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Dutch Bros Coffee Ground Lease, Tulsa, OK

Dutch Bros Coffee Ground Lease

Tulsa, Oklahoma

Price $2,561,000
Cap Rate 4.10%
NOI $105,000
Lease Term 15 Years
Lease Type Absolute NNN Ground 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 Contract)
Building Size 862 SF
Lot Size 0.7 Acres (30,492 SF)
Status Available
Lead Broker Information Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

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

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 15-year absolute NNN ground lease with three (3) five (5) year options, creating a stable, long-term investment
» 10% rental increases every five years, providing a hedge against inflation
» 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

HIGH-TRAFFIC, HARD CORNER LOCATION IN LARGE, GROWING, AND AFFLUENT AREA
» Excellent visibility and convenient access to 78,600 vehicles per day at the signalized four way intersection of East 51st Street South and South Yale Avenue
» Beneficial proximity to highly trafficked Tulsa thoroughfares, including Interstate 44 (101,600 AADT)
» 240,250 residents live within a five-mile radius, creating a strong customer base for the site
» Average annual household income of $85,796 within a three-mile radius of the property
» Projected eight percent average annual household income increase within five miles of the site in the next five years, poising Dutch Bros Coffee and Tulsa for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» 1.5 miles from Tulsa County’s largest employer, Saint Francis Hospital (1,112 beds, 10,250 employees)
» Surrounded by a strong mix of local and national retailers, including Walmart Neighborhood Market, Target, Lowe’s Home Improvement, Barnes & Noble, AMC Southroads 20, and many more
» Walking distance from five hotels with a combined 508 rooms, greatly increasing foot traffic to the location
» One mile from Oklahoma University – Tulsa (1,600 students)

NEW 2021 CONSTRUCTION
» 2021 construction featuring a dedicated dual-lane drive-thru, providing additional customer convenience and boosting sales revenue
» Features latest store designs and concepts
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is located at the signalized four-way intersection of East 51st Street South and South Yale Avenue, which experiences 78,600 vehicles per day. The site serves an extremely large demographic, with 240,250 residents living within a five-mile radius of the location. The property also benefits from its convenient access to Interstate 44, which experiences a high traffic count of 101,600 vehicles per day near the property. The site has average annual household income of $85,796 within a three-mile radius of the property. With a projected eight percent average annual household income increase within five miles of the site in the next five years, Dutch Bros Coffee and Tulsa are poised for significant concurrent growth.

The property is centrally located near large employers, retailers, and community hubs. The site is 1.5 miles from Tulsa County’s largest employer, Saint Francis Hospital (1,112 beds, 10,250 employees). The property is surrounded by a strong mix of local and national retailers, including Walmart Neighborhood Market, Target, Lowe’s Home Improvement, Barnes & Noble, AMC Southroads 20, and many more. The site also resides within walking distance of five hotels with a combined 508 rooms, greatly increasing foot traffic to the location. Additionally, the location features a beneficial proximity to Oklahoma University – Tulsa (1,600 students), significantly increasing traffic and visibility to the site.

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