Looking to buy a Burger King NNN property? 73 are observed for sale across 28 states, median asking cap rate 6.25%. View Burger King NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | Burger King Company LLC (subsidiary of Restaurant Brands International Inc.) |
| Parent Company | Restaurant Brands International Inc. (NYSE: QSR) |
| Credit Ratings | S&P: BB+ / Fitch: BB+ |
| Investment Grade Status | Parent Rated Below Investment Grade (Restaurant Brands International Inc.); confirm the lease guarantor |
| Sector | Restaurant / Quick Service (QSR) |
| Headquarters | Miami, Florida (RBI’s principal executive office is also in Miami) |
| U.S. and Canada Location Count | 6,992 (June 30, 2026) |
| Global Location Count | 19,900 in 126 countries and territories (December 31, 2025) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; confirm remaining term, options and whether it is NNN or a ground lease |
| Guarantee Type | Varies; confirm the tenant and any guarantor named in the lease (a franchisee, or a Burger King or RBI entity) |
| Typical Building Size | Varies; confirm on each property |
Burger King is not investment grade. The ratings shown for Burger King are credit ratings of its parent company, Restaurant Brands International Inc.: BB+ from S&P Global Ratings and BB+ from Fitch Ratings; all below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Burger King Business Overview & NNN Investment Profile
Burger King is the second-largest hamburger QSR chain in the world by restaurant count, with 19,900 restaurants in 126 countries and territories at December 31, 2025, including 7,025 in the U.S. and Canada. The brand is owned by Restaurant Brands International Inc. (NYSE and TSX: QSR), a Canadian company with its principal executive office in Miami, Florida, that also owns Tim Hortons, Popeyes and Firehouse Subs. 3G Restaurant Brands Holdings LP holds about 22% of RBI’s combined voting power. RBI reported total revenues of $9.4 billion and system-wide sales of $46.8 billion in 2025.
Rating source: S&P Global Ratings BB+, as of May 18, 2026; Fitch Ratings BB+, as of January 15, 2026. Ratings checked September 27, 2026. Rated entity is the parent, RBI, not the brand or any franchisee. Moody’s mark not independently verified as of September 16, 2026.
For NNN investors, note that franchisees owned or leased 4,809 of the 5,893 franchised Burger King sites in the U.S. and Canada directly at December 31, 2025, so many Burger King leases are with franchisees rather than RBI. A key underwriting question on each Burger King NNN deal is who is obligated on the lease. RBI’s ratings (S&P BB+, Fitch BB+) are ratings of Restaurant Brands International Inc.; they bear on a lease only where that rated entity signs or guarantees it. A lease signed only by a subsidiary such as Burger King Company LLC, or by a franchisee, rests on that entity’s own credit, which must be evaluated separately. Burger King’s multi-year “Reclaim the Flame” plan calls for investing up to $700 million through year-end 2028 in advertising and digital and in remodels, relocations, restaurant technology and kitchen equipment. Burger King U.S. comparable sales rose 8.5% in the second quarter of 2026.
Restaurant Brands International carries S&P BB+ and Fitch BB+ ratings, below the investment grade line of BBB‑; Fitch first rated RBI in January 2026. We could not confirm RBI’s current Moody’s rating from a primary source. RBI’s credit profile combines franchise royalty income from a system of more than 33,000 restaurants, over 95% of them franchised, with $13.3 billion of debt at December 31, 2025. RBI describes “Reclaim the Flame” as a plan to accelerate sales growth and drive franchisee profitability. Compare the actual tenant and any enforceable guarantor named in the lease: RBI’s ratings apply to Restaurant Brands International Inc., not automatically to a subsidiary such as Burger King Company LLC, and a corporate lease offers stronger support than a franchisee lease only where the obligated entity’s financial statements or guarantee show it; a large franchisee can be the stronger credit. Our investment grade guide explains where the BBB‑ line sits.
Why Burger King Matters for NNN Investors
Burger King’s NNN appeal depends on the site as much as the brand. Land value depends on the location, so underwrite the site as well as the tenant. If Burger King leaves, a freestanding drive-thru building may be suitable for another user, subject to zoning, building configuration, conversion costs and local demand; a drive-thru format alone does not make reuse quick or inexpensive.
Carrols Restaurant Group, a large Burger King franchisee, was acquired by RBI in May 2024; RBI held 1,005 former Carrols restaurants at December 31, 2025 and plans to refranchise the vast majority of them. The financial strength of franchisee guarantors varies significantly from one operator to the next.
