Looking to buy a Sonic Drive-In NNN property? 36 are observed for sale across 12 states, median asking cap rate 6.25%. View Sonic Drive-In NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Brand and corporate history | Sonic Drive-In; Sonic Corp. became a wholly owned subsidiary of Inspire Brands, Inc. on December 7, 2018 (Form 8-K). Confirm the tenant entity named in each lease. |
| Parent Company | Inspire Brands, Inc. (a Roark Capital Group portfolio company) |
| S&P Rating | B+ |
| Investment Grade Status | Parent Rated Below Investment Grade (IRB Holding Corp. (Inspire Brands)); confirm the lease guarantor |
| Sector | Restaurant / Quick Service (QSR / Drive-In) |
| Headquarters | Oklahoma City, Oklahoma |
| US Location Count | 3,400+ restaurants in 47 states (Inspire Brands fact sheet, fiscal 2025) |
| Median asking cap rate | 6.25% (active listings we track with a published cap rate) |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; 3,427 of 3,606 Sonic Drive-Ins (about 95%) were franchised as of August 31, 2018 (Form 10-K); confirm the guarantor in the lease |
| Building Size | Varies; Sonic’s fiscal 2018 Form 10-K described the typical building as approximately 1,500 SF (drive-in format with canopy stalls) |
Sonic Drive-In is not investment grade. The ratings shown for Sonic Drive-In are credit rating of its parent company, IRB Holding Corp. (Inspire Brands): B+ from S&P Global Ratings; below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Sonic Drive-In Business Overview & NNN Investment Profile
Inspire Brands describes Sonic Drive-In as the leading drive-in chain in the U.S., with more than 3,400 restaurants in 47 states (fiscal 2025 fact sheet). Sonic traces its history to a 1953 root beer stand in Shawnee, Oklahoma, and its drive-in format combines carhop service and canopy-covered stalls with a broad menu (Sonic cited 1.3 million drink combinations in 2018). Inspire Brands completed its acquisition of Sonic on December 7, 2018, in a transaction valued at approximately $2.3 billion including Sonic’s net debt; Inspire’s portfolio now also includes Arby’s, Buffalo Wild Wings, Dunkin’, Jimmy John’s and Baskin-Robbins.
For NNN investors, Sonic properties present a distinctive real estate profile. The drive-in format puts a small building on a site laid out for canopy-covered parking stalls: Sonic’s fiscal 2018 Form 10-K described the typical drive-in as a one-story building of approximately 1,500 SF flanked by canopy-covered rows of 16 to 24 parking spaces. When pricing a Sonic property, assess the land, the improvements and the contractual rent separately.
Sonic’s S&P B+ rating is the rating of its parent, Inspire Brands, not a rating of Sonic itself. Sonic’s system was largely franchised (3,427 of 3,606 Sonic Drive-Ins, about 95%, as of August 31, 2018, per its fiscal 2018 Form 10-K), so the operator’s finances matter alongside the parent rating, and Inspire Brands is not necessarily a party to a franchisee’s lease; confirm the tenant and any guarantor named in the lease. On May 8, 2026, Inspire Brands announced that it had confidentially submitted a draft registration statement for a proposed initial public offering and expects to use the net proceeds to repay term loan debt; any rating change would come from the agencies.
How Sonic’s Drive-In Format Affects NNN Underwriting
The drive-in format is Sonic’s defining real estate characteristic: canopy stalls and carhop infrastructure are built for this concept. If a site ever needs a new tenant, conversion costs, zoning, site configuration and the alternative uses for that specific property matter, so evaluate them alongside the tenant’s operating performance and the remaining lease term.
Cap Rate Analysis & Pricing for Sonic NNN Properties
Live asking cap rates for Sonic Drive-In and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Arby's (rated entity: IRB Holding Corp. (Inspire Brands)) | n/a / n/a | 6.00% | 5.75% to 6.45% | 40 | +76 bps |
| Wendy's | B+ / n/a | 6.00% | 5.50% to 6.50% | 81 | +76 bps |
| Sonic Drive-In (rated entity: IRB Holding Corp. (Inspire Brands)) | B+ / n/a | 6.25% | 6.00% to 6.56% | 36 | +101 bps |
| Burger King (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.25% | 6.00% to 6.74% | 71 | +101 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 16, 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.
For a specific property, evaluate the remaining lease term, rent level and increases, location and market, and the tenant and guarantor named in the lease; the tenant median in the table does not adjust for those factors. The table counts only active listings with a published asking cap rate, so it can show fewer listings than the total we track.
| Comparable Restaurant NNN Tenant | S&P / Moody’s |
|---|---|
| Arby’s (Inspire portfolio) | no verified rating |
| Burger King (RBI) | BB+ |
| Wendy’s | B+ |
No. Sonic’s parent Inspire Brands carries an S&P B+ rating.
What cap rates are Sonic NNN properties listed at?
The median asking cap rate on active Sonic listings we track is 6.25%; the live table on this page shows it with comparable tenants. 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.
The drive-in format uses a small building (approximately 1,500 SF typical, per Sonic’s fiscal 2018 Form 10-K) flanked by canopy-covered parking stalls. For a specific property, evaluate conversion costs, zoning, site configuration and alternative uses, along with the lease term and the operator’s performance.
Inspire Brands reports more than 3,400 SONIC restaurants in 47 states as of fiscal 2025 and describes SONIC as the leading drive-in chain in the U.S.
Sonic Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Sonic 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
Compare Sonic Drive-In NNN pricing before your 1031 clock starts
Sonic buyers should compare the lease guarantee, drive-in format, franchisee strength, remaining term, and current QSR NNN cap-rate market before treating the brand name as the investment thesis.
Use our 2026 NNN cap-rate guide to benchmark pricing, then review investment-grade NNN tenants for a 1031 exchange if you are deciding whether to stay in QSR or trade up in tenant credit.
1031 buyer bench test: Sonic drive-in real estate vs credit quality
Sonic can offer recognizable QSR income, and its drive-in layout with canopy stalls differs from a conventional drive-thru building. A 1031 buyer should underwrite the lease guarantee, operator health, remaining term, site utility, and re-tenanting optionality before treating the cap rate as cheap or expensive.
Use the 2026 NNN cap-rate framework to benchmark Sonic pricing, then compare it with the investment-grade NNN tenant shortlist for 1031 buyers. If the yield pickup is modest, a stronger-credit tenant may be the cleaner replacement-property decision.
Sonic Drive-In NNN Properties Observed For Sale
36 active Sonic Drive-In net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Shawnee, KS | $1,021,467 | 6.00% | 1,573 | 19.9 yrs | View listing |
| Lansing, KS | $1,119,000 | 6.00% | 1,730 | n/a | View listing |
| Hazel Green, AL | $1,795,000 | 7.00% | 1,490 | 6.5 yrs | View listing |
| Anniston, AL | $1,488,000 | 6.25% | 1,394 | n/a | View listing |
| SAVAGE, MN | $1,567,278 | 7.00% | 1,947 | n/a | View listing |
| Easley, SC | $2,880,000 | 6.25% | 1,557 | 20.0 yrs | View listing |
| Anderson, SC | $2,400,000 | 6.25% | 1,452 | 20.0 yrs | View listing |
| La Crosse, VA | $1,781,215 | 6.00% | 1,632 | n/a | View listing |
Search all 36 observed Sonic Drive-In 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.
