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Dutch Bros Ground Lease, Oklahoma City, OK

Dutch Bros Ground Lease, Oklahoma City, OK


Investment Summary

Price $2,039,000
Cap Rate 5.15%
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 2023
Building Size 950 SF
Lot Size 0.49 acres (21,641 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Russell Train
Brokerage
202.210.2379
russell.train@cushwake.com
CA RE License #02087816

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

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

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTY
» New 15-year absolute NNN Ground lease with 10% rental increases every five years
» Four (4) five (5) year option periods, providing a passive long-term income generator
» Dutch Bros (NYSE: “BROS”) went public in 2021 – valued at $4.88B as of February 2024
» 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 879 locations across 17 states
» In Q4 2023, quarterly revenue increased 24%

PRIME INFILL LOCATION ADJACENT TO HOME DEPOT, DICK’S, AND BEST BUY
» High-visibility and easily accessible location on North May Avenue with access to 26,515 AADT directly in front of the site
» Across the street from Centennial Plaza, a 233,797 SF power center on 20 acres anchored by Home Depot, Dick’s Sporting Goods and Guitar Center, positioning the site to capture significant crossover buyer activity
» Just half a mile from a heavily trafficked on/off ramp to Northwest Expressway (36,332 AADT), positioning the site to capture significant commuter traffic
» Dense infill location surrounded by many national brand retail tenants including The Home Depot, Target, ALDI, Michael’s, Chick-fil-A, Raising Cane’s, Big Lots, Dick’s Sporting Goods, KFC, Guitar Center, Great Clips, and many others
» Centrally located near several Oklahoma City schools and community hubs including INTEGRIS Health Medical Center (9,000 employees), Putnam City High School (2,020 students), Northwest Classen High School (1,548 students), Belle Isle Middle School (511 students), Coronado Heights Middle School (451 students), Belle Isle Park, and many others

DENSELY POPULATED LOCATION IN OKLAHOMA CITY WITH EXCELLENT DEMOGRAPHICS
» 232,817 residents live within five miles of the property, creating a large and stable customer base for the site
» Located directly south of Nichols Hills, the highest-income region in Oklahoma City with a median household income of $218,500
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next four years poise Dutch Bros and Oklahoma City for steady growth
» Average annual household income of $90,871 within one mile of the site (projected 12% increase by 2028)
» Oklahoma City, Oklahoma is the 30th most-populous city in the United States
» Infill location surrounded by dense retail and single-family housing developments

NEW 2023 CONSTRUCTION FEATURING LATEST DUTCH BROS PROTOTYPE ON LARGE PARCEL
» New high-quality 2023 construction built to latest Dutch Bros prototype
» Site features a dual-lane drive-thru and walk-up window for added customer convenience

Property Description

» This Dutch Bros features a high-visibility and easily accessible location on North May Avenue with access to 26,515 AADT directly in front of the site
» The property is located across the street from Centennial Plaza, a 233,797 SF power center on 20 acres anchored by Home Depot, Dick’s Sporting Goods and Guitar Center, positing the site to capture significant crossover buyer activity
» The site sits just half a mile from a heavily trafficked on/off ramp to Northwest Expressway (36,332 AADT), positioning the site to capture significant commuter traffic
» The site is centrally located near several Oklahoma City schools and community hubs including INTEGRIS Health Medical Center (9,000 employees), Putnam City High School (2,020 students), Northwest Classen High School (1,548 students), Belle Isle Middle School (511 students), Coronado Heights Middle School (451 students), Belle Isle Park, and many others
» 232,817 residents live within five miles of the property, creating a large and stable customer base for the site
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next four years poise Dutch Bros and Oklahoma City for steady growth
» Average annual household income of $90,871 within one mile of the site (projected 12% increase by 2028)
» Oklahoma City, Oklahoma is the 30th most-populous city in the United States

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