This page tracks Dutch Bros net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, and walks through how to evaluate one before you make an offer. Dutch Bros is not rated investment grade, so these properties are underwritten on the lease, the guaranty and the real estate rather than on an agency grade. If you want the company and lease credit story, the Dutch Bros credit rating and NNN lease profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
Dutch Bros: no public rating from S&P Global Ratings, Moody’s or Fitch in our ratings database. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 1, 2026. Ratings change; confirm before relying on any figure here. See the Dutch Bros credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
99 Dutch Bros NNN properties observed for sale across 22 states as of October 19, 2026. Median asking cap rate 5.50% (range 4.50% to 6.10%). Median asking price $2.95M. Average remaining lease term 13.6 years (among 34 listings that state a term). Median building 950 SF. Figures update automatically from listing broker materials.
Featured Off-Market Opportunity
New construction Dutch Bros, Florida. A developer has a new Dutch Bros drive-thru in Florida coming to market. It is not publicly listed yet. Qualified buyers who register below receive the property details as they are released.
What a buyer should confirm on any developer-sold, new construction Dutch Bros:
- Rent commencement. The date rent begins, and what the buyer receives if the store has not opened by closing.
- Certificate of occupancy and warranties. Final approvals, plus the builder’s warranty on the roof, structure and paving.
- Lease signatory and guaranty. The entity named on the lease, and whether anything stands behind it.
- Lease type and ownership. Absolute NNN with no landlord obligations, and fee simple versus ground lease.
Request early access to the Florida new construction Dutch Bros
Tell us how you are buying and the Investment Grade team will send the property details as they are released. Your details are not shared with listing brokers or other parties without your permission.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. This is a request for information about a property expected to come to market and is not an offer to sell. Details are subject to change.
This is general information about a property expected to come to market. It is not an offer to sell, and price, terms and availability are not confirmed until a property is released. Information is subject to change.
Florida New Construction Dutch Bros For Sale
As of October 16, 2026, 9 Dutch Bros properties built in 2026 or later are on the market in Florida, with asking cap rates from 4.85% to 5.50% and asking prices from $2.94M to $3.56M. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Ormond Beach, FL | $3,182,000 | 5.50% | $175,000 | n/a | 2026 | Not stated | Get full property data |
| Belleview, FL | $3,046,000 | 5.50% | $167,500 | n/a | 2026 | Not stated | Get full property data |
| Jacksonville, FL | $3,082,000 | 5.50% | $169,500 | n/a | 2026 | Not stated | Get full property data |
| Tallahassee, FL | $3,504,762 | 5.25% | $184,000 | n/a | 2026 | Not stated | Get full property data |
| Fort Pierce, FL | $3,236,380 | 5.25% | $169,910 | 15.0 yrs | 2026 | Absolute NNN | Get full property data |
| Jacksonville, FL (ground lease) | $3,073,000 | 5.50% | $169,000 | 15.0 yrs | 2026 | Absolute NNN | Get full property data |
| Tallahassee, FL | $3,556,165 | 4.85% | $172,474 | 15.0 yrs | 2026 | Absolute NNN | Get full property data |
| Riverview, FL (ground lease) | $2,940,000 | 5.10% | $150,000 | 14.9 yrs | 2026 | Absolute NNN | Get full property data |
| Fort Myers, FL | $3,224,000 | 5.25% | $169,251 | 14.5 yrs | 2026 | Absolute NNN | Get full property data |
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Compare these asking cap rates with the national tables further down this page before you form a view. The state table compares the Florida average with the states that have the most listings, and the term table shows what a longer remaining lease is worth in cap rate terms.
Dutch Bros: no public rating from S&P Global Ratings, Moody’s or Fitch in our ratings database. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 1, 2026. See the investment grade credit tenant ratings table.
