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Dutch Bros, Athens, TX

Dutch Bros, Athens, TX


Investment Summary

Price $2,291,000
Cap Rate 5.40%
NOI $123,695
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 2023
Building Size 952 SF
Lot Size 1.300 acres (56,628 SF)
Status Under Contract
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
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 CORPORATE LEASE
» New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $6.4 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 with 847 locations across 15 states
» In Q4 2022, annual revenues increased nearly 50% to $739M driven by 133 new systemwide shop openings in 2022
» In Q2 2023, quarterly revenue increased 34% to $250M and 38 new systemwide shops opened

TROPHY SITE SERVICING A BURGEONING TEXAS REGION
» High-visibility and easily accessible location along East Tyler Street (15,854 AADT) Positioned in a growing retail corridor with major fast food chains such as Hwy 55, DQ, Burger King, Panda Express, and Starbucks
» Positioned in a growing retail corridor with major fast food chains such as Hwy 55, DQ, Burger King, Panda Express, and Starbucks
» Beneficial proximity to large universities and schools, including Trinity Valley Community College (7,743 students), Central Athens Elementary School (538 students), and Athens High School (899 students)
» Excellent proximity to major national tenants such as Walmart Supercenter, Walgreens, McDonald’s, Bealls, Cinemark, and many more

IDEAL LOCATION IN THE DALLAS-FORT WORTH METROPLEX
» Supported by a population of 17,436 people and an average household income of$68,813 within a five-mile radius of the property
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and Athens for steady concurrent growth
» Gateway to Downtown Dallas, allowing the site to capture an immense amount of commuter traffic
» Dallas-Fort Worth is one of the top-5 fastest-growing economies in the U.S.

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Dutch Bros prototype and projected to be completed in the fall of 2023
» Site features a dual-lane drive-thru and walk-up window for added customer convenience
» Texas is an income tax-free state

Property Description

» High-Visibility and Easily Accessible Location: Located in a burgeoning retail corridor along East Tyler Street (15,854 AADT)
» Interparcel Access from Nearby Tenants: Surrounded by notable tenants such as Hwy 55, Dairy Queen, Panda Express, and Starbucks
» Ideally Set in Large Retail Corridor: The property is located across from the Athens Village Shopping Center with national retailers such as Walgreens, Bealls, Cinemark, AT&T, McDonald’s, and more, creating significant crossover shopping
» Beneficial Proximity to Large Schools: The site benefits from its proximity to Trinity Valley Community College (7,743 students), Athens High School (899 students), and Central Athens Elementary School (538 students)
» Reliable Customer Base: 17,436 residents with an annual average household income of $68,813 live within a five-mile radius of the site
» Projected Population and Income Increases: A 10+% increase in average household income within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and Athens for steady concurrent growth

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