927 restaurant net lease properties are observed for sale across 47 states as of October 23, 2026, at a median asking cap rate of 5.60%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks every tenant against the investment grade threshold, and publishes the observations here: which tenants are on the market, what they are asking, how pricing breaks down by tenant and state, and how an acquisition or 1031 exchange buyer should work through it.
Asking cap rates run from 3.50% to 11.50%, with the middle half of listings between 5.10% and 6.14% across 22 tenants. Median asking price $2.66M. Average remaining lease term 12.0 years among 359 listings that state a term. 209 listings report a 2026 build year. Figures update automatically from publicly marketed offerings and broker materials.
QSR vs Casual Dining NNN: Side by Side
Restaurant net lease splits into two different investments. Quick-service restaurants (QSR) sell counter and drive-thru service from small freestanding buildings; casual dining restaurants offer table service from buildings that are often larger, with full kitchens and in many cases a bar. The table compares the two segments on the same observed inventory, so the differences in price, size, cap rate and land ownership are measured, not assumed.
| QSR | Casual Dining | All Restaurants | |
|---|---|---|---|
| Listings observed | 819 | 108 | 927 |
| Tenants | 14 | 8 | 22 |
| States | 45 | 30 | 47 |
| Median asking cap rate | 5.51% | 6.00% | 5.60% |
| Middle half of cap rates | 5.00% to 6.00% | 5.50% to 6.73% | 5.10% to 6.14% |
| Median asking price | $2.62M | $3.00M | $2.66M |
| Median building size | 2,400 SF | 5,659 SF | 2,500 SF |
| Median price per SF | $1,059 | $542 | $970 |
| Average term left | 12.7 yrs | 7.6 yrs | 12.0 yrs |
| Listings stating a ground lease | 170 of 689 stating land ownership | 36 of 87 stating land ownership | 206 of 776 stating land ownership |
| Built in 2026 | 198 | 11 | 209 |
Medians and averages of published asking figures across observed listings. Ground lease counts include only listings that state whether the land is ground leased or fee simple. Figures update automatically.
NNN Restaurants For Sale: Latest Listings
Up to twenty-four restaurant net lease properties with published pricing across both segments, the newest from each tenant first so no single brand fills the table. Below it, the full listing browser carries every observed restaurant listing and can be narrowed to QSR or casual dining, a state, cap rate, price or term. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Tenant | Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|---|
| Chipotle | Miamisburg, OH | $3,339,000 | 5.25% | $175,298 | n/a | 2026 | Not stated | Get full property data |
| Dutch Bros | Wilson, NC | $2,954,128 | 5.45% | $161,000 | n/a | 2026 | Not stated | Get full property data |
| LongHorn Steakhouse | Saraland, AL | $3,245,614 | 5.70% | $185,000 | n/a | 2026 | Not stated | Get full property data |
| Starbucks | Bradenton, FL | $2,900,525 | 6.08% | $176,352 | n/a | 2003 | Not stated | Get full property data |
| Applebee's | Kissimmee, FL | $3,500,000 | 5.54% | $193,810 | n/a | 2006 | Not stated | Get full property data |
| Popeyes | Joplin, MO | $1,833,333 | 6.00% | $110,000 | n/a | 2013 | Not stated | Get full property data |
| Burger King | South Charleston, WV | $2,200,000 | 5.24% | $115,315 | n/a | 2026 | Not stated | Get full property data |
| Chick-fil-A | Mobile, AL | $3,103,448 | 4.35% | $135,000 | n/a | 2026 | Not stated | Get full property data |
| Arby's | Louisville, KY | $2,000,000 | 5.77% | $115,500 | n/a | 1988 | Not stated | Get full property data |
| Sonic Drive-In | Osage City, KS | $1,100,000 | 9.06% | $99,620 | n/a | n/a | Not stated | Get full property data |