Dutch Bros NNN Properties For Sale: Latest Listings
The twelve most recently listed single-tenant Dutch Bros properties with published pricing, in every state. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Peoria, IL | $2,820,000 | 5.85% | $164,989 | n/a | 2026 | Not stated | Get full property data |
| Charlotte, NC | $3,214,286 | 5.60% | $180,000 | n/a | 2026 | Not stated | Get full property data |
| Marion, IN | $2,889,000 | 5.85% | $169,000 | n/a | 2026 | Not stated | Get full property data |
| Lubbock, TX | $2,000,000 | 5.20% | $103,950 | n/a | 2021 | Not stated | Get full property data |
| Wilson, NC | $2,954,128 | 5.45% | $161,000 | n/a | 2026 | Not stated | Get full property data |
| Monroe, NC | $2,602,000 | 5.50% | $143,088 | n/a | 1996 | Not stated | Get full property data |
| Oxford, MS | $3,000,000 | 5.30% | $159,140 | n/a | 2026 | Not stated | Get full property data |
| Carson, CA | $5,263,000 | 4.75% | $250,000 | n/a | 2026 | Not stated | Get full property data |
| Syracuse, UT | $3,123,810 | 5.25% | $164,000 | n/a | n/a | Not stated | Get full property data |
| Fort Wayne, IN | $3,247,000 | 5.50% | $178,600 | n/a | 2026 | Not stated | Get full property data |
| Fairborn, OH | $2,930,000 | 5.60% | $164,016 | n/a | 2026 | Not stated | Get full property data |
| Victorville, CA | $2,505,263 | 4.75% | $119,000 | n/a | 2026 | Not stated | Get full property data |
Showing the 12 most recently listed of 99 observed listings; listings without a published asking price and cap rate are not shown here.
Search all 99 Dutch Bros properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Get new Dutch Bros listings in your cap rate band
New Dutch Bros net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Dutch Bros? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a valuation benchmark against the live Dutch Bros listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
A Dutch Bros NNN property is a small, drive-thru focused coffee shop. The median building in the current inventory is 950 square feet, usually with a walk-up window and no dining room, so the real estate is the pad, the site plan and the drive-thru. The format is built around throughput, which makes stacking capacity, access and visibility matter more than the building itself.
In the current inventory, 60% of listings with a reported build year are new construction, with a stated year built of 2026 or later, a rough measure of how much newly built product is on the market. That matters for two reasons. New construction carries the longest remaining term, and it also carries the least operating history at that specific site.
Dutch Bros is not rated, so the lease is the credit. The brand operates both company-operated and franchised shops, and the entity that signs the lease determines what stands behind the rent. Two Dutch Bros listings at the same price and cap rate can carry very different credit, which is why the first diligence question is always who signed. The company side of that question is covered in the Dutch Bros credit rating and NNN lease profile, and if the rating framework behind that statement is unfamiliar, the investment grade guide explains it.
Where a rent schedule is published, 10 percent increases every five years is the most common structure in the current inventory, often with three five-year options. Roughly 24% of listings are marketed as ground leases, where the land and the building may be owned by different parties, which changes financing, depreciation and residual value. Ground lease listings currently ask a tighter cap rate on average than fee simple listings, so compare like with like. Most listings are marketed as NNN or absolute NNN, but the public data often leaves the lease type unstated, so confirm in the lease whether the landlord has any roof, structure or parking lot obligation. Read the lease, not the brochure headline.
Dutch Bros Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context. A Dutch Bros asking 5.25 percent sits toward the tighter end of the current range, and one asking 6.50 percent sits near the very top and deserves a closer look at the lease, the store age and the market before you treat it as a bargain.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| Under 5.00% | 8 | 8% | $3.32M |
| 5.00% to 5.49% | 34 | 34% | $2.87M |
| 5.50% to 5.99% | 51 | 52% | $2.86M |
| 6.00% to 6.49% | 5 | 5% | $2.57M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 1 | 1% | 5.50% |
| $1.5M to $2.5M | 17 | 17% | 5.39% |
| $2.5M to $3.5M | 74 | 75% | 5.47% |
| $3.5M to $5M | 6 | 6% | 5.02% |
| $5M and above | 1 | 1% | 4.75% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| 5 to 10 years | 3 | 5.26% |
| 10 to 15 years | 23 | 5.48% |
| 15 years and longer | 8 | 5.50% |
| Lease Type (as marketed) | Listings |
|---|---|
| Not stated | 54 |
| Absolute NNN | 41 |
| NNN | 4 |
How to read the pricing
Asking cap rates run from 4.50% to 6.10% with a median of 5.50%, and most listings sit between 5.00 and 5.85 percent. Because most of the inventory is new construction with long initial terms, remaining term does not separate listings as cleanly as it does for seasoned assets, so check the term table above before assuming a longer lease costs more. The differences that show up in the current data are geography, which the state table below shows, and ownership structure, since ground lease listings ask a tighter cap rate on average than fee simple ones. The listings at the far ends of the range are a small minority, and when a Dutch Bros is priced far outside the band, find out why before you write the offer.
