Dutch Bros Net Lease Market Report Summary

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Closed Dutch Bros net leases traded at a 5.30% median cap rate across 73 sales, Jan 2023 to Apr 2026; listings ask 5.60%, about 30 bps wider than trades.

Market report · Data through · Updated · The Finem Group

Average sold cap rate, 2026
5.30%
12 sales
Median asking cap rate
5.60%
68 listings
Median sold cap rate
5.30%
73 sales, all years
Average rent per site
$122K
73 sales, reported NOI

At a glance

Credit

Public company
Parent
Dutch Bros Inc. (NYSE: BROS)
Q3 2026 revenue
$549.8 million, up 29.8%
2026 outlook
At least $2.1 billion revenue; Adjusted EBITDA about $380 million
Guarantor
Usually corporate: Boersma Bros. LLC, a Dutch Bros Inc. operating subsidiary, signs or guarantees most leases; a few are franchisee leases
Credit rating
Not rated by S&P, Moody's or Fitch

Tenant profile researched Nov 12, 2026 from Dutch Bros SEC filings (Form 8-K, Form 10-K subsidiaries list, credit agreement) and 2025 to 2026 broker offering memoranda. Confirm the signing entity and guarantor in each lease.

A typical lease

Structure
Net lease, drive-thru coffee shop
Term
114 of 122 at 15 yrs
Price range
$1M to $4M

Company overview

Dutch Bros ended the third quarter of 2026 with 1,273 shops, 960 company-operated and 313 franchised, up from 1,081 a year earlier, and opened 48 new shops in the quarter.

The company expects at least 185 shop openings in 2026 and about 250 in 2027. For the quarter it reported revenue up 29.8% to $549.8 million and systemwide same shop sales up 4.4% (SEC Form 8-K, Nov 4, 2026).

The short version

In 2026, 12 Dutch Bros net leases sold at an average 5.30% cap rate. Asking cap rates today are a median 5.60%, higher. A lower cap rate means a higher price.

The average closed site pays about $122K a year in rent. Rent is the annual net operating income reported on each sale.

California sales traded tighter than the rest of the country, so owners outside California should not expect California pricing. The asking figures are for different properties than the closed sales, so the gap between them is not a paired ask-to-close spread.

Want the longer write-up? Read our full Dutch Bros analysis.

Cap rates over time

SoldAsking

A cap rate is the yearly rent divided by the price. A lower cap rate means a higher price. Each mark is one comp.

