Investment-grade corporate leases on small drive-thru buildings, and what the 2025–2026 store closures mean for buyers, from a NNN buyer’s broker who has closed corporate Starbucks deals.
A Starbucks NNN property is usually a small freestanding coffeehouse, often about 2,000 to 2,500 square feet with a drive-thru, leased to Starbucks on a 10-year lease with 10% rent increases every five years. Unlike most restaurant brands, Starbucks operates its U.S. stores itself, so nearly every freestanding Starbucks lease is signed by Starbucks Corporation, an investment-grade tenant rated BBB+ by S&P and Baa1 by Moody’s. Many leases are NN, with the landlord responsible for roof and structure, so reading the lease matters. Corporate credit, a world-famous brand and price points mostly between $2 million and $5 million make Starbucks one of the most sought-after tenants for 1031 exchange buyers.
Solid Investments FL has represented buyers on corporate Starbucks properties in Monrovia (Los Angeles), California and Deer Park (Houston), Texas, as well as Starbucks-anchored retail centers in Florida and Chicago. See them in our track record. Our buyer representation is always free to you.
| Tenant | Starbucks Corporation (Nasdaq: SBUX) on nearly all freestanding U.S. stores; confirm the tenant on each lease |
|---|---|
| Headquarters | Seattle, Washington |
| Credit rating | S&P BBB+ / Moody’s Baa1 (investment grade) |
| Stores | 40,000+ worldwide, including about 18,000 in North America |
| Typical lease term | 10 years on new construction |
| Lease type | Often NN (landlord covers roof and structure); some NNN and ground leases |
| Rent increases | Typically 10% every 5 years |
| Renewal options | Multiple 5-year options |
| Typical cap rate (2026) | About 5.0%–6.0%, depending on lease type, term and market |
| Typical price range | About $2M–$5M |
| Typical building | About 2,000–2,500 SF, most new stores with a drive-thru |
Credit ratings and store counts as of October 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Nearly every freestanding Starbucks is leased by Starbucks Corporation itself, with BBB+ / Baa1 investment-grade ratings. That corporate guarantee is the main reason Starbucks trades at lower cap rates than most restaurant tenants.
Many Starbucks leases are NN, meaning you, the landlord, are responsible for roof and structure and sometimes the parking lot. Price that in: confirm the building’s age, warranties and exactly which items are yours.
New Starbucks leases are typically 10 years, shorter than the 15 to 20 years common with other NNN tenants. That means less guaranteed term, so the quality of the real estate carries more of your long-term value.
Starbucks closed underperforming stores in 2025 and in September 2026 announced plans to close about 250 more North American stores, about 1% of the total. Closures have mostly hit weaker cafes, so ask for store performance indicators and favor proven locations.
Drive-thru and mobile-order traffic drive most of Starbucks’ U.S. sales. A store with a drive-thru, good stacking and easy morning-commute access is far safer than a cafe-only location.
A small, well-located drive-thru pad is easy to re-lease to another coffee or QSR user. Strong traffic counts, the commuter side of the road and visibility protect your investment beyond the lease term.
Most Starbucks properties sell fee simple, so you own the building and site improvements, and they are depreciable. The building itself is depreciated over 39 years, which can shelter much of your rental income. A cost segregation study goes further: it separates out parts of the property that can be written off much faster, and under current law that portion qualifies for 100% first-year (bonus) depreciation. With a ground lease you own only the land, which is not depreciable.
A fee-simple Starbucks gives you the building and site improvements, often well over half of the purchase price on a new drive-thru store.
The drive-thru lane, parking lot, paving, site lighting, signage, landscaping and certain interior finishes typically qualify as 5-, 7- or 15-year property instead of 39-year building. On a small drive-thru pad, site work is a large share of the cost.
A cost segregation study is a modest one-time cost. Your CPA can estimate the first-year benefit on a specific store before you commit, based on your purchase price and tax situation.
1031 exchange buyers: how much of your basis is eligible depends on how your exchange is structured. Depreciation recapture applies when you sell, passive-activity rules can limit who benefits, and state conformity varies. This is general information, not tax advice — confirm with your CPA and a cost segregation specialist before you buy.
We’ve helped buyers close corporate Starbucks properties in California and Texas:
Fast Food / QSR
Fast Food / QSR
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, that has represented buyers on corporate Starbucks properties in California and Texas as well as Starbucks-anchored retail centers. We help investors and 1031 exchange buyers find, underwrite and close Starbucks properties nationwide, and our buyer representation is free.
As of 2026, Starbucks properties generally trade between about 5.0% and 6.0% cap rates. New drive-thru stores with corporate leases in strong markets trade at the lower end, while NN leases with more landlord responsibility, older stores and shorter remaining terms trade higher.
As of October 2026, Starbucks Corporation is rated BBB+ by S&P and Baa1 by Moody's, both investment grade. Nearly all freestanding U.S. Starbucks leases are signed by the corporation itself.
Many Starbucks leases are NN, meaning the landlord is responsible for the roof and structure and sometimes the parking lot, while Starbucks pays taxes, insurance and most maintenance. Some are NNN or ground leases. Always confirm exactly which expenses are yours before you buy.
New Starbucks leases typically run 10 years with 10% rent increases every five years and multiple 5-year renewal options. That is shorter than many other NNN tenants, so the quality of the location matters more.
Starbucks closed underperforming stores in 2025 and in September 2026 announced plans to close about 250 more North American stores, roughly 1% of the total. Closures have focused on weaker cafes, which is why buyers favor proven drive-thru locations with strong commuter traffic.
For many investors, yes. Starbucks offers investment-grade corporate credit, a world-famous brand and price points mostly between $2 million and $5 million. Buyers should account for the shorter 10-year term and any landlord roof and structure responsibilities on NN leases.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
Tell us your budget and timeline. We’ll show you on- and off-market Starbucks options, and our buyer representation is completely free.
📞 954-296-6955 | 11015 Gatewood Dr Suite 102, Lakewood Ranch, FL 34211