This page tracks every Popeyes net lease property observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Popeyes credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
Popeyes is not investment grade. Popeyes is not rated on its own; its parent company, Restaurant Brands International Inc., carries long-term ratings of BB+ (Stable outlook) from S&P Global Ratings and BB+ (Stable outlook) from Fitch Ratings, which is below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the guarantor named in the lease. Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the Popeyes credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
78 Popeyes NNN properties observed for sale across 29 states as of September 28, 2026. Median asking cap rate 6.00% (range 4.50% to 9.00%). Median asking price $2.40M. Average remaining lease term 16.7 years. Median building 2,431 SF. Figures update automatically from listing broker materials.
Popeyes is not investment grade. Popeyes is not rated on its own; its parent company, Restaurant Brands International Inc., carries long-term ratings of BB+ (Stable outlook) from S&P Global Ratings and BB+ (Stable outlook) from Fitch Ratings, which is below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the guarantor named in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Popeyes NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant Popeyes properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Jacksonville, FL | $2,524,000 | 5.50% | $138,830 | n/a | 2021 | ************ | Get full property data |
| Porter, TX | $2,818,181 | 5.50% | $155,000 | n/a | 2026 | ************ | Get full property data |
| Zion, IL | $2,519,685 | 6.35% | $160,000 | n/a | 2022 | ************ | Get full property data |
| Warsaw, IN | $2,519,685 | 6.35% | $160,000 | n/a | 2022 | ************ | Get full property data |
| Lumberton, TX | $2,327,200 | 6.00% | $139,632 | n/a | 2020 | ************ | Get full property data |
| Sanford, NC | $2,385,180 | 6.09% | $145,324 | n/a | 2021 | **** | Get full property data |
| Hermiston, OR | $3,079,250 | 6.00% | $184,755 | n/a | 2023 | n/a | Get full property data |
| Bridge City, TX | $2,200,000 | 6.00% | $132,000 | n/a | 2022 | ************ | Get full property data |
| Gallup, NM | $2,500,000 | 7.00% | $175,000 | n/a | 2023 | ************ | Get full property data |
| Lubbock, TX | $2,400,000 | 5.50% | $132,000 | n/a | 2015 | ************ | Get full property data |
| Clifton, CO | $2,616,822 | 5.35% | $140,000 | n/a | 2017 | ************ | Get full property data |
| Middleburg, FL | $1,867,100 | 5.60% | $104,560 | n/a | 2018 | ************ | Get full property data |
Search all 78 Popeyes properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Get new Popeyes listings in your cap rate band
New Popeyes net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Popeyes? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a free valuation benchmark against the live Popeyes listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
Popeyes is almost entirely franchised. Like its sister brands under the same parent, the lease obligor on a typical listing is an operator, not the brand, and operator quality varies widely across the system. The brand strength supports the site; it does not stand behind the rent.
Buildings run roughly 2,000 to 3,500 square feet on pad sites, almost always with a drive-thru. Because credit is usually at the operator level rather than the brand level, the real estate and the specific operator carry far more of the value here than the logo on the building does.
