Looking to buy a Dairy Queen NNN property? 15 are observed for sale across 12 states, median asking cap rate 5.82%. View Dairy Queen NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | International Dairy Queen, Inc. (subsidiary of Berkshire Hathaway Inc.) |
| Parent Company | Berkshire Hathaway Inc. (NYSE: BRK.A / BRK.B) |
| Parent Ratings (Berkshire Hathaway) | Fitch: AA- |
| International Dairy Queen Rating | None in our ratings database; Berkshire’s rating does not cover IDQ or franchisee leases without an express Berkshire guarantee |
| Investment Grade Status | Parent Rated Investment Grade (Berkshire Hathaway Inc.); confirm the lease guarantor |
| Sector | Restaurant / Quick Service (QSR) |
| Global Location Count | ~7,800 franchised restaurants worldwide (Berkshire Hathaway 2025 Form 10-K) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies: the tenant may be a franchisee or a Dairy Queen corporate entity; confirm the tenant and any guarantor in the lease |
| Building Size | Varies; median of 2,332 SF among active Dairy Queen listings we track that report a size; confirm for each property |
Dairy Queen Business Overview & NNN Investment Profile
Dairy Queen is a quick-service restaurant brand with a history stretching back to 1940, when the first DQ store opened in Illinois. Berkshire Hathaway reports that International Dairy Queen develops and services a worldwide system of approximately 7,800 franchised restaurants. Berkshire Hathaway completed its acquisition of International Dairy Queen, Inc. on January 7, 1998, for total merger consideration of approximately $587.8 million (Berkshire Hathaway Form 10-K for 1997). Berkshire describes itself as a holding company owning subsidiaries engaged in numerous diverse business activities, including GEICO and See’s Candies (2025 Form 10-K).
For NNN investors, Dairy Queen’s ownership structure needs careful reading. The brand is owned by Berkshire Hathaway, rated AA-, but ownership is not a guarantee. Berkshire’s rating does not extend to the obligations of International Dairy Queen, Inc. (IDQ) or of DQ franchisees unless Berkshire expressly guarantees them, and our ratings database holds no separate agency rating for IDQ. Berkshire describes the DQ system as approximately 7,800 franchised restaurants (2025 Form 10-K), so the lease obligor is often a franchisee, and a DQ lease should not be priced as Berkshire’s own credit. A lease signed or guaranteed by IDQ itself may be stronger than a franchisee lease, but it is still IDQ’s credit, not Berkshire’s. Berkshire’s rating applies only where a lease carries an express Berkshire Hathaway guarantee. Read the lease and guaranty on every deal.
Dairy Queen is owned by Berkshire Hathaway Inc. (NYSE: BRK.A), which reported total revenues of $371.4 billion in 2025 (Form 10-K). The ratings shown are Berkshire Hathaway Inc.’s own credit ratings in our ratings database. Berkshire does not guarantee the obligations of its subsidiaries unless it signs a guarantee, so a lease from International Dairy Queen, Inc. is IDQ’s credit and a franchisee lease is the franchisee’s credit.
Why Dairy Queen Matters for NNN Investors
In its fiscal 1996 Form 10-K405, its last annual report before the Berkshire acquisition, IDQ said most stores were located in smaller towns and suburbs of larger cities; competition still varies by market.
Among active Dairy Queen listings we track that report a building size, the median is 2,332 square feet. Restaurants operate primarily under the DQ Grill and Chill, Dairy Queen, DQ and Orange Julius names (Berkshire Hathaway 2025 Form 10-K). Lease terms and rent escalations vary; confirm them in the lease. Re-use potential for other restaurant or small retail tenants depends on the building, drive-thru, site and market.
Cap Rate Analysis & Pricing for Dairy Queen NNN Properties
Live asking cap rates for Dairy Queen 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 4.15% | 43 | −124 bps |
| Walmart | AA / Aa2 | 5.13% | 4.44% to 5.81% | 6 | −12 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 4.93% to 5.50% | 147 | −9 bps |
| Dairy Queen (rated entity: Berkshire Hathaway Inc.) | n/a / n/a | 5.82% | 5.50% to 6.63% | 13 | +58 bps |
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +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.
A lease signed or guaranteed by International Dairy Queen itself may price tighter than a franchisee lease, but it should not be priced as Berkshire’s own credit.
Location, drive-thru access, remaining lease term and the guarantor all affect pricing; compare a specific property with the live table.
| Comparable NNN Tenant | S&P / Moody’s |
|---|---|
| 7-Eleven | A-/Baa2 |
| Walmart | AA/Aa2 |
| Dollar General | BBB/Baa3 |
Not on its own. Our ratings database holds no separate agency rating for International Dairy Queen, Inc. It is owned by Berkshire Hathaway Inc., whose own ratings are Fitch: AA-, but ownership is not a guarantee. Berkshire describes the DQ system as franchised restaurants, so the lease obligor is often a franchisee. Berkshire’s credit applies only where a lease carries an express Berkshire guarantee.
What are asking cap rates for Dairy Queen NNN properties?
Current median asking cap rates for Dairy Queen 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.
They differ in credit structure. McDonald’s Corporation (S&P BBB+ / Moody’s Baa1) is the rated company, and a corporate McDonald’s lease may be signed by McDonald’s Corporation or a subsidiary, so confirm the tenant and any guarantor in the lease. Berkshire Hathaway’s rating does not extend to DQ leases without an express Berkshire guarantee, and DQ restaurants are franchised, so a franchisee DQ lease rests on the franchisee’s credit rather than on a rated company.
Dairy Queen combines Berkshire Hathaway ownership, a brand history dating to 1940 and a franchised system; each DQ lease must be underwritten on the franchisee or guarantor that signs it.
Dairy Queen Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Dairy Queen 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 Dairy Queen to separate parent credit from lease credit
Dairy Queen’s Berkshire Hathaway ownership gives the brand a high-grade parent-credit story, but 1031 buyers still need to verify whether the actual lease is corporate-backed or franchisee-backed. That distinction can move both risk and cap rate.
Benchmark the guaranty, operator strength, drive-thru format, market size, and remaining term against the 2026 NNN cap-rate framework. If your exchange requires cleaner credit, compare Dairy Queen against our investment-grade NNN tenant shortlist for 1031 buyers.
Dairy Queen NNN Properties Observed For Sale
15 active Dairy Queen net lease listings observed across public listing sources, most recently Oct 12, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Inverness, FL | $2,384,615 | 7.00% | 3,439 | n/a | View listing |
| Espanola, NM | $925,000 | 7.00% | 2,241 | n/a | View listing |
| Salem, OR | $1,665,000 | 5.82% | 2,409 | 10.7 yrs | View listing |
| Vancouver, WA | $1,675,000 | 6.50% | 1,328 | n/a | View listing |
| Broken Arrow, OK | $2,400,000 | 6.63% | 3,247 | 21.0 yrs | View listing |
| Grand Junction, CO | $1,700,000 | 5.16% | 3,114 | 11.6 yrs | View listing |
| CULLMAN, AL | $2,957,000 | 5.75% | 3,466 | 20.0 yrs | View listing |
| Fort Valley, GA | $1,350,000 | 7.41% | 2,378 | 20.0 yrs | View listing |
Search all 15 observed Dairy Queen 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.
