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Starbucks 4370 Lake Michigan Dr NW 2,240 SF Retail Building Walker, MI 49534 $2,255,850 CAD ($1,007.08 CAD/SF) 6.40% Cap Rate
Investment Highlights
- High-performing Starbucks in the 84th percentile nationwide for foot traffic and sales, per Placer.ai data.
- Prime Meijer outparcel location in a dense retail corridor with strong national QSR co-tenancy.
- Leased to Starbucks, an investment-grade, publicly traded tenant with a corporate guarantee.
- Current lease rate is below market, offering embedded rent growth and long-term cash flow durability.
- Excellent visibility and access with over 45,000 vehicles per day along Lake Michigan Avenue.
- New 2022 construction with Starbucks’ latest prototype, minimizing near-term capital expenditures.
Executive Summary
The Starbucks located at 4370 Lake Michigan Drive in Walker, Michigan represents a high-quality single-tenant investment. The 2022-built location features Starbucks’ latest prototype and is leased to a national, investment-grade tenant with a corporate guarantee. The store ranks in the 84th percentile nationwide for performance based on Placer.ai data, reflecting strong and consistent customer traffic. The lease is structured at below-market rent, offering embedded rent growth potential. Positioned as a Meijer outparcel along Lake Michigan Avenue, the property benefits from excellent visibility, traffic counts exceeding 45,000 vehicles per day, strong co-tenancy, and durable long-term cash flow characteristics.
Matt Fitzgerald
Matthews Real Estate Investment Services, Inc
License # 6505432273, 6502432668 (MI)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Matt Fitzgerald
Matthews Real Estate Investment Services, Inc
License # 6505432273, 6502432668 (MI)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Restaurant
Building Size
2,240 SF
Building Class
C
Year Built
2022
Price
$2,255,850 CAD
Price Per SF
$1,007.08 CAD
Cap Rate
6.40%
NOI
$144,374 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Lot Size
1.11 AC
Zoning
CPUD
Parking
18 Spaces (8.04 Spaces per 1,000 SF Leased)
Frontage
79’ on Lake Michigan Drive North
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Starbucks began in 1971 as a coffee business in Seattle, where the company first sold coffee beans and related equipment before evolving into a broader coffeehouse brand. The business now focuses on responsibly sourced arabica coffee, company-operated and licensed coffeehouses, and a growing consumer-packaged goods presence. Starbucks has built a wide market presence around specialty coffee, with offerings that span brewed drinks, espresso-based beverages, food, and retail products distributed through its store network and packaged-goods channels.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Fairly walkable
40/100
Very drivable
80/100
Some public transit
40/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 41-13-30-201-084 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $865,391 CAD |
Property Taxes
Parcel Number
41-13-30-201-084
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$865,391 CAD
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Starbucks | 4370 Lake Michigan Dr NW
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