Starbucks NNN Loansfrom 6.35 percent, file specific Non-Recourse 10-Year Fixed CMBS
Starbucks is BBB+ from S&P as of 5 May 2026, outlook stable. Moody's is Baa1, outlook negative. Drive thru prototype sales per SF is what lenders underwrite. PeerSense sources capital through a curated network of commercial lenders and capital sources.
10 yr base leases · drive thru prototype · BBB+ corporate guarantee as of 5 May 2026 · 2,000 to 2,500 SF · 1031 target.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical Starbucks NNN rates?
There is no single Starbucks NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Starbucks is BBB+ from S&P as of 5 May 2026, outlook stable. Moody's is Baa1, outlook negative. PeerSense sources capital through a curated network of commercial lenders and capital sources.
As of 26 August 2026. A rating needs an as of date. Next check 24 November 2026. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Starbucks, Credit Profile & NNN Investment Characteristics
Starbucks Corporation (NASDAQ: SBUX) operates 40,000+ coffee retail locations globally with 18,000+ in the United States. Annual revenue exceeds $36B. S&P assigns BBB+ as of 5 May 2026, outlook stable. Moody's is Baa1, outlook negative. Walgreens has been unrated since 28 August 2025. CVS is BBB. It is not A minus.
Starbucks' NNN lease template is 10-year base term with 4 five-year renewal options (30 years fully extended). Notably shorter base term than the 15-year drugstore standard, compensated by the premium cap rate. Corporate guarantee by Starbucks Corporation directly, no franchise layer to analyze. Typical prototype is 2,000–2,500 SF drive-thru pad on 0.75–1.25 acre corner site.
For NNN financing, Starbucks is one of the most-financed QSR credit tenants (alongside McDonald's and Chick-fil-A). Cap rates are the lowest in NNN retail, investors pay premium for brand + BBB+ credit + drive-thru sales-per-SF leadership. Key 2026 underwriting questions: (1) remaining base lease term (want 10+ years for CMBS), (2) drive-thru vs. inline (drive-thru preferred), (3) sub-market traffic and demographics trend, (4) store-level sales trend (Starbucks stores publish comparable-sales reports that sophisticated lenders review).
Starbucks NNN vs. Peer Credit Tenants, How Starbucks Prices
Every NNN lender underwrites the tenant first, the real estate second. Here is how Starbucks compares to peer credit tenants as of 26 August 2026. Coupon and leverage are lender underwriting.
Starbucks BBB+ (S&P) | McDonald's BBB+ (S&P) | Chipotle A minus (S&P) | Chick-fil-A (Corporate) Private. Unrated. | Franchisee QSR (Dunkin, Subway) Unrated | |
|---|---|---|---|---|---|
| Credit as of 26 August 2026 | BBB+ S&P / Baa1 Moody's | BBB+ S&P / Baa1 Moody's | A minus / A3 | Private. Unrated. | Unrated |
| Max LTV | Lender underwriting | Lender underwriting | Lender underwriting | Lender underwriting | Lender underwriting |
| Min DSCR | 1.20x | 1.20x | 1.30x | 1.20x | 1.45x |
| Asking cap / closed (where sourced) | File specific | File specific | File specific | File specific | File specific |
| Standard Base Lease | 10-yr | 20-yr ground lease | 15-yr | 20-yr ground lease | 10–15 yr |
| Guarantor Structure | Corporate parent (Starbucks Corp) | Corporate parent (McDonald's Corp) | Corporate parent (Chipotle) | Corporate parent (Chick-fil-A) | Franchisee personal guarantee |
| Real Estate Structure | Fee simple (landlord owns everything) | Ground lease (tenant owns building) | Fee simple | Fee simple | Fee simple or ground lease |
| 1031 Exchange Suitability | Excellent (premier QSR target) | Excellent (but leasehold mortgage structure) | Good | Excellent (limited supply) | Fair |
| Typical Loan Size | $1.5M – $8M | $10 million and up | $2M – $6M | $3M – $12M | $500K – $4M |
Credit as of 26 August 2026Starbucks: BBB+ S&P / Baa1 Moody's
- StarbucksBBB+ (S&P)
- BBB+ S&P / Baa1 Moody's
- McDonald'sBBB+ (S&P)
- BBB+ S&P / Baa1 Moody's
- ChipotleA minus (S&P)
- A minus / A3
- Chick-fil-A (Corporate)Private. Unrated.
- Private. Unrated.
