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Dutch Bros Coffee, North Richland Hills, TX

Dutch Bros Coffee

North Richland Hills, TX

Price $2,789,000
Cap Rate 4.50%
NOI $125,500
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 862 SF
Lot Size 0.72 Acres (31,473 SF)
Status Available
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

15-YEAR ABSOLUTE NNN LEASE TO EXCEPTIONAL QSR 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 around 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 IN NORTH RICHLAND HILLS’ RETAIL POWER CENTER
» Excellent visibility with access to 70,380 vehicles per day near one of North Richland Hills’ busiest signalized four-way intersections
» Located in North Richland Hills’ northeastern retail power center and surrounded by major national tenants such as Walmart Supercenter, Target, Kroger, ALDI, Anytime Fitness, Chick-fil-A, Whataburger, McDonald’s, and many more
» The city of North Richland Hills experienced its sixth straight year of economic growth in 2021 and is set to continue this trend with a net increase of 30 businesses resulting in 700 more employees
» Centrally located between Downtown Fort Worth, DFW Airport, and the Alliance Corridor, North Richland Hills has access to over 500,000 people, 182,000 households, approximately 22,000 businesses, and 300,000 employees within a 20-minute drive

IDEAL LOCATION IN HIGH-END DFW SUBURBAN MARKET
» Extremely dense population of 223,614 within five miles (a 13% growth since 2010)
» Located in one of Texas’ most affluent areas with an average annual household income of $252,187 within one mile of the site (projected 8% increase by 2027)
» 25-minute drive from Dallas, (population 1,304,379) and 10-minute drive from Fort Worth (population 958,692)
» North Richland Hills was selected as one of the “Top 100 Best Places to Live in America” according to Money magazine, and in 2016, the Dallas Morning News ranked North Richland Hills #9 on its list of best Dallas–Fort Worth neighborhoods

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 Coffee is located near the signalized four-way intersection of Davis Boulevard and Precinct Line Drive, with excellent visibility and access to 70,380 combined vehicles per day
» The site boasts excellent demographics, with a population of 223,614 within a five-mile radius (a 13% growth since 2010) with an extremely affluent average annual household income of $252,187 within one mile of the site (projected to increase 8% by 2027)
» Located in North Richland Hills northeastern retail power center, the property is surrounded by major national tenants such as Walmart Supercenter, Target, Kroger, ALDI, Anytime Fitness, Chick-fil-A, Whataburger, McDonald’s, and many more
» Centrally located between Downtown Fort Worth, DFW Airport, and the Alliance Corridor, North Richland Hills has access to over 500,000 people, 182,000 households, approximately 22,000 businesses, and 300,000 employees within a 20-minute drive
» The city of North Richland Hills experienced its sixth straight year of economic growth in 2021 and is set to continue this trend with a net increase of 30 businesses resulting in 700 more employees
» 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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