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Dutch Bros Coffee, Houston, TX

Dutch Bros Coffee

Spring, TX 77388

Price $2,339,000
Cap Rate 4.25%
NOI $99,407
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
Building Size 920 SF
Lot Size TBD
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

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, ideal for an out of-area investor
» Dutch Bros recently went public valued at over $3.8 billion (NYSE: “BROS”)
» Dutch Bros sales are up 51% through the first six (6) months of 2021 after a record performance in 2020

LOCATED IN DENSELY POPULATED AND EXTREMELY AFFLUENT TEXAS RETAIL CORRIDOR
» High-traffic location at the signalized four-way intersection of Gosling Road and Farm to Market 2920 (32,309 AADT), significantly increasing traffic to the site
» Near highly trafficked Houston thoroughfares, including Grand Parkway (65,779 AADT)
» Population of 230,835 within a five-mile radius of the site, providing an extremely large customer base for the property
» Average annual household income of $119,680 within five miles of the site

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Across the street from an H-E-B-anchored shopping center, driving traffic to the site
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Lowe’s Home Improvement, Sprouts Farmers Market, Walgreens, Hobby Lobby, McDonald’s, Starbucks, and many more
» Beneficial proximity to highly attended Houston schools, including Klein Oak High School, Klein Collins High School, and Krimmel Intermediate School (combined 8,545 students)
» 1.5 miles from new Amazon Business Park (under construction, $30M investment, 219,000 SF, estimated opening October 4, 2021)
» Surrounded by high-density single family housing developments and large apartment and townhouse complexes, including Asher Oaks and Bridgestone Crossing Townhomes (combined 530 units)

NEW 2021 CONSTRUCTION IN INCOME TAX FREE STATE
» 2021 construction featuring a dedicated dual-lane 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 at the signalized four-way intersection of Gosling Road and Farm to Market 2920 (32,309 AADT), significantly increasing traffic to the site. The location is strategically placed near highly trafficked Houston thoroughfares, including Grand Parkway (65,779 AADT). The site is also located in a densely populated area, with a population of 230,835 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 $119,680 within five miles of the site. With a projected 12 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 across the street from an H-E-B-anchored shopping center, greatly increasing traffic to the site. The location is surrounded by many major national retailers, including Walmart Supercenter, Lowe’s Home Improvement, Sprouts Farmers Market, Walgreens, Hobby Lobby, McDonald’s, Starbucks, and many others. The site maintains a beneficial proximity to highly attended Houston schools, including Klein Oak High School, Klein Collins High School, and Krimmel Intermediate School, which feature a combined 8,545 students. The property also resides 1.5 miles from a new Amazon Business Park under construction ($30M investment, 219,000 SF, estimated opening October 4, 2021) and is surrounded by high-density single family housing developments and large apartment and townhouse complexes, including Asher Oaks and Bridgestone Crossing Townhomes (combined 530 units).

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