- Franchisee QSR (Dunkin, Subway)Unrated
- Unrated
Max LTVStarbucks: Lender underwriting
- StarbucksBBB+ (S&P)
- Lender underwriting
- McDonald'sBBB+ (S&P)
- Lender underwriting
- ChipotleA minus (S&P)
- Lender underwriting
- Chick-fil-A (Corporate)Private. Unrated.
- Lender underwriting
- Franchisee QSR (Dunkin, Subway)Unrated
- Lender underwriting
Min DSCRStarbucks: 1.20x
- StarbucksBBB+ (S&P)
- 1.20x
- McDonald'sBBB+ (S&P)
- 1.20x
- ChipotleA minus (S&P)
- 1.30x
- Chick-fil-A (Corporate)Private. Unrated.
- 1.20x
- Franchisee QSR (Dunkin, Subway)Unrated
- 1.45x
Asking cap / closed (where sourced)Starbucks: File specific
- StarbucksBBB+ (S&P)
- File specific
- McDonald'sBBB+ (S&P)
- File specific
- ChipotleA minus (S&P)
- File specific
- Chick-fil-A (Corporate)Private. Unrated.
- File specific
- Franchisee QSR (Dunkin, Subway)Unrated
- File specific
Standard Base LeaseStarbucks: 10-yr
- StarbucksBBB+ (S&P)
- 10-yr
- McDonald'sBBB+ (S&P)
- 20-yr ground lease
- ChipotleA minus (S&P)
- 15-yr
- Chick-fil-A (Corporate)Private. Unrated.
- 20-yr ground lease
- Franchisee QSR (Dunkin, Subway)Unrated
- 10–15 yr
Guarantor StructureStarbucks: Corporate parent (Starbucks Corp)
- StarbucksBBB+ (S&P)
- Corporate parent (Starbucks Corp)
- McDonald'sBBB+ (S&P)
- Corporate parent (McDonald's Corp)
- ChipotleA minus (S&P)
- Corporate parent (Chipotle)
- Chick-fil-A (Corporate)Private. Unrated.
- Corporate parent (Chick-fil-A)
- Franchisee QSR (Dunkin, Subway)Unrated
- Franchisee personal guarantee
Real Estate StructureStarbucks: Fee simple (landlord owns everything)
- StarbucksBBB+ (S&P)
- Fee simple (landlord owns everything)
- McDonald'sBBB+ (S&P)
- Ground lease (tenant owns building)
- ChipotleA minus (S&P)
- Fee simple
- Chick-fil-A (Corporate)Private. Unrated.
- Fee simple
- Franchisee QSR (Dunkin, Subway)Unrated
- Fee simple or ground lease
1031 Exchange SuitabilityStarbucks: Excellent (premier QSR target)
- StarbucksBBB+ (S&P)
- Excellent (premier QSR target)
- McDonald'sBBB+ (S&P)
- Excellent (but leasehold mortgage structure)
- ChipotleA minus (S&P)
- Good
- Chick-fil-A (Corporate)Private. Unrated.
- Excellent (limited supply)
- Franchisee QSR (Dunkin, Subway)Unrated
- Fair
Typical Loan SizeStarbucks: $1.5M – $8M
- StarbucksBBB+ (S&P)
- $1.5M – $8M
- McDonald'sBBB+ (S&P)
- $10 million and up
- ChipotleA minus (S&P)
- $2M – $6M
- Chick-fil-A (Corporate)Private. Unrated.
- $3M – $12M
- Franchisee QSR (Dunkin, Subway)Unrated
- $500K – $4M
Indicative only, as of 26 August 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Program criteria current as of 26 August 2026.
Tenant credit as of 26 August 2026. Next check 24 November 2026. A rating needs an as of date. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking caps only where we have them. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Starbucks NNN Deal Patterns We Place
Drive Thru Starbucks 1031 Exchange
BBB+ credit as of 5 May 2026, 10 year fresh base lease, drive thru prototype. $2M to $5M typical purchase price. Coupon and leverage are lender underwriting. PeerSense introduces and places.
Starbucks Mid-Lease Refinance
Tenant is 3–6 years into the 10-year base. Wait for Starbucks to exercise first 5-year option (which extends WALT) and refinance at improved pricing | ~25–50 bps tighter than pre-option pricing.
Starbucks-Anchored Multi-Tenant Retail
Starbucks is part of a 3–5 tenant strip center (drive-thru pad + inline tenants). Hybrid financing | cap rate blended across tenants with Starbucks as the anchor driving premium pricing on the overall deal.
Starbucks Portfolio Acquisition
Multi-property Starbucks portfolio (3–10 locations) via single-pool CMBS. Portfolio structure unlocks ~25 bps tighter pricing than individual property financing. Geographic diversification across 3+ states required for lowest concentration haircut.