Where Dutch Bros NNN Properties Are For Sale
Dutch Bros inventory is national, currently spread across 22 states, and it concentrates where the chain is adding drive-thru units fastest. State averages in the table below can span a full percentage point or more, and they reflect growth, state taxes and buyer competition more than anything about the tenant. Florida new construction is highlighted at the top of this page.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| FL | 11 | 5.35% | $3.14M |
| IL | 9 | 5.45% | $3.17M |
| CA | 9 | 4.76% | $3.16M |
| IN | 9 | 5.58% | $3.04M |
| SC | 8 | 5.48% | $2.61M |
| NC | 7 | 5.43% | $2.95M |
| TX | 7 | 5.26% | $2.24M |
| TN | 5 | 5.56% | $2.90M |
| AZ | 5 | 5.24% | $2.84M |
| OH | 4 | 5.66% | $2.92M |
| ID | 3 | 5.62% | $1.78M |
| LA | 3 | 5.83% | $2.95M |
Shows the 12 states with the most listings, out of 22 states with Dutch Bros listings. Search all listings for the rest.
Dutch Bros as a 1031 Exchange Replacement Property
Dutch Bros properties fit the equity coming out of a typical sold rental property, small apartment building or land sale. The median asking price in the current inventory is $2.95M, and roughly 92% of listings fall between $1.5 million and $3.5 million. A single Dutch Bros can absorb an entire exchange without forcing the buyer into multiple properties or a fractional interest.
A few practical points for exchangers working a clock:
- Identify from the live list, not a stale one. Listings change as properties go under contract and as delivery dates shift on new construction. Identify two or three specific properties under the three-property rule, and keep one backup that is realistically available.
- Delivery timing is the new construction trap. A store that has not reached its certificate of occupancy or rent commencement can create timing risk against a 180-day closing deadline. Confirm both before you identify it.
- Debt replacement is the other trap. If your relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. At Dutch Bros cap rates in the low to mid 5s and lender pricing that can be higher, financed acquisitions can run negative leverage. Many exchangers buy all cash or with low leverage for exactly this reason; run the numbers on your own debt before you identify.
- Term should match your hold. If the plan is to hold through the next exchange or pass the asset to heirs, prioritize term, options and the lease signatory over 25 basis points of cap rate. If the plan is to resell in five to seven years, buy term you can resell with term still on it.
- Certainty of closing matters more than price. A Dutch Bros with a clean estoppel, a confirmed lease signatory and no open delivery issues is worth paying up for on a 45-day identification.
For the mechanics of identification, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide and the 45-day identification rule. If you are on a deadline now, request NNN replacement property help.
Dutch Bros NNN Due Diligence Checklist
These are the items that change the value of a Dutch Bros listing and are rarely resolved by the marketing materials.
- Lease signatory and guaranty. Confirm the tenant entity and whether Dutch Bros Inc. guarantees the lease. A Dutch Bros sign does not identify the party obligated to pay rent, and a subsidiary or franchisee entity carries its own credit.
- Company-operated or franchised. A franchisee lease is only as strong as the franchisee, so ask for the franchisee’s financials and any parent guaranty.
- Lease type and landlord obligations. Absolute NNN should mean no landlord responsibility for roof, structure or parking lot. Verify it in the lease language, not the listing headline.
- Term, rent increases and options. Verify the exact escalation schedule, the original term and how many option periods remain. Two leases that both say “15-year lease” can have very different economics after year ten.
- New construction status. Certificate of occupancy, rent commencement date, builder warranties, and any punch list or tenant improvement obligations still owed by the developer.
- Drive-thru and site plan. Confirm stacking capacity, access, signage and any restrictions in the reciprocal easement agreement, especially on out-parcels to a larger center.
