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Starbucks & Sleep Number- Rivers Ave 7381 Rivers Ave 6,950 SF 100% Leased Retail Building North Charleston, SC 29406 $6,976,500 CAD ($1,003.81 CAD/SF) 6.34% Cap Rate

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Investment Highlights

Rivers Avenue Corridor (57,600 VPD)
NOI has annual increases

Corporate Leases
Starbucks and Sleep Number

Executive Summary

Oswald Cooke & Associates is pleased to present a two tenant retail center located at 7381 Rivers Avenue, North Charleston, SC. The spaces are leased to Starbucks and Sleep Number. Both Tenants base terms expire in 2029 with (4) 5-year renewal options. Rivers Avenue boasts a traffic count of 57,600 VPD and is home to many National Retailers including: Target, Walmart, Best Buy, Walgreens, Northwoods Mall and more. Charleston has been named the No. 1 Tourist Destination in America by Conde Nast multiple times. In 2022 it was estimated that 7.68 million visitors came to the Greater Charleston area which is more than pre-pandemic records. The economic impact in 2022 from tourists alone was $12.8 billion. Investment has been particularly strong in the Charleston Market in recent years, averaging more than $300 million a year since 2014.

Starbucks Sleep Number 7381 Rivers Avenue Package

Property Facts

Sale Type

Investment

Property Type

Retail

Property Subtype

Storefront

Building Size

6,950 SF

Building Class

Year Built

2013

Price

$6,976,500 CAD

Price Per SF

$1,003.81 CAD

Cap Rate

6.34%

NOI

$442,113 CAD

Percent Leased

100%

Tenancy

Multiple

Building Height

1 Story

Building FAR

0.20

Lot Size

0.79 AC

Zoning

B-2

Frontage

117’ on Rivers Avenue

Major Tenants

Retailer
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Triple Net
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Sleep Number began in 1987 as Select Comfort and adopted the Sleep Number name in 2017. Sleep Number focuses on adjustable mattresses and bedding, and the company’s current product lineup also includes pillows, bases, furniture, and other sleep accessories. Sleep Number also centers the business on sleep science and data-driven product research, using smart-bed technology and research collaborations to study sleep quality and related health outcomes. Sleep Number maintains a significant retail presence in the United States and continues to update the mattress portfolio with new collections designed to adapt to changing comfort needs.

Accommodation and Food Services
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Triple Net
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Starbucks began in 1971 in Seattle's Pike Place Market as a roaster and retailer of whole bean and ground coffee, tea, and spices. The company became a coffeehouse in 1987 and has since expanded into a global business centered on coffee drinks, food, cups, and merchandise. Starbucks now connects with millions of customers every day through a broad retail network and also brings some of its branded coffee products and creamers into grocery channels. The company's business is built around coffee craftsmanship, food and beverage service, and neighborhood-focused store experiences.