Drive-through coffee is an actively marketed corner of the net lease market: the active listings InvestmentGrade.com tracks include 124 Starbucks and 99 Dutch Bros properties (live counts). Starbucks is the rated benchmark: Starbucks Corporation is rated BBB+/Baa1 (S&P / Moody’s), investment grade at both agencies. Dutch Bros is the fast-growing challenger: 1,225 shops at June 30, 2026, revenue up 32.5% in the second quarter of 2026, and no S&P, Moody’s or Fitch rating in our ratings database (Ratings checked October 1, 2026). Across the active listings we track, the live median asking cap rate is 5.75% for Starbucks and 5.50% for Dutch Bros; the table below shows when each set of listings was last observed. This comparison looks at what may explain the difference. For the ratings framework we apply to every tenant, start with the investment grade guide.
Weighing the Dutch Bros side of this comparison? Browse the Dutch Bros NNN properties we track for sale, or send us your criteria and we will flag new Dutch Bros listings as we find them.
Starbucks vs Dutch Bros: Head-to-Head
| Metric | Starbucks | Dutch Bros |
|---|---|---|
| S&P / Moody’s Rating | BBB+/Baa1 | Not rated |
| Store Count | 10,047 US company-operated (Sept. 28, 2025), plus licensed stores | 1,225 shops: 888 company-operated, 337 franchised (June 30, 2026) |
| Revenue | $37.2 billion (fiscal 2025) | $550.9 million in Q2 2026; 2026 guidance $2.10 to $2.13 billion |
| Median asking cap rate (live) | 5.75% | 5.50% |
| Listings with a cap rate in our data (live) | 117 | 98 |
| Listings last observed (live) | October 19, 2026 | October 19, 2026 |
| Average remaining lease term (live) | 8.7 years (57 listings state it) | 13.6 years (34 listings state it) |
| Original lease term in listings that state one (Oct. 8, 2026) | 10 years in 40 of 64 | 15 years in 30 of 39 |
| Most Common Rent Schedule in Listings | 10% every 5 years (schedules vary) | 10% every 5 years (some annual increases) |
| Median asking price (live) | $2.84M | $2.95M |
| Median building size (live) | 2,289 sq ft | 950 sq ft |
| Tenant and Guarantor | Property-specific: confirm in the executed lease which entity is the tenant and whether Starbucks Corporation guarantees it | Property-specific: confirm whether Dutch Bros Inc., a subsidiary or a franchisee is the tenant and whether Dutch Bros Inc. guarantees the lease |
| Ticker | SBUX (Nasdaq) | BROS (NYSE) |
Ratings update from our ratings database; Starbucks’ May 6, 2025 pricing term sheet shows its ratings for senior unsecured notes. Ratings checked October 8, 2026 (Starbucks); Ratings checked October 1, 2026 (Dutch Bros). Company figures from Starbucks’ fiscal 2025 Form 10-K and Dutch Bros’ second quarter 2026 Form 10-Q and earnings release. Median asking cap rates, cap rate counts, average remaining terms, prices, building sizes and last-observed dates are live values from the active listings InvestmentGrade.com tracks; a few Starbucks cap rates are calculated from a listing’s stated price and income rather than stated in the listing. Original lease terms and rent schedules are counts or most common values in the same listings as of October 8, 2026, among listings that state them. An original lease term is not the term remaining. Asking cap rates are not closing cap rates.
Credit: Rated Benchmark vs Unrated Growth Story
Starbucks Corporation is rated BBB+ by S&P and Baa1 by Moody’s (ratings on its senior unsecured debt), which our ratings database classifies as investment grade. Those ratings stand behind a lease only when Starbucks Corporation is the tenant or guarantor named in it. Starbucks runs its company-operated stores itself, but operating a store does not establish which legal entity signed its lease or whether Starbucks Corporation guarantees it. Some Starbucks listings are marketed as corporate leases or as corporately guaranteed; those are listing labels, not lease evidence, so confirm the named tenant and any guaranty in the executed documents. Licensed Starbucks stores inside grocery stores, airports and other businesses are operated by the licensee. The company is in a turnaround: it closed 620 and opened 509 US company-operated stores in fiscal 2025, approved about 250 more North American closures on September 22, 2026, and returned to US comparable sales growth (up 7.9% in its fiscal third quarter of 2026). See the Starbucks credit rating and cap rate profile.
