New Dutch Bros | Major Hospital Location | 404 US 31W Byp
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New Dutch Bros | Major Hospital Location 404 US 31W Byp
950 SF Retail Building Bowling Green, KY 42101 $1,981,000 ($2,085/SF) 5.40% Cap Rate
Investment Highlights
- Brand-new, build-to-suit construction with Dutch Bros’ latest prototype
- Long-term, passive investment | New, 15-year lease with 10% rent increases every 5 years throughout the initial term and options
- Adjacent to a Kroger-anchored shopping center | 1.1MM annual visitors and ranks within the top 25% of Kroger locations nationally | #1 in City
- Corporately guaranteed, absolute NNN ground lease | Zero Landlord responsibilities
- Major Hospital Location | Site directly across the street from The Medical Center at Bowling Green | 337-bed hospital with $1B+ in revenue
- University Location | About 2 miles from Western Kentucky University | ±16,500 students
Executive Summary
PROPERTY HIGHLIGHTS
• Brand-new, build-to-suit construction with Dutch Bros’ latest prototype
• Corporately guaranteed, absolute NNN ground lease | Zero Landlord responsibilities
• Long-term, passive investment | New, 15-year lease with 10% rent increases every 5 years throughout the initial term and options, providing an excellent hedge against inflation
• Major Hospital Location | Site directly across the street from The Medical Center at Bowling Green | 337-bed hospital with $1B+ in revenue and over 1MM SF of medical office and healthcare-related services
• Dutch Bros will directly benefit from the daily employees (3,500), patients, and hospital visitors
• Adjacent to a Kroger-anchored shopping center | 1.1MM annual visitors to the Kroger and ranks within the top 25% of Kroger locations nationally | #1 location in Bowling Green
• University Location | About 2 miles from Western Kentucky University | ±16,500 students
• Excellent access and visibility from U.S. 31 W Bypass which sees ±21,670 VPD
• Dense area | 43,600+ residents within a 3-mile radius
• Within about 3.5 miles from:
• Greenwood Mall | 851,500+ SF mall anchored by JCPenney, Dillard’s, and Belk
• Shoppes at Gary Farms | A DICK’S and PetSmart-anchored shopping center
• A shopping center anchored by Walmart Supercenter, Target, and Lowe’s
• A shopping center anchored by Home Depot, Meijer, Kohl’s, and Ollie’s Bargain Outlet
• A T.J. Maxx-anchored shopping center
• A Kroger and Hobby Lobby-anchored shopping center
• Warren Central High School | 1,020 students
TENANT HIGHLIGHTS
• Dutch Bros is the third largest coffee chain in the US with 900+units across 17 states with a long-term goal of hitting 4,000+ stores in the next 10-15 years
• In Q1 2024, total revenues grew 39% y-o-y to a record $275MM | Delivers 10% same shop sales growth
• Expects to open at least 150-165 locations in 2024
• Has opened at least 30 stores in 11 consecutive quarters
• Dutch Bros holds an AUV of $2MM (2023)
• Dutch Bros (NYSE: BROS) went public in 2021 and holds a market cap of ±$6.45B as of 7/2/24
• #50 on Technomic’s Top 500 Chain Restaurant Report
• Brand-new, build-to-suit construction with Dutch Bros’ latest prototype
• Corporately guaranteed, absolute NNN ground lease | Zero Landlord responsibilities
• Long-term, passive investment | New, 15-year lease with 10% rent increases every 5 years throughout the initial term and options, providing an excellent hedge against inflation
• Major Hospital Location | Site directly across the street from The Medical Center at Bowling Green | 337-bed hospital with $1B+ in revenue and over 1MM SF of medical office and healthcare-related services
• Dutch Bros will directly benefit from the daily employees (3,500), patients, and hospital visitors
• Adjacent to a Kroger-anchored shopping center | 1.1MM annual visitors to the Kroger and ranks within the top 25% of Kroger locations nationally | #1 location in Bowling Green
• University Location | About 2 miles from Western Kentucky University | ±16,500 students
• Excellent access and visibility from U.S. 31 W Bypass which sees ±21,670 VPD
• Dense area | 43,600+ residents within a 3-mile radius
• Within about 3.5 miles from:
• Greenwood Mall | 851,500+ SF mall anchored by JCPenney, Dillard’s, and Belk
• Shoppes at Gary Farms | A DICK’S and PetSmart-anchored shopping center
• A shopping center anchored by Walmart Supercenter, Target, and Lowe’s
• A shopping center anchored by Home Depot, Meijer, Kohl’s, and Ollie’s Bargain Outlet
• A T.J. Maxx-anchored shopping center
• A Kroger and Hobby Lobby-anchored shopping center
• Warren Central High School | 1,020 students
TENANT HIGHLIGHTS
• Dutch Bros is the third largest coffee chain in the US with 900+units across 17 states with a long-term goal of hitting 4,000+ stores in the next 10-15 years
• In Q1 2024, total revenues grew 39% y-o-y to a record $275MM | Delivers 10% same shop sales growth
• Expects to open at least 150-165 locations in 2024
• Has opened at least 30 stores in 11 consecutive quarters
• Dutch Bros holds an AUV of $2MM (2023)
• Dutch Bros (NYSE: BROS) went public in 2021 and holds a market cap of ±$6.45B as of 7/2/24
• #50 on Technomic’s Top 500 Chain Restaurant Report
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
950 SF
Year Built
2024
Price
$1,981,000
Price Per SF
$2,085
Cap Rate
5.40%
NOI
$107,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Land Acres
0.47 AC
Parking
11 Spaces (11.58 Spaces per 1,000 SF Leased)
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Dutch Bros Coffee
- Accommodation and Food Services
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99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Dutch Bros Coffee | Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 051B-02-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $700,000 |
PROPERTY TAXES
Parcel Number
051B-02-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$700,000
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Calvin Short -
Matt Coates -
Gary Chou -
Aron Cline -
Rad Werssowetz -
Berkeley Capital Advisors
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New Dutch Bros | Major Hospital Location | 404 US 31W Byp
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