1031 Redeployment from Lower-Tier Tenant
Sell a lower tier NNN and 1031 into Starbucks. Trade yield for credit. Coupon is file specific. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Starbucks NNN Financing, Frequently Asked Questions
What are typical Starbucks NNN rates?+
There is no single Starbucks NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Starbucks is BBB+ from S&P as of 5 May 2026, outlook stable. Moody's is Baa1, outlook negative. PeerSense sources capital through a curated network of commercial lenders and capital sources.
What is Starbucks' credit rating?+
Starbucks is BBB+ from S&P as of 5 May 2026, outlook stable. Moody's is Baa1, outlook negative. CVS is BBB. It is not A minus. Walgreens has been unrated since 28 August 2025 and is not a notch comparison.
Are Starbucks leases typically 10-year base or longer?+
Starbucks standard lease is 10-year base term with 4 five-year renewal options (30 years fully extended). Notably SHORTER base term than Walgreens/CVS/Dollar General (all 15 years). CMBS conduits typically want 10+ year remaining WALT, so a fresh 10-year Starbucks lease fits perfectly; mid-lease Starbucks (5–7 years remaining) trigger re-leasing risk pricing.
What LTV on Starbucks NNN?+
Leverage is lender underwriting. Remaining lease term and store sales drive the file. PeerSense introduces and places. Leverage is lender underwriting.
Is Starbucks real estate priced at premium cap rates?+
Starbucks is a premium QSR NNN credit. Cap rates are file specific. We do not publish a coupon ladder. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Are Starbucks drive-thru properties better than mall / urban?+
Yes. Freestanding drive-thru is the gold-standard Starbucks prototype for NNN financing, higher sales-per-SF, real estate flexibility if Starbucks ever vacates (drive-thru pads can re-tenant easily), and longer lease terms. Inline urban Starbucks (Manhattan, SF) price slightly wider on CMBS due to exit-market complexity.
How does Starbucks NNN financing compare to McDonald's?+
Starbucks is BBB+ from S&P. McDonald's is BBB+. Both as of 26 August 2026. McDonald's leases are often 20 year ground leases with long extension options. Starbucks is typically a 10 year standard NNN on fee simple real estate. Coupon is file specific. PeerSense sources capital through a curated network of commercial lenders and capital sources.
How long does Starbucks NNN close?+
45–60 days from LOI to close. Starbucks NNN diligence is clean, standardized lease template, strong store-level financials, minimal environmental concerns on modern drive-thru pads, and well-understood sub-market demographics. 1031 buyers with 60-day+ exchange windows close at the top of the range.
Deals We Structure
Representative profiles from the placement desk and from the forward flow network tape. Sizes and structures only. No counterparties named.
$10 million and up flagged hotel, CMBS refi
6.75% fixed | 65% LTV | CMBS takeout
$10 million and up value add multifamily bridge
SOFR +395 | 75% LTC | Named takeout
$10 million and up mixed use construction
80% LTC | Interest only | 18 mo term
SBA 7(a) QSR franchise acquisition
Prime +2.75% | 25 yr term. Equity injection is lender underwriting.
$20 million a month manufacturing AR
1.5% factor fee | 90% advance | B2B invoices
$10 million and up rental portfolio
7.25% | 75% LTV | No income docs | 1.25x DSCR
$350M to $1.5B committed purchase of future originations
True sale | Par or premium to UPB | Weekly or monthly settlement | Servicing usually retained
$100M to $500M revolving line against eligible receivables
80 to 95% advance | 2 to 3 year revolver | Often paired with a flow takeout
$200M seasoned pool sold in one trade
Priced off the tape | Off balance sheet at settle | Cash recycles into new production
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Tell Us About Your Starbucks NNN Deal
Property address, purchase price or payoff, remaining lease term, and Starbucks lease specifics. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Starbucks NNN Loan: The desk will reach out. No obligation.
Ready to talk about your Starbucks NNN deal?
Send us the property address, purchase price or refinance balance, remaining lease term, and current rent. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. As of 26 August 2026.
Disclaimer: Starbucks NNN financing rates, terms, and availability are subject to change based on tenant credit rating, remaining lease term, property condition, sponsor qualifications, and market conditions. Tenant credit ratings change. Figures in this guide are as of 26 August 2026. Next check 24 November 2026. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Coupon is file specific. Starbucks corporate and franchisee lease structures vary, pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. This page is not an endorsement or sponsorship of Starbucks or its parent corporation.