4.0%4.5%5.0%5.5%6.0%6.5%20232024202520262027Altamonte Springs, FL: 5.57% sold Apr 2026Louisville, KY: 6.10% sold Apr 2026Denver, CO: 5.30% sold Apr 2026Nashville, TN: 5.22% sold Apr 2026Clarksville, TN: 5.19% sold Apr 2026Brighton, CO: 5.26% sold Mar 2026Indianapolis, IN: 5.50% sold Mar 2026Merced, CA: 4.88% sold Feb 2026Tucson, AZ: 5.50% sold Feb 2026Henderson, NV: 5.01% sold Feb 2026Mckinney, TX: 4.50% sold Jan 2026Urbana, IL: 5.58% sold Jan 2026Mesa, AZ: 5.15% sold Dec 2025Pueblo, CO: 5.38% sold Dec 2025Atwater, CA: 5.15% sold Oct 2025Marion, IN: 6.43% sold Oct 2025Chula Vista, CA: 4.50% sold Sep 2025Commerce City, CO: 5.52% sold Sep 2025Fontana, CA: 4.27% sold Jul 2025Shelbyville, TN: 5.32% sold Jun 2025Scottsdale, AZ: 5.56% sold Jun 2025Jefferson City, MO: 4.66% sold Jun 2025Murfreesboro, TN: 5.40% sold Jun 2025Oklahoma City, OK: 5.80% sold May 2025Amarillo, TX: 5.50% sold May 2025Chattanooga, TN: 5.30% sold May 2025San Antonio, TX: 5.37% sold Mar 2025Pensacola, FL: 5.48% sold Mar 2025Warrensburg, MO: 5.43% sold Mar 2025Albuquerque, NM: 5.70% sold Feb 2025Glendale, AZ: 5.20% sold Feb 2025Kerrville, TX: 5.40% sold Dec 2024San Bernardino, CA: 4.50% sold Dec 2024Queen Creek, AZ: 4.88% sold Dec 2024Seguin, TX: 5.48% sold Dec 2024Pantego, TX: 5.75% sold Nov 2024Las Vegas, NV: 5.00% sold Sep 2024Orem, UT: 5.09% sold Sep 2024Rocklin, CA: 6.12% sold Sep 2024Richmond, KY: 5.86% sold Aug 2024Sacramento, CA: 4.14% sold Aug 2024Stillwater, OK: 5.55% sold Aug 2024Hendersonville, TN: 5.25% sold Jul 2024San Antonio, TX: 5.57% sold Jun 2024Morristown, TN: 5.58% sold Jun 2024Colorado Springs, CO: 5.27% sold Jun 2024Olathe, KS: 5.42% sold May 2024Las Vegas, NV: 5.54% sold May 2024Oklahoma City, OK: 5.57% sold Mar 2024Thornton, CO: 5.10% sold Feb 2024Lexington, KY: 5.35% sold Jan 2024San Antonio, TX: 5.25% sold Jan 2024San Antonio, TX: 5.25% sold Dec 2023Maryville, TN: 5.30% sold Nov 2023Escondido, CA: 4.65% sold Nov 2023Knoxville, TN: 5.35% sold Nov 2023Sevierville, TN: 5.30% sold Nov 2023Riverside, CA: 5.99% sold Nov 2023Parker, CO: 5.75% sold Nov 2023Fort Worth, TX: 5.54% sold Nov 2023Rialto, CA: 4.77% sold Oct 2023Riverbank, CA: 4.75% sold Oct 2023Sapulpa, OK: 5.50% sold Sep 2023Arlington, TX: 5.25% sold Sep 2023Mesquite, NV: 4.90% sold Jul 2023West Sacramento, CA: 5.10% sold Jul 2023Austin, TX: 4.75% sold Jun 2023Marana, AZ: 5.14% sold Jun 2023Collinsville, OK: 5.26% sold May 2023Columbia, TN: 5.35% sold Apr 2023Fontana, CA: 4.35% sold Mar 2023Surprise, AZ: 4.65% sold Jan 2023Clarksville, TN: 5.30% sold Jan 2023Roswell, GA: 5.65% ask Nov 2026Mauldin, SC: 5.55% ask Nov 2026Memphis, TN: 5.80% ask Nov 2026Junction City, KS: 5.85% ask Nov 2026Azle, TX: 5.00% ask Nov 2026Jefferson City, TN: 5.50% ask Nov 2026Austin, TX: 4.50% ask Nov 2026Tallahassee, FL: 5.25% ask Nov 2026Milledgeville, GA: 5.65% ask Nov 2026Tolleson, AZ: 5.25% ask Nov 2026Kingsport, TN: 5.65% ask Nov 2026Peoria, IL: 5.85% ask Nov 2026Fairborn, OH: 5.75% ask Nov 2026Murfreesboro, TN: 5.35% ask Nov 2026Warrensburg, MO: 6.00% ask Nov 2026Marion, IN: 5.95% ask Nov 2026Warsaw, IN: 5.60% ask Nov 2026Kokomo, IN: 6.15% ask Nov 2026Bridgeton, MO: 5.75% ask Nov 2026Baton Rouge, LA: 5.65% ask Nov 2026Cincinnati, OH: 6.00% ask Nov 2026Tucson, AZ: 5.50% ask Nov 2026Greeneville, TN: 5.50% ask Nov 2026New Albany, IN: 5.75% ask Nov 2026Tulsa, OK: 5.75% ask Nov 2026Las Cruces, NM: 5.50% ask Nov 2026Manor, TX: 5.15% ask Nov 2026Greenville, SC: 5.55% ask Nov 2026Noblesville, IN: 5.85% ask Nov 2026Lima, OH: 5.75% ask Nov 2026Loganville, GA: 5.60% ask Nov 2026Louisville, KY: 5.50% ask Nov 2026Melrose Park, IL: 5.50% ask Nov 2026Mesa, AZ: 5.25% ask Nov 2026Indianapolis, IN: 5.50% ask Nov 2026Ankeny, IA: 5.50% ask Nov 2026Cincinnati, OH: 5.65% ask Nov 2026Loves Park, IL: 5.50% ask Nov 2026Riverview, FL: 5.10% ask Nov 2026West Des Moines, IA: 5.50% ask Nov 2026New Lenox, IL: 5.65% ask Nov 2026Phoenix, AZ: 4.85% ask Nov 2026Daphne, AL: 5.65% ask Nov 2026Loves Park, IL: 5.50% ask Nov 2026Oak Park, IL: 5.50% ask Nov 2026Buford, GA: 5.55% ask Nov 2026Amelia, OH: 5.65% ask Nov 2026Spartanburg, SC: 5.60% ask Nov 2026Waukegan, IL: 5.65% ask Nov 2026Louisville, KY: 5.65% ask Nov 2026Belleview, FL: 5.50% ask Nov 2026Macon, GA: 5.50% ask Nov 2026Paducah, KY: 5.65% ask Nov 2026Algonquin, IL: 5.50% ask Nov 2026Pearl, MS: 5.65% ask Nov 2026Lake Charles, LA: 5.65% ask Nov 2026Champaign, IL: 5.25% ask Nov 2026Auburn, IN: 5.85% ask Nov 2026Denham Springs, LA: 5.50% ask Nov 2026Lafayette, LA: 5.65% ask Nov 2026Augusta, GA: 5.35% ask Nov 2026Terre Haute, IN: 5.70% ask Nov 2026Fort Worth, TX: 5.25% ask Nov 2026Alabaster, AL: 5.80% ask Nov 2026Fort Wayne, IN: 5.50% ask Nov 2026Bradley, IL: 5.65% ask Nov 2026Oxford, MS: 5.30% ask Nov 2026Bartlesville, OK: 6.40% ask Nov 2026

Sales January 2023 to April 2026. Years with few sales can swing a lot. Reported, not verified.