- Ground lease versus fee simple. A ground lease changes who owns the land and the building, which changes financing, depreciation and residual value.
- Former Salad and Go sites. Dutch Bros bid for former Salad and Go leaseholds in 2026 but lost them to 7 Brew, so few if any Dutch Bros listings should be converted Salad and Go sites. If a property is a converted site of any brand, confirm how the lease was assigned, any cure payments and the landlord’s position. The Salad and Go landlord test and the analysis of Dutch Bros’ $105 million Salad and Go bid explain what is at stake.
- Sales data. Store-level sales are rarely disclosed to buyers. Ask whether any are available, and otherwise use traffic counts, hours and comparable nearby locations to judge site strength.
Dutch Bros Compared With Other Coffee and QSR Tenants
Buyers weighing Dutch Bros against Starbucks are choosing between a rated corporate tenant (Starbucks) and an unrated growth company. Despite the rating difference, Dutch Bros listings currently ask a median cap rate of 5.50% versus 5.75% for Starbucks, reflecting newer buildings and longer leases rather than stronger credit. The comparison, including lease term, obligor and cap rate ranges, is in Starbucks vs Dutch Bros: Which NNN Investment Wins in 2026? The live Starbucks inventory is on the Starbucks NNN properties for sale page, and QSR NNN cap rates by tenant credit and lease type shows where drive-thru beverage sits against the rest of the restaurant category.
How Investment Grade Works With Dutch Bros Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national CRE advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Dutch Bros acquisition we screen the live inventory against your criteria, pull the lease abstract and rent roll behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On the majority of transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side; where that is not the case, we disclose it in writing before you engage.
Owners and developers of Dutch Bros properties can also use this page as a valuation benchmark. If you are considering a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process, and the guide to selling commercial real estate off market explains how it works. Use the “I own a Dutch Bros” option in the form above to tell us about the property.
Frequently Asked Questions
How many Dutch Bros NNN properties are for sale right now?
As of October 19, 2026, 99 single-tenant Dutch Bros net lease properties are observed for sale across 22 states. The count updates automatically as listings are added and removed.
What cap rate do Dutch Bros NNN properties sell at?
The current median asking cap rate is 5.50%, with most listings between 5.00 and 5.85 percent. Ground lease listings and some states ask tighter, and a small minority of listings ask above 6 percent and are worth questioning before you rely on them.
How much does a Dutch Bros NNN property cost?
The median asking price in the current inventory is $2.95M, and roughly 92% of listings fall between $1.5 million and $3.5 million. Asking prices currently range from $1.49M to $5.26M.
Is Dutch Bros investment grade?
Our ratings database records no public rating for Dutch Bros from S&P Global Ratings, Moody’s or Fitch. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 1, 2026. A Dutch Bros NNN property should be underwritten from the signed lease, the guaranty and the real estate rather than from the brand.
Are there new construction Dutch Bros properties for sale in Florida?
As of October 16, 2026, 9 new construction Dutch Bros properties are observed for sale in Florida, with asking cap rates from 4.85% to 5.50% and asking prices from $2.94M to $3.56M. A developer-built Florida Dutch Bros is also expected to come to market. Register for early access in the Featured Off-Market Opportunity section at the top of this page.
Is a Dutch Bros a good 1031 exchange replacement property?
Dutch Bros is frequently considered because the price range matches typical exchange equity and new construction listings often carry long lease terms. The main considerations are the lease signatory and guaranty, delivery timing on new construction, and debt replacement at current cap rates.
Working a Dutch Bros acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
- Dutch Bros Credit Rating and NNN Lease Profile
- Starbucks vs Dutch Bros: Which NNN Investment Wins in 2026?
- Dutch Bros’ $105 Million Salad and Go Bid: Why 7 Brew Won the Sites
- When an Absolute-NNN Tenant Goes Bankrupt: The Salad and Go Landlord Test
- Starbucks NNN Properties For Sale
- QSR NNN Cap Rates by Tenant Credit and Lease Type
- NNN Cap Rates 2026: Tenant by Tenant Benchmarks
- 1031 Exchange Into Investment Grade Property
- Investment Grade Credit Tenant Ratings
- Search All Observed NNN Listings
