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Dutch Bros Coffee, Tulsa, OK

Dutch Bros Coffee

Tulsa, OK

Price $2,049,000
Cap Rate 4.15%
NOI $85,000
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 2022
Building Size 950 SF
Lot Size 0.7922 Acre (34,510 SF)
Status Under Contract
Lead Broker Information SCOTT CROWLE
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GUARANTEED LEASE TO STRONG RETAIL TENANT
» New 15-year absolute NNN lease with a strong corporate guaranty
» 10% rental increases every five years, providing a hedge against inflation
» Requires zero landlord management, ideal for an out-of-area investor
» Dutch Bros (NYSE: “BROS”) recently went public – 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
» In 2021, total revenues grew 52.1% to $497.9 million as compared to $327.4 million in 2020

HARD-CORNER LOCATION ON TULSA’S HIGHEST BARRIER-TOENTRY RETAIL CORRIDOR (“GOLDEN MILE”) WITH ACCESS AND VISIBILITY TO OVER 54K VEHICLES
» Excellent visibility and access to 54,000 vehicles per day at the four-way intersection of South Memorial Drive and East 106th Street South
» Beneficial proximity to highly trafficked Tulsa thoroughfares, including Creek Turnpike/State Highway 364 (52,985 AADT) and Highway 169 (127,200 AADT)
» 83,896 residents live within a five-mile radius
» Average annual household income of $163,484 within a one-mile radius of the property, providing an extremely affluent customer base for the site
» Projected 14% 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

PRIME LOCATION NEAR LARGE RETAILERS, SCHOOLS, AND HOSPITAL
» Dense retail corridor close to a strong mix of local and national retailers such as Costco Wholesale, Walmart Supercenter, Target, Lowe’s Home Improvement, Walgreens, Sprouts Farmers Market, ALDI, and numerous others
» Walking distance from Southern Nazarene University – Tulsa (2,208 students), Hampton Inn & Suites Tulsa South-Bixby (102 rooms), and Holiday Inn Express & Suites Tulsa South Bixby (92 rooms)
» Minutes from Tulsa Community College Southeast Campus (2,724 students), Hillcrest Hospital South (180 beds), and Saint Francis Hospital South (96 beds)
» Surrounded by single-family homes and many large apartment complexes including nearby Memorial Creek Apartment Homes (292 units), and The Links on Memorial I/II Apartments (504 units)

NEW 2022 CONSTRUCTION
» 2022 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

» Dutch Bros Coffee is on a hard corner with excellent visibility and access to 54,000 vehicles per day at the four-way intersection of South Memorial Drive and East 106th Street South
» The site maintains beneficial proximity to highly trafficked Tulsa thoroughfares, including Creek Turnpike/State Highway 364 (52,985 AADT) and Highway 169 (127,200 AADT)
» The property is in a prime location within a dense retail corridor close to major retailers such as Costco Wholesale, Walmart Supercenter, Target, Lowe’s Home Improvement, Walgreens, Sprouts Farmers Market, ALDI, and numerous others
» The location is within walking distance from Southern Nazarene University – Tulsa (2,208 students), Hampton Inn & Suites Tulsa South-Bixby (102 rooms), and Holiday Inn Express & Suites Tulsa South Bixby (92 rooms)
» The site is minutes from Tulsa Community College Southeast Campus (2,724 students), Hillcrest Hospital South (180 beds), and Saint Francis Hospital South (96 beds), increasing traffic in the area
» The property benefits from its location near residential communities and is surrounded by single-family homes and large apartment complexes including nearby Memorial Creek Apartment Homes (292 units), and The Links on Memorial I/II Apartments (504 units)
» 183,896 residents live within a five-mile radius
» The surrounding area is extremely affluent with an average annual household income of $163,484 within one mile of the property
» The average annual household income within a five-mile radius is projected to increase 14 percent by 2027, poising Dutch Bros Coffee and Tulsa for significant concurrent growth

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