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Dutch Bros Coffee, Waco, TX (Woodway)

Dutch Bros Coffee

Woodway, TX

Price $2,143,000
Cap Rate 5.00%
NOI $107,119
Lease Term 15 Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 950 SF
Lot Size 0.66 Acres (28,793 SF)
Status Under Contract
Lead Broker Information Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO STRONG RETAIL TENANT
» New 15-year absolute NNN corporate lease with 10% rental increases every five years, providing a hedge against inflation
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $5.6 billion
» Dutch Bros Inc. is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count opening 31 stores across 9 states during Q2
» As of August 2022, Dutch Bros opened 61 stores in Texas with plans to open approximately 100 locations in the state by 2023
» In Q2 2022, company-operated store revenues increased 55.9% to $160.5 million, compared to $103.0 million during the same period of 2021
» Total revenues grew 44.2% to $186.4 million in Q2 2022 as compared to $129.2 million in the same period of 2021
» Dutch Bros exceeded $1 billion in systemwide sales in Q2 2022

HIGH-TRAFFIC SITE ALONG A MAJOR EAST-WEST TEXAS THOROUGHFARE
» Excellent visibility with access to 10,310 vehicles per day along Estates Drive and convenient access to U.S. Route 84 (40,715 AADT)
» Located in a major Woodway retail corridor, the property is surrounded by major national tenants such as Walmart Supercenter, Target, H-E-B Plus, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, and many more
» The U.S. Route 84 Corridor offers strong fundamentals for retail growth, with over 40,000 AADT along the corridor and multiple national anchors that are producing above average performance
» The Woodway market has purchasing power of over $1.3B and has the capacity for over 124,000 square feet of retail

EXCELLENT LOCATION IN HIGH-GROWTH AND RAPIDLY EXPANDING TEXAS SUBURB
» Dense population of 92,928 within five miles (a 19% growth since 2010)
» Located in one of Texas’ fastest-growing affluent areas with an average annual household income of $111,367 within one mile of the site (projected 13% increase by 2027)
» Beneficial proximity to Ascension Providence Hospital (271 beds, 2,530 employees) and Baylor Scott & White Medical Center Hillcrest (260 beds, 1,685 employees), two of McLennan County’s largest employers
» Located at the confluence of Dallas, Houston, and San Antonio, attracting significant commuter and tourist traffic directly to the site

NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» High-quality 2022 construction featuring a dedicated dual-lane drive-thru, walk-up window, and outdoor patio seating, providing additional customer convenience and boosting sales revenue
» Texas has no state income tax


Property Description

» This Dutch Bros features excellent visibility and access to 10,310 vehicles per day along Estates Drive and convenient access to U.S. Route 84 (40,715 AADT)
» The site features robust demographics, with a population of 92,928 within a five-mile radius (a 19% growth since 2010) with an affluent average annual household income of $111,367 within one mile of the site (projected to increase 13% by 2027)
» Located in a major Woodway retail corridor, the property is surrounded by major national tenants such as Walmart Supercenter, Target, H-E-B Plus, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, and many more
» The U.S. Route 84 Corridor offers strong fundamentals for retail growth, with over 40,000 AADT along the corridor and multiple national anchors that are producing above average performance
» The Woodway market has a purchasing power of over $1.3B and has the capacity for over 124,000 square feet of retail
» This Dutch Bros Coffee is a high-quality 2022 construction featuring a dedicated dual-lane drive-thru, walk-up window, and outdoor patio seating, providing additional customer convenience and boosting sales revenue

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