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NNN Starbucks for Sale
Starbucks is rated BBB+ by S&P, which is investment grade, and the typical Starbucks lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists the lease as double net, so confirm who handles the roof and structure and which entity signs the lease.
BBB+
S&P credit rating
41,607
Coffeehouses worldwide, 16,781 in the U.S.
10 Years
Typical lease term
10%
Increase every 5 years
2,000 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Starbucks Q4 fiscal 2026 results, October 29, 2026 (coffeehouse counts as of September 27, 2026).
Key Takeaways
Investment-Grade Parent
Starbucks Corporation (Nasdaq: SBUX) is a publicly traded coffee company rated BBB+ by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026), with 41,607 coffeehouses worldwide at the end of fiscal 2026, 16,781 of them in the U.S. (Starbucks, October 29, 2026).
Double Net Leases with Rent Steps
The typical Starbucks lease runs 10 years with 10% rent increases every five years, which works out to about 2% a year. Boulder lists it as double net rather than triple net, so confirm who handles the roof and structure (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Where Cap Rates Sit
Starbucks properties currently show asking cap rates of 6.15% – 6.50% with 10 years remaining and 5.75% – 6.00% with 15 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists Dunkin’ at 5.50% – 5.80% for 10 years, so Starbucks is priced at a higher yield.
Check Who Signs the Lease
About 68% of Starbucks coffeehouses worldwide are licensed rather than company-operated (Starbucks, October 29, 2026), so confirm that Starbucks Corporation, not a licensee, signs the lease on any property you consider.
Starbucks NNN Cap Rates and Lease Data
Before you look at a specific Starbucks property, it helps to know where the market prices them and what kind of lease you’re buying into. Here’s what the numbers say.
Starbucks is rated BBB+, which is investment grade, with a typical building of 2,000 SF.1 The typical lease runs 10 years with 10% rent increases every five years, which works out to about 2% a year, so most of your return comes from the yield you buy in at rather than rent growth. Boulder also lists the typical lease as double net rather than triple net. Double net leases generally leave the roof and structure with the landlord, so confirm exactly who pays for what on any property you’re considering.
On pricing, Boulder shows asking cap rates of 6.15% – 6.50% with 10 years left on the lease, 5.75% – 6.00% with 15 years left and 7.00% – 7.25% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid to take on the question of whether Starbucks renews.
In dollars, Boulder puts the average sale price at about $2.48 million with average rent of about $155,000 a year. On a typical 2,000 SF building, that works out to roughly $1,240 per square foot. Because the building is small, that is a high figure, and it is better for comparing small-format tenants than for comparing Starbucks with larger stores.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 70. Credit rating is S&P, as reported by Boulder; lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 70. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 70. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $2.48 million across a typical 2,000 SF building). ↩
Starbucks as a Tenant
How Starbucks operates
Starbucks ended fiscal 2026 on September 27, 2026 with 41,607 coffeehouses worldwide, 32% company-operated and 68% licensed, including 16,781 in the United States (Starbucks, October 29, 2026). Fiscal 2026 net revenues were $37.9 billion, up 2%, and global comparable coffeehouse sales rose 6.2% (same release).
The typical Starbucks building is about 2,000 square feet, and the typical lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Because so many coffeehouses are licensed, check which entity signs the lease on any specific property, since the credit rating applies to Starbucks Corporation, not to a licensee.
Financial strength and growth
Starbucks is rated BBB+ by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026). Fourth-quarter revenue fell 4% to $9.1 billion, mainly because its China retail operations moved to a licensed joint venture (Starbucks, October 29, 2026). Review its current credit ratings from the major agencies as part of your due diligence; its SEC filings are available on the SEC’s EDGAR database.
Starbucks is trimming its North America footprint. North America ended fiscal 2026 with 18,176 coffeehouses, down 1% from a year earlier, after about 250 company-operated closures in September 2026 under its “Back to Starbucks” plan (Starbucks, October 29, 2026). A year earlier it closed 627 stores under a restructuring plan announced on September 25, 2025, more than 90% of them in North America (Starbucks Q4 fiscal 2025 results).
The sales trend has turned up. Global comparable coffeehouse sales rose 7.2% in the fourth quarter, driven by a 5.2% increase in average ticket and a 1.8% increase in comparable transactions (Starbucks, October 29, 2026).
Why Investors Buy Starbucks Properties
Starbucks pairs an investment-grade rating with scheduled 10% rent increases every five years, in a typical building of about 2,000 square feet. Boulder puts the average sale at about $2.48 million and lists more than 41,000 Starbucks locations (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Pricing is higher than some other coffee tenants. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.15% – 6.50% compares with 5.50% – 5.80% for Dunkin’. With 15 years remaining, Starbucks’ 5.75% – 6.00% compares with 5.10% – 5.40% for Dunkin’ and 5.30% – 5.60% for Dutch Bros. Boulder lists Starbucks as double net with a typical 10-year term, while Dunkin’ and Dutch Bros are triple net with 15-year terms, which likely explains part of the gap.
Add the credit rating and store base above, and it is a straightforward fit for investors who want a recognizable national tenant. The tradeoffs are the double net structure and the shorter 10-year term, so the years remaining on the lease matter.
Risks and Market Conditions
Investing in Starbucks properties comes with some risk. The typical lease is double net, and a 10-year term puts the renewal decision closer than it would be on a 15-year lease. Rent steps of 10% every five years add up to only about 2% a year, so your return depends mostly on the price you pay.
Starbucks is also closing stores, with about 250 company-operated North America coffeehouses closed in September 2026 (Starbucks, October 29, 2026) after 627 in its 2025 restructuring (Starbucks Q4 fiscal 2025 results). Store performance still depends on the local market, and a lease signed by a licensee carries different credit than one signed by Starbucks. When you evaluate a specific store, look at its location and sales if available, the years remaining on the lease, and which entity signs it.
Build a Diversified NNN Portfolio
Pairing a Starbucks with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Starbucks NNN FAQs
Are Starbucks leases corporate-backed?
Starbucks Corporation (Nasdaq: SBUX) is rated BBB+ by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026) and reported net revenues of $37.9 billion for fiscal 2026 (Starbucks, October 29, 2026). About 68% of its coffeehouses worldwide are licensed, so confirm that Starbucks Corporation, not a licensee, signs the lease on any property you consider.
How long are Starbucks leases?
The typical Starbucks lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists it as double net, so confirm who handles the roof and structure. More years remaining reduce vacancy risk and generally support resale value.
What cap rate do Starbucks properties trade at?
Asking cap rates for Starbucks properties currently run 7.00% – 7.25% with 5 years remaining, 6.15% – 6.50% with 10 years remaining and 5.75% – 6.00% with 15 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific Starbucks properties.
Are Starbucks properties eligible for 1031 exchanges?
Yes. Net lease properties like Starbucks are commonly used as replacement property in 1031 exchanges, as long as the exchange meets IRS timing and like-kind rules. Talk with a qualified intermediary and your tax adviser before you commit.
Questions about NNN Starbucks Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.