Across the current inventory, roughly 29% of listings with a reported build year were delivered in the last four years, and about 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
Popeyes Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| Under 5.00% | 1 | 1% | $3.23M |
| 5.00% to 5.49% | 8 | 10% | $2.78M |
| 5.50% to 5.99% | 24 | 31% | $2.95M |
| 6.00% to 6.49% | 33 | 42% | $2.09M |
| 6.50% to 6.99% | 6 | 8% | $2.28M |
| 7.00% and above | 3 | 4% | $1.43M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 10 | 13% | 6.74% |
| $1.5M to $2.5M | 34 | 44% | 5.95% |
| $2.5M to $3.5M | 29 | 37% | 5.76% |
| $3.5M to $5M | 3 | 4% | 5.88% |
| $5M and above | 2 | 3% | 5.70% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| Under 5 years | 2 | 7.26% |
| 5 to 10 years | 2 | 6.75% |
| 10 to 15 years | 2 | 5.83% |
| 15 years and longer | 19 | 5.95% |
| Lease Type (as marketed) | Listings |
|---|---|
| Absolute NNN | 26 |
| ************ | 23 |
| **** | 12 |
| Not stated | 8 |
| NNN | 7 |
How to read the pricing
The spread inside the Popeyes inventory runs from 4.50% to 9.00%, against a median of 6.00%, and almost all of it is explained by three variables. First, remaining term, which the term table above prices directly. Second, geography, which the state table below shows. Third, lease structure and real estate quality: absolute NNN, fee simple and strong access trade at the tight end, while NN, ground lease and secondary access trade wider. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where Popeyes NNN Properties Are For Sale
Current inventory spans 29 states. State-level cap rate differences of 50 to 100 basis points are normal and reflect state income tax, population growth and buyer competition more than anything about the tenant.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| TX | 13 | 5.75% | $2.51M |
| FL | 11 | 5.50% | $2.38M |
| AL | 10 | 6.10% | $2.30M |
| LA | 5 | 6.15% | $2.76M |
| NC | 3 | 5.97% | $1.85M |
| OR | 3 | 6.00% | $2.41M |
| TN | 3 | 5.88% | $1.34M |
| CT | 2 | 5.92% | $1.67M |
| NY | 2 | 5.85% | $7.04M |
| MS | 2 | 6.38% | $2.10M |
| CA | 2 | 5.00% | $3.19M |
| GA | 2 | 7.38% | $1.81M |
Popeyes as a 1031 Exchange Replacement Property
The median asking price in the current Popeyes inventory is $2.40M, and about 81% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.
- Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
- Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
- Close-ability matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
Popeyes NNN Due Diligence Checklist
These are the items that change the value of a Popeyes listing and are rarely resolved by the offering memorandum.
- Operator identity and scale. Establish who the franchisee is, how many units they run and whether a parent entity guarantees the lease. A hundred unit operator and a single unit operator are not the same credit.
- Financial reporting rights. Confirm whether the lease entitles you to unit-level or operator-level statements, and request them before you remove contingencies.
- Franchise agreement term. Verify the remaining franchise agreement runs at least as long as the lease including options. A lease that outlives the franchise right is a problem.
- Site quality and drive-thru throughput. With operator-level credit the real estate carries the residual. Review traffic counts, access, stacking depth and competing units nearby.
How Investment Grade Works With Popeyes Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Popeyes acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing Popeyes properties can use this page as a valuation benchmark. If you are weighing a sale, an off market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.
Frequently Asked Questions
How many Popeyes NNN properties are for sale right now?
As of September 28, 2026, 78 single-tenant Popeyes net lease properties are observed for sale across 29 states. The count updates automatically as listings are added and removed.
Is Popeyes investment grade?
Popeyes is not rated on its own; its parent company, Restaurant Brands International Inc., carries long-term ratings of BB+ (Stable outlook) from S&P Global Ratings and BB+ (Stable outlook) from Fitch Ratings, which is below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the guarantor named in the lease. Ratings checked September 27, 2026. A franchisee or dealer lease carries the operator’s credit unless a written corporate guaranty says otherwise.
What cap rate do Popeyes NNN properties sell at?
The current median asking cap rate is 6.00%, with the inventory ranging from 4.50% to 9.00%. Longer term, stronger markets and absolute NNN structures price at the tight end.
How much does a Popeyes NNN property cost?
The median asking price in the current inventory is $2.40M, with listings from $0.25M to $12.75M. About 81% fall between 1.5 and 3.5 million dollars.
Who signs the lease on a Popeyes property?
Popeyes is almost entirely franchised. Like its sister brands under the same parent, the lease obligor on a typical listing is an operator, not the brand, and operator quality varies widely across the system. The brand strength supports the site; it does not stand behind the rent.
Working a Popeyes acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
