Dutch Bros Market Report
Cap rates, rents and listings for 73 Dutch Bros net lease sales, January 2023 to April 2026.
Across 141 tracked comps, closed Dutch Bros sales traded at a median cap rate of 5.30% (73 sales), against a median asking cap of 5.60% on 68 current listings.
- 141Comps tracked
- 5.30%Median sold cap73 records
- 5.60%Median ask cap68 records
- $2.26MMedian sale price73 records
- Edition
- November 2026 editionPublished November 13, 2026
- Observation period
- Sales closed January 2023 to April 2026Data to November 13, 2026
- What is covered
- Dutch Bros sale and listing comps in the report set (141 comps)AL, AZ, CA, CO, FL, GA, IA, IL, IN, KS, KY, LA, MO, MS, NM, NV, OH, OK, SC, TN, TX, UT
- Sample
- 73 closed sales with a reported cap rateClosed sales68 active listings with an asking cap rateActive listings
- Author
- Jonathan Aceves
- Reviewed by
- Stephen Long
Key findings
- Closed sales traded at a median cap rate of 5.30% (73 sales).
- Current listings are asking a median cap rate of 5.60% (68 listings).
- The median sale price was $2.26M (73 sales).
Sold cap rate by sale date
Logarithmic trend, n = 73, R² 0.03. One dot per comp.
Sold cap rate by sale date
Rent per acre by lot size
Logarithmic trend, n = 68, R² 0.70. One dot per comp.
Rent per acre by lot size
Cap rate by region
Sold cap rates by the state of the property. Southeast is GA, FL, AL, TN, NC, SC. Fewer than 5 sales is directional.
| Region | Sales | Median cap | Average cap | Range |
|---|---|---|---|---|
| Southeast | 14 | 5.31% | 5.35% | 5.19% – 5.58% |
| West | 17 | 4.88% | 4.92% | 4.14% – 6.12% |
| Mountain | 16 | 5.27% | 5.28% | 4.65% – 5.75% |
| Texas | 12 | 5.38% | 5.30% | 4.50% – 5.75% |
| Midwest | 6 | 5.47% | 5.50% | 4.66% – 6.43% |
| Other | 8 | 5.56% | 5.62% | 5.26% – 6.10% |
| Source: Finem Group comp set | ||||
Latest comps
Most recent sold comps with a reported cap. City and state only.
| Location | Sold | Price | Cap | Term | Guarantee |
|---|---|---|---|---|---|
| ALTAMONTE SPRINGS, FL | 2026-04-29 | $2,730,000 | 5.57% | 15 yrs | — |
| LOUISVILLE, KY | 2026-04-29 | $2,760,000 | 6.10% | 15 yrs | — |
| DENVER, CO | 2026-04-22 | $2,231,132 | 5.30% | 15 yrs | — |
| NASHVILLE, TN | 2026-04-20 | $2,300,000 | 5.22% | 15 yrs | — |
| CLARKSVILLE, TN | 2026-04-14 | $2,600,000 | 5.19% | 15 yrs | — |
| BRIGHTON, CO | 2026-03-10 | $3,030,000 | 5.26% | 15 yrs | — |
| INDIANAPOLIS, IN | 2026-03-03 | $2,850,000 | 5.50% | 15 yrs | — |
| MERCED, CA | 2026-02-25 | $2,640,000 | 4.88% | 15 yrs | — |
| TUCSON, AZ | 2026-02-09 | $2,400,000 | 5.50% | 15 yrs | — |
| HENDERSON, NV | 2026-02-02 | $1,995,000 | 5.01% | 15 yrs | — |
| Source: Finem Group comp set | |||||
Methods
- Figures use the 141 comps the analyst marked as included; excluded comps are not counted.
- Cap rates and prices are medians of the comps that report them, so one outlier does not move the figure. Groups of fewer than three sales are labelled directional.
- Each trend line is a least-squares fit; the number printed beside it (R squared) says how much of the variation it explains, and a low value means the trend is weak.
Sources
- Finem Group comp database — Sale and listing comps entered by Finem brokers and analysts
- Brand facts — Public web sources cited in the at-a-glance blurbs
Limitations
- Lease terms and asking caps are as stated by listing brokers and are not independently verified.
- Sold cap rate by sale date: the fitted trend explains little of the variation (R squared 0.03), so treat it as a direction, not a forecast.
- Regions with fewer than three sales are shown as directional.
For the current figures, see the Dutch Bros net lease cap rates and market report summary: the latest sales, listings and lease terms.