| Wendy's | Powder Springs, GA | $2,350,000 | 5.63% | $132,300 | n/a | n/a | Not stated | Get full property data |
| Taco Bell | Camilla, GA | $1,988,888 | 6.10% | $121,464 | n/a | n/a | Not stated | Get full property data |
| McDonald's | Longwood, FL | $2,294,828 | 4.35% | $99,825 | n/a | 2012 | Not stated | Get full property data |
| IHOP | Dallas, TX | $3,500,000 | 6.51% | $227,918 | n/a | 2007 | Not stated | Get full property data |
| Dunkin' | Derby, KS | $1,600,000 | 6.60% | $105,600 | n/a | 2019 | Not stated | Get full property data |
| Buffalo Wild Wings | Brooklyn, OH | $3,000,000 | 6.00% | $180,000 | n/a | 2002 | Not stated | Get full property data |
| Olive Garden | Kansas City, KS | $5,000,000 | 5.50% | $275,000 | n/a | 2009 | Not stated | Get full property data |
| Tim Hortons | Columbus, OH | $1,739,000 | 5.75% | $100,000 | n/a | 2001 | Not stated | Get full property data |
| Chili's | Franklin, IN | $2,528,909 | 5.50% | $138,090 | n/a | 2006 | Not stated | Get full property data |
| Outback Steakhouse | Des Plaines, IL | $3,000,000 | 6.00% | $180,000 | n/a | 2024 | Not stated | Get full property data |
| Dairy Queen | Espanola, NM | $925,000 | 7.00% | $64,744 | n/a | n/a | Not stated | Get full property data |
| Carrabba's Italian Grill | Spring, TX | $4,382,000 | 6.50% | $284,844 | n/a | 1994 | Not stated | Get full property data |
| Popeyes | Sanford, NC | $2,385,180 | 6.09% | $145,324 | n/a | 2021 | Not stated | Get full property data |
| Burger King | Tallahassee, FL | $1,900,922 | 5.75% | $109,303 | n/a | 1989 | Not stated | Get full property data |
Showing 24 of 927 observed Restaurant listings: the newest listing from each tenant first, then each tenant’s next newest, so every tenant with inventory appears. Listings without a published asking price and cap rate are not shown here.
Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
QSR NNN Properties For Sale
The newest quick-service restaurant listings, one per tenant first. The QSR page carries the full inventory, a tenant by tenant cap rate table and the QSR buyer notes.
| Tenant | Location | Asking Price | Cap Rate | Term Left | |
|---|---|---|---|---|---|
| Chipotle | Miamisburg, OH | $3,339,000 | 5.25% | n/a | Get full property data |
| Dutch Bros | Wilson, NC | $2,954,128 | 5.45% | n/a | Get full property data |
| Starbucks | Bradenton, FL | $2,900,525 | 6.08% | n/a | Get full property data |
| Popeyes | Joplin, MO | $1,833,333 | 6.00% | n/a | Get full property data |
| Burger King | South Charleston, WV | $2,200,000 | 5.24% | n/a | Get full property data |
| Chick-fil-A | Mobile, AL | $3,103,448 | 4.35% | n/a | Get full property data |
See all 819 QSR NNN listings, the QSR tenant cap rate table and QSR buyer notes
Casual Dining NNN Properties For Sale
The newest casual dining listings, one per tenant first. The casual dining page carries the full inventory, a tenant by tenant cap rate table and the casual dining buyer notes.
| Tenant | Location | Asking Price | Cap Rate | Term Left | |
|---|---|---|---|---|---|
| LongHorn Steakhouse | Saraland, AL | $3,245,614 | 5.70% | n/a | Get full property data |
| Applebee's | Kissimmee, FL | $3,500,000 | 5.54% | n/a | Get full property data |
| IHOP | Dallas, TX | $3,500,000 | 6.51% | n/a | Get full property data |
| Buffalo Wild Wings | Brooklyn, OH | $3,000,000 | 6.00% | n/a | Get full property data |
| Olive Garden | Kansas City, KS | $5,000,000 | 5.50% | n/a | Get full property data |
| Chili's | Franklin, IN | $2,528,909 | 5.50% | n/a | Get full property data |
All Restaurant Tenants on the Market
Every restaurant tenant with observed inventory, across both segments, with listing count, median asking cap rate and cap range. Each linked tenant has its own page with credit, cap rate bands and state inventory.