Recent sales

The 10 most recent of 73 sales. Yearly rent is the net operating income reported on the sale.

LocationSoldPriceCap rateAcresYearly rent
Altamonte Springs, FLApr 2026$2,730,0005.57%0.77$152,000
Louisville, KYApr 2026$2,760,0006.10%1.08$168,335
Denver, COApr 2026$2,231,1325.30%0.85$118,250
Nashville, TNApr 2026$2,300,0005.22%1.97$120,000
Clarksville, TNApr 2026$2,600,0005.19%0.73$135,000
Brighton, COMar 2026$3,030,0005.26%0.71$159,500
Indianapolis, INMar 2026$2,850,0005.50%–$156,750
Merced, CAFeb 2026$2,640,0004.88%0.52$128,700
Tucson, AZFeb 2026$2,400,0005.50%0.69$132,000
Henderson, NVFeb 2026$1,995,0005.01%3.60$100,000

The full report lists every sale with its address and source. Prices and cap rates are as reported by brokers and public sources.

On the market now

A sample of 10 of the 68, spread from the lowest to the highest asking cap rate, Dutch Bros net leases listed for sale today. These are asking prices, not closed sales.

LocationAsking priceAsking cap rateAcresYearly rent
Austin, TX$2,200,0004.50%–$99,000
Mesa, AZ$3,050,0005.25%–$160,000
Greeneville, TN$3,073,0005.50%–$168,999
West Des Moines, IA$3,374,0005.50%–$185,577
Mauldin, SC$2,613,0005.55%–$145,000
Milledgeville, GA$2,973,0005.65%–$168,000
Louisville, KY$2,973,0005.65%–$168,000
Fairborn, OH$2,852,0005.75%–$164,016
Peoria, IL$2,820,0005.85%–$164,989
Bartlesville, OK$2,652,0006.40%–$169,724

Asking prices can change. Reported, not verified.

Full report

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The full report has every comp with its source, cap rates by year and region, current listings, and the tenant profile.

Own a Dutch Bros property? Call us and we will tell you what it would sell or lease for today.

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Questions investors ask

What cap rate do Dutch Bros net leases sell at?

Closed Dutch Bros net leases in this data set traded at a median 5.30% cap rate (73 sales, January 2023 to April 2026), ranging 4.14% to 6.43%.

What are Dutch Bros net leases asking?

On-market Dutch Bros net lease listings asked a median 5.60% cap rate across 68 listings as of Nov 12, 2026, against a 5.30% median on closed sales.

How much rent does a Dutch Bros net lease pay?

The average closed Dutch Bros site in this data set pays about $122K a year (net operating income reported on the sale, 73 sales, Jan 2023 to Apr 2026).

How current is this Dutch Bros data?

The newest closed sale here is from April 2026, and the data runs to Nov 12, 2026. The page was last updated Nov 12, 2026.

What lease term do Dutch Bros net lease properties usually have?

Most carry 15-year terms: 51 of the 59 closed sales with a reported term. Current listings are generally 15-year leases with 12 or more years remaining.

How many shops does Dutch Bros operate?

Dutch Bros ended the third quarter of 2026 with 1,273 shops, 960 company-operated and 313 franchised (SEC Form 8-K, November 4, 2026).

Talk to the team

Portrait of Jonathan Aceves

Jonathan Aceves, CCIM, MBA, CM&AP

Vice President, Associate Broker

706.294.1757

Portrait of John Eckley

John Eckley, CCIM, MBA

Vice President, Industrial Lead

706.305.0054

Portrait of Stephen Long

Stephen Long, FMVA

Senior Investment Analyst

706.513.3840

More from The Finem Group

Sources

Cite this report

Use the figures with a link back to this page. Suggested citation:

Finem Group at Meybohm Commercial. Dutch Bros Net Lease Market Report Summary. April 2026. https://finemgroup.com/dutchbrosmarketreport

Data: Crexi, 73 closed and 68 on-market net lease comps, as of Nov 12, 2026. Closed sales Jan 2023 to Apr 2026, $1M to $4M; we found no later closings in our data. The 68 listings were read from Crexi on Nov 12, 2026 (up to 2,500 SF, on the market a year or less, 12 or more years of lease left). Figures are reported, not verified. Information is believed reliable but is not guaranteed. An independent market report; not investment, legal or tax advice. 948 Reynolds Street, Augusta, GA 30901.