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Dutch Bros Coffee, Spring, TX

Dutch Bros Coffee

Spring, TX

Price $2,022,000
Cap Rate 4.25%
NOI $85,929
Lease Term 15 Years
Lease Type Absolute NNN lease, With Tenant Responsible For All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021 (Under Construction)
Building Size 920 SF
Lot Size .49 Acres
Status Under Contract
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

SOLD

NEW 15-YEAR ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 15-year absolute NNN lease with four (4) five (5) year options, creating a stable, long-term investment
» 10% rental increases every five years, providing a hedge against inflation
» Absolute NNN lease requires zero landlord management
» Dutch Bros is the country’s largest privately held drive-thru coffee chain with a goal of adding more than 500 new sites by 2023 and is on track to open more than 100 stores in 2021

LOCATED IN DENSELY POPULATED AND EXTREMELY AFFLUENT TEXAS RETAIL CORRIDOR
» High-traffic location along Spring Cypress Road (36,440 AADT), significantly increasing traffic to the site
» Beneficial proximity to highly trafficked Houston thoroughfares, including State Route 99/Grand Parkway (63,547 AADT)
» Population of 248,832 within a five-mile radius of the site, providing an extremely large customer base for the property
» Average annual household income of $150,999 within one mile of the site

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Outparcel to a Kroger-anchored shopping center, increasing traffic to the location
» Surrounded by a strong mix of local and national retailers, including Walgreens, Ace Hardware, Burger King, Chick-fil-A, McDonald’s, Taco Bell, and many more
» Beneficial proximity to highly attended Houston schools, including Klein High School, Klein Cain High School, and Ulrich Intermediate School (combined 7,629 students)
» Surrounded by high-density single family housing developments and large apartment and townhouse complexes
» Common gateway to Houston, the fourth-largest city in the U.S. (population of 2.3 million people)

NEW 2021 CONSTRUCTION IN INCOME TAX FREE STATE
» 2021 construction featuring a dedicated double drive-thru, providing additional customer convenience and boosting sales revenue
» Features latest store designs and concepts
» Texas has no State Income Tax, Estate Tax, or Inheritance Tax



Property Description

The property is conveniently located along Spring Cypress Road (36,440 AADT), significantly increasing traffic to the site. The location is strategically placed near highly trafficked Houston thoroughfares, including State Route 99/Grand Parkway (63,547 AADT). The site is also located in a densely populated area, with a population of 248,832 within a five-mile radius of the site. The property is located in an extremely affluent area as well, with an average annual household income of $150,999 within one mile of the site. With a projected 13 percent average annual household income increase within a one-mile radius of the site in the next five years, Dutch Bros and Houston are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The property is outparcel to a Kroger-anchored shopping center, greatly increasing traffic to the site. The location is surrounded by many major national retailers, including Walgreens, Ace Hardware, Burger King, Chick-fil-A, McDonald’s, Taco Bell, and many others. The site maintains a beneficial proximity to highly attended Houston schools, including Klein High School, Klein Cain High School, and Ulrich Intermediate School, which feature a combined 7,629 students. The property is surrounded by high-density single family housing developments and serves as a common gateway to Houston, the fourth-largest city in the U.S. (population of 2.3 million people).

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