Dutch Bros Inc. is publicly traded, and our ratings database shows no S&P, Moody’s or Fitch rating for it (Ratings checked October 1, 2026); its Form 10-Q for the quarter ended June 30, 2026 lists its debt as a senior secured bank credit facility (a revolving loan and a term loan), finance obligations and a small unsecured note payable. The absence of a rating is not evidence of weak or strong credit; it means there is no agency grade, and the credit analysis falls on the buyer. Its second quarter 2026 results: revenue rose 32.5% to $550.9 million, net income was $51.6 million, company-operated same shop sales rose 8.3%, and it raised full-year guidance. It expects at least 185 system shop openings in 2026. The critical issue, as our Dutch Bros tenant profile stresses, is that the lease obligor and guaranty can vary by property: a lease may be signed or guaranteed by Dutch Bros Inc., by a subsidiary or, for franchised shops, by a franchisee, so confirm both in the executed lease.
Both tenants are tracked in the tenant ratings index.
Cap Rates: What May Explain the Difference
Live asking cap rates for Starbucks, Dutch Bros and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| McDonald's | BBB+ / Baa1 | 4.00% | 3.75% to 4.24% | 46 | −124 bps |
| Chipotle | n/a / n/a | 5.00% | 4.75% to 5.25% | 87 | −24 bps |
| Dutch Bros | NR / NR | 5.50% | 5.25% to 5.60% | 98 | +26 bps |
| Starbucks | BBB+ / Baa1 | 5.75% | 5.35% to 6.15% | 117 | +51 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 19, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.
Starbucks asks a live median cap rate of 5.75% across 117 listings with a cap rate in our data, and Dutch Bros 5.50% across 98. The listings differ in ways that may affect pricing, though the listing data do not isolate any one cause:
- Building age and lease length. Of the listings that state a year built, 89 of 96 Dutch Bros listings and 96 of 115 Starbucks listings were built in 2020 or later. Among listings that state an original lease term, 30 of 39 Dutch Bros listings show 15 years and 40 of 64 Starbucks listings show 10 years. These counts are as of October 8, 2026.
- Growth. Dutch Bros expects at least 185 system shop openings in 2026 and reported same shop sales growth, while Starbucks is closing coffeehouses that do not meet its performance expectations. Buyers may price that difference, but listing data cannot show buyer motives.
- Price point. Live median asking prices are $2.84M for Starbucks and $2.95M for Dutch Bros in the listings we track; similar check sizes do not by themselves show buyer demand.
The overlap trap: a hypothetical Dutch Bros and Starbucks offered at the same cap rate are not the same risk. One may be a lease signed or guaranteed by a company rated BBB+/Baa1, if the executed documents name Starbucks Corporation; the other may be an unrated obligor whose guaranty you have not yet read. When cap rates converge, the credit difference has not disappeared; it has moved into your diligence file.
Lease and Real Estate: Term vs Building
Starbucks listings that state an original term often show 10 years, with renewal options, and 10% increases every five years appear in more listings than any other schedule, though other schedules appear. Of the Starbucks listings that say whether they are ground leases, 82 of 87 are not (36 do not say; October 8, 2026), which suggests the buyer often owns the building, but ownership and repair obligations must be confirmed in the executed lease and title documents. The live median building size is 2,289 square feet. Check who is responsible for the roof, structure and parking lot. Resale timing depends on the market, the lease, the location and the price. Our live inventory page tracks Starbucks NNN properties for sale.
Dutch Bros real estate is purpose-built and compact: the live median building size in the listings we track is 950 square feet, on small lots, with heavy dependence on stacking depth, access and signage. Those features matter to sales, and they also shape residual risk: a closed Dutch Bros may have a narrower set of replacement tenants than a larger Starbucks building, so store-level sales evidence and rent coverage carry more weight here than on a lease backed by a rated company. As of October 8, 2026, 22 of the 98 Dutch Bros listings we track are marked as ground leases (65 are not and 11 do not say).
The Bond-to-NNN Pivot: Bond Benchmarks
Starbucks issues investment grade bonds, which makes the spread math observable. At a median of 5.75%, Starbucks NNN asks a spread of −44 bps to the ICE BofA BBB US Corporate Index effective yield of 6.19% on October 1, 2026 (FRED), a broad benchmark for Starbucks’ rating category rather than a quote on a Starbucks bond. When the buyer owns the building, depreciation can put the property ahead of a bond after tax, depending on the buyer’s tax situation; the full math is on our Starbucks bonds vs NNN comparison.
We found no rated public bonds for Dutch Bros: its Form 10-Q for the quarter ended June 30, 2026 lists bank borrowings under a senior secured credit facility, finance obligations and a small unsecured note payable, and our ratings database shows no agency rating (Ratings checked October 1, 2026). So there is no bond benchmark for the same credit. A net lease is one possible income exposure to Dutch Bros; whether Dutch Bros Inc. stands behind it depends on the tenant and any guarantor named in the lease, so describe a property as parent-backed only when the executed documents show a Dutch Bros Inc. lease or guaranty.
