| Metric | Details |
|---|---|
| Entity / Legal Name | Steak n Shake Inc. (subsidiary of Biglari Holdings Inc.) |
| Parent Company | Biglari Holdings Inc. (NYSE: BH) |
| Credit Ratings | No verified public issuer rating on file for Biglari Holdings Inc. or Steak n Shake Inc. (Ratings checked October 8, 2026) |
| Investment Grade Status | Not Yet Verified |
| Sector | Restaurant / Quick Service / Fast Casual (Steakburger) |
| Headquarters | San Antonio, Texas (Biglari Holdings) / Indianapolis, Indiana (Steak n Shake); the brand was founded in 1934 in Normal, Illinois |
| Location Count | 399 Steak n Shake restaurants as of June 30, 2026: 126 company-operated, 183 franchise partner and 90 traditional franchise (Form 10-Q); 17 of the 404 at December 31, 2025 were in France, Monaco and Spain |
| Median asking cap rate | Not reported: fewer than three active Steak n Shake listings with a published cap rate |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; under the franchise partner model a Steak n Shake entity can remain the tenant on the real estate lease, so confirm the tenant and guarantor in each lease |
| Typical Building Size | Varies; confirm the building size for each property |
Steak 'n Shake: no confirmed agency rating. No rating for Steak 'n Shake has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Steak ’n Shake Business Overview & NNN Investment Profile
Steak ’n Shake is a steakburger and milkshake chain founded in 1934 in Normal, Illinois (Biglari Holdings Form 10-K for 2025). The chain is owned by Biglari Holdings (NYSE: BH), which is led by Chairman and Chief Executive Officer Sardar Biglari, and its restaurant count has declined: Steak n Shake had 426 restaurants at December 31, 2024 and 399 at June 30, 2026 (Form 10-Q). The chain has been transitioning company-operated restaurants to a “franchise partner” model in which single-unit owner-operators run the restaurant and Steak n Shake charges a fee of up to 15% of sales plus 50% of profits (Form 10-K for 2025). As of June 30, 2026 the system had 399 Steak n Shake restaurants (Form 10-Q), with the largest numbers in Florida, Illinois, Indiana and Ohio at December 31, 2025 (Form 10-K).
For NNN investors, Steak ’n Shake properties carry elevated tenant risk. Our ratings database has no verified public issuer rating for Biglari Holdings Inc., the parent, or for Steak n Shake Inc., and a particular lease may be signed by another entity, so confirm the tenant and any guarantor in the lease. The restaurant count has declined, and under the franchise partner model a single-unit operator runs each franchise partner restaurant while Steak n Shake takes a share of sales and profits. However, a well-located restaurant site can hold value apart from the tenant, so evaluate the real estate on its own. Experienced NNN investors who can evaluate the real estate independently of the tenant risk may find value in Steak ’n Shake properties when the price reflects that risk.
Our ratings database has no verified issuer rating on file for Steak ’n Shake’s parent, Biglari Holdings Inc. (Ratings checked October 8, 2026); that reflects our records, not a finding about every rating an agency may hold on a related entity. The declining restaurant count and franchise partner conversion add uncertainty for NNN investors. A Steak ’n Shake property should be underwritten mainly on the value of the underlying real estate and the strength of the lease obligor and operator rather than on corporate credit. Due diligence must include a thorough evaluation of the specific operator’s financial capacity and the property’s alternative-use value.
Cap Rate Analysis & Pricing for Steak ’n Shake NNN Properties
Live asking cap rates for Steak ’n Shake and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Wendy's | B+ / n/a | 5.95% | 5.50% to 6.50% | 83 | +71 bps |
| Burger King (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.25% | 6.00% to 6.75% | 69 | +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 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Steak 'n Shake.
For a specific property, evaluate the operator, the remaining lease term, the rent and the market; the table medians do not adjust for those factors.
| Comparable Restaurant NNN Tenant | S&P / Moody’s |
|---|---|
| Applebee’s (Dine Brands) | no verified rating |
| Burger King (RBI) | BB+ |
| Wendy’s | B+ |
No investment grade issuer rating is verified in our ratings database for Biglari Holdings Inc., the parent, or for Steak n Shake Inc. (Ratings checked October 8, 2026). Steak n Shake’s restaurant count fell from 426 at December 31, 2024 to 399 at June 30, 2026 (Form 10-Q).
What cap rates are Steak ’n Shake NNN properties listed at?
The live table on this page shows median asking cap rates for comparable restaurant tenants, and shows Steak ’n Shake when at least three active listings with a published cap rate are observed. 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 investment thesis is real estate value, not tenant credit. A Steak ’n Shake building may be re-leasable to another restaurant user, but re-leasing prospects and market rent vary by site, so a buyer should judge whether the asking cap rate compensates for the tenant risk.
Steak n Shake has been transitioning company-operated restaurants to a “franchise partner” model in which single-unit owner-operators run the restaurants, make an upfront investment of $10,000 and pay a fee of up to 15% of sales plus 50% of profits; at June 30, 2026 there were 183 franchise partner units and 126 company-operated restaurants (Forms 10-K for 2025 and 10-Q). This puts day-to-day operation in the franchise partner’s hands, but it does not by itself change who owes the rent: a Steak ’n Shake entity can remain the tenant on the real estate lease. Confirm the tenant and any guarantor named in each lease rather than assuming the operator is responsible.
Steak ’n Shake Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Steak ’n Shake 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
Benchmark Steak ‘n Shake before accepting turnaround risk in a 1031 exchange
Steak ‘n Shake NNN underwriting should start with operator durability, lease term, store-level sales, rent coverage, and re-tenanting risk. A higher cap rate can compensate for risk, but only if the buyer understands what is being priced.
Start with the 2026 NNN cap-rate framework, then compare Steak ‘n Shake against the investment-grade NNN tenant shortlist for 1031 exchanges before choosing a restaurant tenant without a verified investment grade rating.
Steak 'n Shake NNN Properties Observed For Sale
1 active Steak 'n Shake net lease listing 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 | |
|---|---|---|---|---|---|
| Aurora, IL | $1,469,837 | 8.00% | 3,760 | 4.0 yrs | View listing |
Search all 1 observed Steak 'n Shake 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.