Cap Rate Analysis & Pricing for Burger King NNN Properties
Live asking cap rates for Burger King and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Dairy Queen (rated entity: Berkshire Hathaway Inc.) | n/a / n/a | 5.82% | 5.50% to 6.63% | 13 | +58 bps |
| Popeyes (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.00% | 5.50% to 6.25% | 78 | +76 bps |
| Wendy's | B+ / n/a | 6.00% | 5.50% to 6.50% | 81 | +76 bps |
| Burger King (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.25% | 6.00% to 6.74% | 71 | +101 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 16, 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.
Where a listing publishes NOI but no cap rate, the cap rate in this table is computed from that NOI and the asking price; confirm whether the rent behind any cap rate is current or scheduled to start later.
| Comparable Restaurant NNN Tenant | S&P / Moody’s |
|---|---|
| Popeyes (RBI portfolio) | BB+ |
| Dairy Queen (Berkshire) | AA- |
| Wendy’s | B+ |
Ratings in this table are those recorded in our ratings database for each brand’s rated parent or affiliate, not ratings of any lease; a franchisee lease rests on the franchisee’s credit.
No. Burger King’s parent, Restaurant Brands International (NYSE: QSR), carries an S&P rating of BB+ and a Fitch rating of BB+, placing it in the non-investment grade speculative category.
What asking cap rates do Burger King NNN properties have?
Current median asking cap rates for Burger King and comparable tenants are shown in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
A corporate Burger King lease is signed or guaranteed by an entity in the RBI group. RBI’s ratings (S&P BB+, Fitch BB+) are ratings of Restaurant Brands International Inc., and its $9.4 billion of 2025 revenue is consolidated across RBI and its subsidiaries; neither establishes the credit behind a specific lease unless Restaurant Brands International Inc. itself is enforceably obligated on that lease as tenant or guarantor. If the lease is signed only by a subsidiary such as Burger King Company LLC with no parent guarantee, evaluate that subsidiary’s own credit. A franchisee-guaranteed lease is backed by the individual franchise operator, whose financial strength can range from a large multi-unit group managing hundreds of locations to a single-unit owner. Compare sales with the same type of obligor.
RBI owns four brands, which at December 31, 2025 had 19,900 Burger King, 6,232 Tim Hortons, 5,413 Popeyes and 1,496 Firehouse Subs restaurants worldwide. Restaurant Brands International Inc. itself is rated BB+ by S&P and BB+ by Fitch, but nearly all of these restaurants are franchised, so many leases rely on the franchisee operator. RBI’s ratings bear on a lease only where Restaurant Brands International Inc. is enforceably obligated as tenant or guarantor; a lease signed by a subsidiary alone needs that subsidiary’s credit checked separately.
Burger King Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Burger King properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
Use Burger King as a 1031 restaurant-credit benchmark
Burger King can work for 1031 buyers, but the underwriting answer changes materially depending on who is obligated on the lease: Restaurant Brands International Inc. itself, a subsidiary such as Burger King Company LLC, or a franchisee operator. The brand name alone is not the credit.
Before accepting a higher cap rate, compare the guaranty, operator balance sheet, remodel status, rent coverage, and remaining lease term against the 2026 NNN cap-rate framework. If the objective is lower-credit-risk replacement property, use our investment-grade NNN tenant shortlist for 1031 exchanges as the credit-quality benchmark.
Burger King NNN Properties Observed For Sale
73 active Burger King net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Aberdeen, SD | $1,778,706 | 6.25% | 3,530 | 11.4 yrs | View listing |
| Bismarck, ND | $1,520,691 | 6.25% | 3,788 | 11.4 yrs | View listing |
| Dickinson, ND | $3,140,557 | 5.75% | 2,448 | n/a | View listing |
| Bridgeport, WV | $2,500,000 | 7.90% | 4,236 | 7.4 yrs | View listing |
| South Charleston, WV | $2,200,000 | 5.00% | 3,500 | n/a | View listing |
| Berlin, CT | $3,826,087 | 5.75% | 3,233 | n/a | View listing |
| Vernon, CT | $3,565,217 | 5.75% | 2,890 | 25.0 yrs | View listing |
| Wethersfield, CT | $2,956,522 | 5.75% | 5,804 | 25.0 yrs | View listing |
Search all 73 observed Burger King listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