How to Underwrite the Pairing
Treat the two tenants as different asset classes that happen to sell the same product. For Starbucks, start with the lease file too: confirm the named tenant and whether Starbucks Corporation is the tenant or guarantor, because the rating supports the rent only in that case. Then confirm the store is company-operated rather than licensed, verify remaining term and options against the price, check store performance where available given the company’s closures, and study the site, since a closed store can signal a traffic or access problem the next tenant will inherit.
For Dutch Bros, run the sequence in the opposite order. Start with the lease file: the named tenant entity, the guaranty, assignment and go-dark provisions, and the escalation schedule. Then ask for evidence of store performance, because rent coverage is doing the work an agency rating does elsewhere. Then price the land: stacking depth, access from the main traffic direction, signage, and what a replacement operator would pay for the pad if the shop closed.
Portfolio context matters too. A buyer who already owns several Starbucks properties adds little diversification with another; a Dutch Bros with a strong lease file can diversify a coffee allocation. A yield-focused portfolio may value Starbucks’ rating where the lease is backed by Starbucks Corporation.
Verdict: Which NNN Investment Fits?
Consider Starbucks when you want a lease backed by a rated company, confirmed in the executed lease, and you are prepared to underwrite a shorter original term, the building, and the individual store in light of the company’s closures. Financing terms still depend on the lease, the property and the lender.
Consider Dutch Bros when you can underwrite an unrated tenant: confirm whether Dutch Bros Inc. is the tenant or guarantor, ask for store-level sales, and compare its live median asking cap rate with Starbucks’ in the table, for what is often a newer building and a longer original lease.
Frequently Asked Questions
Is Dutch Bros an investment grade tenant?
No. Our ratings database shows no S&P, Moody’s or Fitch rating for Dutch Bros Inc. (the check date is shown under the comparison table), so it cannot be classified as investment grade, whatever its business results. Buyers must underwrite the actual lease obligor, the guaranty language and store-level rent coverage rather than relying on an agency rating.
What cap rates do Starbucks and Dutch Bros NNN properties ask?
The live tables on this page show each tenant’s current median asking cap rate, the middle half and the number of listings with a cap rate, from the active listings InvestmentGrade.com tracks, along with the date the listings were last observed. Asking cap rates are not closing cap rates.
What may explain the cap rate difference between Dutch Bros and Starbucks?
Possible factors include the real estate and the lease, though the listing data do not isolate any one cause. Of the listings that state a year built, 89 of 96 Dutch Bros listings and 96 of 115 Starbucks listings were built in 2020 or later; among listings that state an original term, 30 of 39 Dutch Bros listings show 15 years and 40 of 64 Starbucks listings show 10 years (as of October 8, 2026). Dutch Bros is adding shops while Starbucks closes coffeehouses that do not meet its performance expectations. Listing data cannot show buyer motives, and a lower cap rate does not mean lower credit risk; confirm the tenant entity and guaranty on any lease.
How long are Starbucks lease terms in the listings we track?
Among the Starbucks listings we track that state an original lease term, 40 of 64 show 10 years (as of October 8, 2026). That is the original term, not the years remaining: a buyer of an existing store receives only the remaining term, and any renewal options are at the tenant’s election, so the buyer is underwriting whether the store will still be worth keeping when the term ends.
What should I verify before buying a Dutch Bros NNN property?
Five things: the exact tenant entity and whether Dutch Bros Inc. guarantees the lease; original and remaining term with options and escalations; store-level sales or other rent coverage evidence; drive-through access, stacking and signage; and the site’s value to a replacement user if the shop ever closes.
Does Dutch Bros issue corporate bonds like Starbucks?
We found no rated public bonds for Dutch Bros: its Form 10-Q for the quarter ended June 30, 2026 lists bank borrowings and other debt rather than bonds, and our ratings database shows no agency rating (the check date is shown under the comparison table). A net lease is one possible income exposure to Dutch Bros, backed by Dutch Bros Inc. only if the lease or a guaranty says so. Starbucks has issued investment grade rated bonds; this page compares Starbucks NNN cap rates with a broad BBB corporate bond index rather than a specific Starbucks bond.
Weighing a coffee drive-through acquisition? Investment Grade represents NNN buyers. We compare offerings against current listings on both tenants and review the guaranty on any Dutch Bros lease. On the majority of transactions, there is no separate fee to the buyer because the listing broker pays the cooperating commission. Request a buyer consultation with your criteria and timeline.
Related Tenant Research
- Starbucks Credit Rating & NNN Cap Rate Profile
- Dutch Bros Credit Rating & NNN Cap Rate Profile
- Starbucks NNN Properties For Sale
- Dutch Bros NNN Properties For Sale
- Starbucks Bonds vs NNN: The Spread Analysis
- McDonald’s vs Starbucks: Which NNN Investment Wins?
- Dutch Bros’ $105 Million Salad and Go Bid and the 7 Brew Outcome
- Investment Grade Credit Tenant Ratings
