Looking to buy a Chili's NNN property? 7 are observed for sale across 5 states, median asking cap rate 5.50%. View Chili's NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent company | Brinker International, Inc. (NYSE: EAT), Dallas, Texas, which also owns Maggiano’s |
| S&P / Moody’s | BB+ / no verified rating |
| Investment grade status | Below Investment Grade |
| Restaurants | 1,110 company-owned and 99 franchised Chili’s in the U.S., plus 374 international (June 24, 2026) |
| Median asking cap rate | See the live table below |
Chili's is not investment grade. Brinker International, Inc. carries issuer rating of BB+ from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Chili’s Business Overview
Chili’s is a casual dining chain owned by Brinker International. As of June 24, 2026, there were 1,110 company-owned and 99 franchised Chili’s restaurants in the U.S. and 374 international restaurants, almost all franchised. Brinker also owns Maggiano’s Little Italy.
Chili’s Credit Profile
In our ratings database, Brinker International, Inc. is rated BB+, which we classify as not investment grade. If your mandate requires an investment grade tenant or guarantor, check that status and who signs the lease. Darden Restaurants, which owns Olive Garden and LongHorn Steakhouse, has publicly issued long-term debt rated BBB/Baa2 according to its fiscal 2026 Form 10‑K, which we classify as investment grade.
Most U.S. Chili’s are company-owned, and Brinker leased 1,104 of its 1,163 company-owned restaurant locations as of June 24, 2026 (Form 10‑K), so the tenant is often a Brinker entity rather than a franchisee. Confirm the tenant and whether Brinker International guarantees the lease. As a public company, Brinker files audited financial statements with the SEC.
Ratings come from our tenant ratings database, which records the source and date of each rating; the source is shown below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings BB+, as of May 1, 2025. Ratings checked September 27, 2026.
Chili’s NNN Cap Rates
Live asking cap rates for Chili’s and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Chili's | BB+ / n/a | 5.50% | 5.45% to 6.12% | 7 | +26 bps |
| Outback Steakhouse (rated entity: Bloomin' Brands, Inc.) | B+ / n/a | 5.50% | 5.25% to 6.00% | 11 | +26 bps |
| Olive Garden (rated entity: Darden Restaurants, Inc.) | BBB / Baa2 | 5.50% | 5.15% to 5.75% | 9 | +26 bps |
| LongHorn Steakhouse (rated entity: Darden Restaurants, Inc.) | BBB / Baa2 | 5.50% | 5.25% to 5.63% | 19 | +26 bps |
| Applebee's (rated entity: Dine Brands Global, Inc.) | n/a / NR | 7.00% | 6.46% to 7.63% | 26 | +176 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 12, 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.
Pricing depends on whether the lease is corporate or franchisee, the remaining term and the restaurant’s sales; compare with listings of the same lease type.
What to Check in a Chili’s Lease
- Tenant and guarantor: whether the parent company, an operating subsidiary or a franchisee signs the lease, and any guarantee.
- Rent coverage: system-average sales do not show whether a specific restaurant can afford its rent; ask for store-level sales and estimate rent as a share of sales.
- Term and rent: remaining term, renewal options and rent increases.
- Re-use: full-service restaurant buildings can suit other restaurant users; check parking, visibility and the condition of kitchen equipment.
- Brand health: recent closures and same-store sales trends reported by the parent.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Largely company-operated U.S. system with a public parent | Ratings classified as not investment grade in our database |
| Well-known brand | Casual dining faces competition and cost pressure |
| Restaurant buildings can suit other restaurant users | Pricing varies by lease and location |
Frequently Asked Questions
Is Chili’s investment grade?
No. Brinker International, Inc. is rated BB+ in our ratings database, which we classify as not investment grade. A rating applies to a lease only if the rated entity signs or guarantees it.
How many Chili’s restaurants are there?
As of June 24, 2026, there were 1,110 company-owned and 99 franchised Chili’s in the U.S. and 374 international restaurants.
Which casual dining parents are investment grade?
Our ratings database classifies Darden Restaurants, owner of Olive Garden and LongHorn Steakhouse, as investment grade and Brinker International as not investment grade. The live cap rate table on this page shows the ratings on file for other casual dining tenants.
Sources: Brinker International, Inc. Form 10‑K for the fiscal year ended June 24, 2026.
Chili’s Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Chili’s 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
Chili's NNN Properties Observed For Sale
7 active Chili's net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Stevens Point, WI | $1,993,000 | 5.50% | 6,258 | 5.9 yrs | View listing |
| FRANKLIN, IN | $2,528,909 | 5.50% | 5,856 | n/a | View listing |
| Muncie, IN | $3,349,000 | 6.87% | 5,312 | 1.3 yrs | View listing |
| Augusta, GA | $5,030,000 | 6.50% | 5,606 | 6.4 yrs | View listing |
| Turlock, CA | $2,775,000 | 4.75% | 5,991 | 8.9 yrs | View listing |
| Denton, TX | $3,157,000 | 5.40% | 5,155 | 10.0 yrs | View listing |
| Willis, TX | $2,525,000 | 5.74% | 5,136 | 8.9 yrs | View listing |
Search all 7 observed Chili's 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.
