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Dutch Bros, Kansas City, MO

Dutch Bros, Kansas City, MO


Investment Summary

Price $2,176,000
Cap Rate 5.40%
NOI $117,500
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 950 SF
Lot Size 0.66 acres (28,750 SF)
Status Available
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 TO RAPIDLY GROWING COFFEE QSR
» New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Three (3) five (5) year option periods, providing a passive long-term income generator
» Average cap rate over the lease term is approximately 6.00%x
» Dutch Bros (NYSE: “BROS”) went public in 2021 – valued at $4.10B as of September 2023
» 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 Q2 2023, quarterly revenue increased 34% to $250M and 38 new system-wide shops opened
» Dutch Bros’ AUV in the Kansas City area exceeds $2 million
» 2023 construction built to the latest Dutch Bros prototype, including a rare dual-lane drive-thru for added customer convenience

BUSY SHOPPING CORRIDOR ALONG U.S. ROUTE 40
» High-visibility location at the signalized four-way intersection of East U.S. Route 40 and South Lee’s Summit Road, offering excellent visibility and access to 40,495 vehicles per day
» Trophy location near Interstate 70, allowing the site to capture significant commuter traffic (127,725 AADT)
» Excellent proximity to The Fall, a new housing deveopment featuring 275 multifamily units
» Surrounded by major Kansas City shopping centers, including Independence Commons (403K SF of retail space), Independence Crossroads (Walmart Supercenter & Sam’s Club-anchored), and Independence Center (831K SF of retail space)
» Approximately 5.5 miles southwest from the 1,200-acre NorthPoint Development, the largest investment in Independence’s history with $1B invested (will contain 10M+ SF of industrial space and attract 5,000 jobs to the region)

ACCESS TO 147K NEARBY RESIDENTS IN A GROWING KANSAS CITY AREA
» 147,220 residents within a five-mile radius (steady growth of 6% since 2010)
» Average annual household income of $94,132 within three miles (projected 16% increase by 2028)
» Gateway to Downtown Kansas City, the largest city in Missouri by population and area with a 2020 population of 508,090

Property Description

» This property is located at the signalized four-way intersection of East U.S. Route 40 and South Lee’s Summit Road, offering excellent visibility and access to 40,495 vehicles per day
» This Dutch Bros Coffee is a trophy location near Interstate 70, allowing the site to capture significant commuter traffic (127,725 AADT)
» The property is also conveniently located near The Fall, a new housing development featuring 275 multifamily units
» The site is 5.5 miles southwest from the 1,200-acre NorthPoint Development, the largest investment in Independence’s history with $1B invested (will contain 10M+ SF of industrial space and attract 5,000 jobs to the region)
» Located within a dense retail corridor, the site is surrounded by major Kansas City shopping centers, including Independence Commons (403K SF of retail space), Independence Crossroads (Walmart Supercenter & Sam’s Club-anchored), and Independence Center (831K SF of retail space)
» The property is located within a five-mile radius of 147,220 residents
» The average annual household income within a three-mile radius is $94,132, and this is projected to increase by 16% in 2028
» The property is well-positioned as a gateway to Downtown Kansas City, the largest city in Missouri by population and area, with a population of 508,090

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