| Tenant | Listings | States | Median Cap | Cap Range | Median Price | |
|---|---|---|---|---|---|---|
| Starbucks | 121 | 34 | 5.75% | 4.25% to 7.00% | $2.84M | Starbucks NNN for sale |
| Dutch Bros | 103 | 22 | 5.50% | 4.50% to 6.15% | $2.93M | Dutch Bros NNN for sale |
| Chipotle | 93 | 30 | 5.00% | 4.00% to 6.75% | $3.60M | Chipotle NNN for sale |
| Popeyes | 80 | 27 | 6.00% | 4.50% to 9.00% | $2.39M | Popeyes NNN for sale |
| Wendy's | 80 | 30 | 6.00% | 3.50% to 7.94% | $2.34M | Wendy's NNN for sale |
| Burger King | 75 | 28 | 6.25% | 4.00% to 8.29% | $2.04M | Burger King NNN for sale |
| Taco Bell | 52 | 21 | 5.50% | 4.00% to 6.50% | $2.51M | Taco Bell NNN for sale |
| McDonald's | 49 | 24 | 4.00% | 3.50% to 5.25% | $3.00M | McDonald's NNN for sale |
| Arby's | 44 | 20 | 6.00% | 4.68% to 11.50% | $1.90M | Arby's NNN for sale |
| Chick-fil-A | 41 | 22 | 4.24% | 3.75% to 5.25% | $3.90M | Chick-fil-A NNN for sale |
| Sonic Drive-In | 39 | 13 | 6.35% | 5.20% to 9.06% | $1.85M | Sonic Drive-In NNN for sale |
| Applebee's | 32 | 17 | 6.95% | 5.54% to 9.50% | $2.43M | Applebee's NNN for sale |
| Dunkin' | 25 | 11 | 5.78% | 4.65% to 6.76% | $1.91M | Dunkin' NNN for sale |
| IHOP | 18 | 11 | 6.38% | 5.00% to 9.03% | $2.44M | IHOP NNN for sale |
| LongHorn Steakhouse | 18 | 10 | 5.45% | 4.95% to 6.00% | $3.44M | LongHorn Steakhouse NNN for sale |
| Dairy Queen | 14 | 11 | 5.79% | 5.16% to 7.41% | $1.68M | Dairy Queen NNN for sale |
| Buffalo Wild Wings | 12 | 7 | 6.00% | 4.75% to 7.00% | $3.00M | Buffalo Wild Wings NNN for sale |
| Outback Steakhouse | 10 | 7 | 5.50% | 5.00% to 6.75% | $3.61M | Outback Steakhouse NNN for sale |
| Olive Garden | 8 | 7 | 5.50% | 4.75% to 7.00% | $3.63M | Olive Garden NNN for sale |
| Chili's | 6 | 5 | 5.50% | 4.75% to 6.87% | $2.97M | Chili's NNN for sale |
| Carrabba's Italian Grill | 4 | 4 | 6.65% | 6.50% to 6.65% | $4.07M | Carrabba's Italian Grill NNN for sale |
| Tim Hortons | 3 | 1 | 6.05% | 5.75% to 7.00% | $1.70M | Tim Hortons NNN for sale |
Tenants in this category with at least one qualifying listing. Tenants with a linked page carry its own listings, cap rate bands and state breakdown.
Where Restaurant NNN Properties Are For Sale
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| TX | 105 | 5.24% | $2.95M |
| FL | 103 | 5.26% | $3.44M |
| IL | 45 | 6.10% | $2.38M |
| GA | 45 | 5.96% | $2.57M |
| CA | 44 | 5.14% | $3.35M |
| NC | 43 | 5.55% | $2.71M |
| OH | 42 | 5.85% | $2.47M |
| AL | 36 | 5.93% | $2.61M |
| MI | 32 | 6.28% | $2.21M |
| IN | 31 | 5.92% | $2.60M |
| SC | 30 | 5.90% | $2.59M |
| TN | 27 | 5.57% | $2.55M |
States with the most Restaurant listings observed. Averages are simple means of published asking figures.
