Looking to buy a Chick-fil-A NNN property? 43 are observed for sale across 22 states, median asking cap rate 4.25%. View Chick-fil-A NNN properties for sale, cap rate bands and the 1031 buyer guide.
Chick-fil-A: no confirmed agency rating. A rating is shown here only after an agency rating action or an issuer filing confirms it. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Chick-fil-A, Inc. describes itself as a family business, and it does not file reports with the SEC. It cannot be classified as investment grade, and we do not assign it a rating equivalent. Across the 43 Chick-fil-A listings InvestmentGrade.com tracks as of October 19, 2026, the median asking cap rate is 4.25%; asking cap rates are not closing cap rates.
| Metric | Figure | Source |
|---|---|---|
| Company | Chick-fil-A, Inc. (describes itself as a family business; files no SEC reports) | Company website; SEC EDGAR |
| S&P / Moody’s Rating | no verified rating | InvestmentGrade.com ratings database |
| Investment Grade Status | Not Yet Verified | InvestmentGrade.com classification |
| Locations | 48 U.S. states, plus Puerto Rico, Canada, the United Kingdom and Singapore | Company website, October 2026 |
| Median asking cap rate | 4.25% | Listings InvestmentGrade.com tracks, as of October 19, 2026 |
| Median asking price | $3.89M (middle half $3.35M to $5.78M) | Listings InvestmentGrade.com tracks, as of October 19, 2026 |
| Ground leases | 35 of 44 listings (3 do not say) | Listings InvestmentGrade.com tracks, as of October 8, 2026 |
| Average remaining lease term | 14.7 years (20 listings that state a term) | Listings InvestmentGrade.com tracks, as of October 19, 2026 |
| Rent schedule often stated | 10% every 5 years; schedules vary, so confirm in the lease | Listings InvestmentGrade.com tracks, as of October 8, 2026 |
| Median building size | 4,997 sq ft; 84% of listings that state a year built were built in the current year or the four years before it | Listings InvestmentGrade.com tracks, as of October 19, 2026 |
Asking cap rates are not closing cap rates. Chick-fil-A, Inc. does not file reports with the SEC, so public financial information is limited.
Chick-fil-A Business Overview
According to its website, Chick-fil-A’s founder, S. Truett Cathy, opened the first Chick-fil-A restaurant in Atlanta in 1967; the company has locations in 48 states as well as Puerto Rico, Canada, the United Kingdom and Singapore; and it remains a family business. Its restaurants close on Sundays, a decision the founder made in 1946.
Chick-fil-A restaurants are run by local Owner-Operators, whom the company also calls Franchisees. Which entity signs a given lease, and whether any guarantee applies, varies; confirm the tenant entity and any guarantor in each lease.
Credit Profile
Chick-fil-A, Inc. does not file reports with the SEC. That is a disclosure gap, so buyers must form a view from what is available: the company’s operating history, the Owner-Operator model and the lease itself. Claims that Chick-fil-A is equivalent to a particular letter rating are opinions, not ratings.
Chick-fil-A NNN Lease Structure
As of October 8, 2026, 35 of the 44 Chick-fil-A listings InvestmentGrade.com tracks were ground leases, and 3 did not say. In a ground lease the investor owns the land, and the tenant often owns the building during the lease term; confirm who owns the improvements in the lease. Among listings that state a rent schedule, a 10% increase every five years appears often, but schedules vary, so confirm them in the lease. The median building size is 4,997 square feet across the listings that state one.
Chick-fil-A Cap Rates and Pricing
Live asking cap rates for Chick-fil-A 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 |
| Chick-fil-A | n/a / n/a | 4.25% | 4.00% to 4.50% | 43 | −99 bps |
| Chipotle | n/a / n/a | 5.00% | 4.75% to 5.25% | 87 | −24 bps |
| Taco Bell (rated entity: Yum! Brands, Inc.) | BB+ / Ba2 | 5.50% | 5.00% to 5.96% | 54 | +26 bps |
| Starbucks | BBB+ / Baa1 | 5.75% | 5.35% to 6.15% | 117 | +51 bps |
| Wendy's | B+ / n/a | 6.00% | 5.50% to 6.50% | 81 | +76 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.
The middle half of Chick-fil-A asking prices runs from about $3.35M to $5.78M, with a median near $3.89M. Asking cap rates are not closing cap rates.
Compare the median asking cap rate with the current 10-year Treasury yield (FRED series DGS10) before relying on it. When a starting yield is low, more of the return depends on scheduled rent increases and the value of the land, and pricing is more sensitive to interest rates. On a ground lease where the investor owns only the land, there is also no building to depreciate.
Real Estate Footprint and Growth
Chick-fil-A says on its website that it is joining new communities and expanding internationally. In the listings InvestmentGrade.com tracks, 84% of those that state a year built were built in the current year or the four years before it. Closing on Sundays limits sales days, but base rent under a net lease is set by the lease rather than by sales unless the lease includes percentage rent; confirm in the lease.
