Dutch Bros Coffee

Lowest
Cap Rate

4.75%%

Lowest cap rate over past 24 months

Average
Cap Rate

5.75%

12 mo avg with 5+ yr lease term

Overview

Dutch Bros locations are small-format drive-thru kiosks, typically between 750 and 950 square feet, located on 0.25 to 0.50-acre parcels. Most are freestanding and do not include indoor seating, though some sites feature walk-up windows or outdoor patios. Leases are generally 15- to 20-year absolute NNN, with 10% rent escalations every 5 years, and are corporately guaranteed by Dutch Bros Inc. The brand targets high-traffic corridors and trade areas with strong demographic growth.

Average Property & Lease

Average Sale Price	$1,700,000 – $2,200,000
Average NOI	$95,000 – $125,000
Building SF	750
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	NYSE:BROS

CREDIT RATING

S&P	N/A
Moody's	N/A

TENANT DESCRIPTION

Dutch Bros Coffee was founded in 1992 in Grants Pass, Oregon, by brothers Dane and Travis Boersma as a small pushcart espresso business. With a focus on friendly service, upbeat culture, and high-quality beverages, the brand quickly developed a cult-like following across the Pacific Northwest. Dutch Bros went public in 2021 and is now one of the fastest-growing drive-thru beverage concepts in the U.S., expanding aggressively throughout the West, Southwest, and South under Dutch Bros Inc.

Founded	1992
Headquarters	Grants Pass, OR, U.S.
Number of Locations	850
Revenue	$965 M
Company Website	https://www.dutchbros.com
Key Principal	Joth Ricci