How QSR and Casual Dining Differ for an Investor
The building and the next tenant. A small QSR building with a drive-thru lane can be easier to re-lease to another quick-service operator. A casual dining building is often larger and built around a dining room, kitchen and bar, which can narrow the list of operators who could take it and raise the cost of converting it. This is one reason the two segments can price differently even when the brands carry similar credit.
Land versus building. Restaurant pads can be sold as ground leases, where you own the land and the tenant owns the building during the lease term, and the side by side table shows how often each segment is marketed that way. A ground lease and a fee simple sale with the same cap rate are different assets, so confirm which one you are buying before comparing prices.
Who signed the lease. In both segments, a lease signed by the brand and a lease signed by a franchisee with a personal or multi-unit guarantee are different credits behind the same sign. Confirm the tenant entity, the guarantor and whether the guarantee burns off over time.
Sales and rent. Rent as a share of store sales is a useful health check on any restaurant, and it deserves extra attention in casual dining, where rent per location can be higher. Ask whether the lease requires sales reporting and, where it does, review the trend rather than one year.
For credit, start with the QSR NNN cap rate and tenant credit analysis and the investment grade credit tenant ratings table.
1031 Exchange Buyers and Restaurant NNN
Restaurant net lease price points run from $0.41M to $14.58M across observed listings, which lets an exchange buyer place a balance in one property or split it across several smaller QSR buildings in different markets. Identify more than one candidate and confirm the guarantor and land ownership on each before the identification deadline. Replacement property must be identified within 45 days after the sale of the relinquished property and received by the earlier of 180 days after that sale or the due date, including extensions, of your tax return for that year (Internal Revenue Code Section 1031(a)(3); Treasury Regulation 1.1031(k)-1(b)(2)). This is general information, not tax advice; your qualified intermediary and CPA handle the exchange side. Our role is the property.
Frequently Asked Questions: NNN Restaurants For Sale
How many NNN restaurants are for sale right now?
As of October 23, 2026, 927 single-tenant restaurant net lease properties are observed for sale across 47 states: 819 quick-service restaurants and 108 casual dining restaurants. The counts update automatically as listings are added and withdrawn.
Do QSR or casual dining NNN properties have higher cap rates?
The median asking cap rate is 5.51% for observed QSR listings and 6.00% for observed casual dining listings. The side by side table above compares the two segments on price, size, term and land ownership as well.
What cap rates are restaurant NNN properties asking overall?
Across both segments, the median asking cap rate is 5.60%, with the middle half of listings between 5.10% and 6.14%. Cap rates vary by tenant, guarantee, remaining term, land ownership and location; confirm the lease before relying on any single figure.
Which restaurant tenants have the most NNN listings?
Starbucks currently has the most observed restaurant listings, at 121. The tenant table above lists every restaurant tenant with live inventory.
Which states have the most restaurant NNN properties for sale?
The states with the most observed restaurant listings right now are TX, FL, IL.
Are these listings offered by Investment Grade?
No. These are market observations aggregated from publicly marketed offerings and broker materials, not offerings by Investment Grade Income Property, LP. Registering for full property data connects you with our team for buyer representation and due diligence; the listing broker remains the listing broker.
Other NNN Categories For Sale
- QSR NNN properties for sale (819 listings)
- Casual Dining NNN properties for sale (108 listings)
- Pharmacy NNN properties for sale (513 listings)
- Dollar Store NNN properties for sale (798 listings)
- Bank Branch NNN properties for sale (140 listings)
- Auto Parts and Service NNN properties for sale (285 listings)
- Gas Station and C-Store NNN properties for sale (341 listings)
- Grocery and Big Box NNN properties for sale (43 listings)
- Healthcare NNN properties for sale (168 listings)
- Industrial and Logistics NNN properties for sale (217 listings)
- Car Wash NNN properties for sale (23 listings)
- All NNN properties for sale by tenant