Chick-fil-A Investment Strengths and Risks
Strengths
- Long operating history. The first Chick-fil-A restaurant opened in Atlanta in 1967, according to the company.
- Ground leases with scheduled rent increases where the lease provides them.
Risks
- Limited disclosure. Chick-fil-A, Inc. does not file reports with the SEC.
- Starting yield. The median asking cap rate is 4.25%, compared with 6.35% across the full set of listings InvestmentGrade.com tracks; a lower starting yield leaves less margin if interest rates rise.
- No building depreciation on a land-only interest. Where the investor owns only the land, there is no building to depreciate, because depreciation does not apply to land (Treasury Regulation section 1.167(a)-2). General information, not tax advice.
- Six-day operation. Restaurants close on Sundays; base rent under a net lease does not depend on sales unless the lease includes percentage rent.
Comparable Quick Service Restaurant Cap Rates
How Chick-fil-A’s asking cap rates compare with other quick service tenants in our data:
| Tenant | S&P (rated entity) | Status | Median Asking Cap | Listings |
|---|---|---|---|---|
| McDonald’s | BBB+ | investment grade | 4.00% | 47 |
| Chick-fil-A | no verified rating | not yet verified | 4.25% | 43 |
| Chipotle | no verified rating | not yet verified | 5.00% | 88 |
| Taco Bell | BB+ (Yum! Brands) | not investment grade | 5.50% | 54 |
| Starbucks | BBB+ | investment grade | 5.75% | 124 |
| Wendy’s | B+ | not investment grade | 6.00% | 81 |
| Popeyes | BB+ (Restaurant Brands Intl.) | not investment grade | 6.00% | 78 |
| Burger King | BB+ (Restaurant Brands Intl.) | not investment grade | 6.25% | 73 |
Median asking cap rates and listing counts across the listings InvestmentGrade.com tracks that pass its net lease screen, as of October 19, 2026; asking cap rates are not closing cap rates. Ratings update from our ratings database. Ratings for Taco Bell, Popeyes and Burger King are those of the parent company; their leases may be signed by franchisees, so confirm the tenant and any guarantor in the lease.
Frequently Asked Questions: Chick-fil-A NNN Investments
Does Chick-fil-A have a credit rating?
We have no verified public rating for Chick-fil-A, Inc. from S&P, Moody’s or Fitch, and the company does not file reports with the SEC. That is not a negative rating, and any claim that Chick-fil-A is equivalent to a particular letter grade is an opinion, not an agency rating.
What is the current Chick-fil-A NNN cap rate?
Current median asking cap rates for Chick-fil-A 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.
Who is the tenant on a Chick-fil-A lease?
It varies. Chick-fil-A restaurants are run by local Owner-Operators, whom the company also calls Franchisees, and the tenant on a specific lease may be a Chick-fil-A entity or another party. Confirm the tenant entity and any guarantor in each lease.
What do Chick-fil-A leases look like?
As of October 8, 2026, 35 of the 44 Chick-fil-A listings InvestmentGrade.com tracks were ground leases, and a 10% rent increase every five years is a schedule they state often. Terms vary, so confirm them in the lease.
Does the Sunday closure affect the investment?
Closing on Sundays reduces the days a restaurant is open by about one seventh, but base rent under a net lease is set by the lease rather than by sales, unless the lease includes percentage rent, so the closure does not by itself change what the landlord collects; confirm in the lease. It matters only indirectly, through the restaurant’s sales and the tenant’s long-term interest in the site.
Depreciation note: Many Chick-fil-A listings are ground leases. Where the investor owns only the land and the tenant owns the building, there is no building to depreciate, because depreciation does not apply to land (Treasury Regulation section 1.167(a)-2), and a cost segregation study of the building is not available to the investor. This is general information, not tax advice; confirm what you are buying and its tax basis with a tax professional.
Chick-fil-A Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Chick-fil-A 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
Chick-fil-A NNN Properties Observed For Sale
43 active Chick-fil-A net lease listings observed across public listing sources, most recently Oct 19, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Miami Shores, FL | $7,368,421 | 5.00% | 3,686 | n/a | View listing |
| South Portland, ME | $3,445,000 | 4.35% | 5,198 | n/a | View listing |
| Springfield, MA | $4,447,000 | 4.25% | 5,244 | n/a | View listing |
| Danvers, MA | $7,225,000 | 4.50% | 5,076 | n/a | View listing |
| Boston, MA | $14,575,000 | 4.00% | 6,349 | n/a | View listing |
| West Valley City, UT | $5,650,000 | 4.25% | 16,234 | n/a | View listing |
| Everett, WA | $8,000,000 | 4.75% | 2,761 | 14.8 yrs | View listing |
| Pasadena, MD | $3,900,000 | 4.35% | 4,927 | 15.0 yrs | View listing |
Search all 43 observed Chick-fil-A 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.
