on it.
• Close-ability matters more than price. A Starbucks with a clean estoppel, current corporate lease and no pending relocation is worth paying up for on a 45-day identification. The listing that looks like a bargain and cannot deliver a title commitment in time is not a bargain.

For the mechanics of identification, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Starbucks NNN Due Diligence Checklist

These are the items that change the value of a Starbucks listing and are rarely resolved by the offering memorandum.

• Lease signatory. Confirm the tenant entity is Starbucks Corporation. A small number of licensed locations (airports, grocery stores, some campus and travel plaza units) are operated by licensees and carry the licensee’s credit, not Starbucks’.
• Termination and relocation rights. Some Starbucks leases include a right to terminate after a set period, or a go-dark right with continued rent. Both change what you own.
• Roof, structure and parking. On NN leases, obtain a roof inspection and ask for the warranty. Price the capital reserve into your return.
• Drive-thru and site plan. Newer Starbucks leases are heavily oriented to drive-thru throughput. Confirm stacking, dual-lane capability where applicable and any site-plan restrictions in the reciprocal easement agreement.
• Rent bumps and options. Verify the exact escalation schedule and how many option periods remain. Two leases that both say “10-year lease” can have very different economics after year ten.
• Ground lease versus fee simple. A Starbucks ground lease can be a strong asset, but the buyer owns land and the tenant owns improvements, which changes financing, depreciation and residual value.
• Sales data. Starbucks does not report store sales to landlords. Use drive-thru traffic counts, store hours and comparable locations to judge site strength.

How Investment Grade Works With Starbucks Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national CRE advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Starbucks acquisition we screen the live inventory against your criteria, pull the lease abstract and rent roll behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On the majority of transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side; where that is not the case, we disclose it in writing before you engage.

Owners of existing Starbucks properties can also use this page as a valuation benchmark. If you are considering a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• Starbucks Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings