Looking to buy a Wendy's NNN property? 83 are observed for sale across 29 states, median asking cap rate 5.95%. View Wendy's NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | Wendy’s International, LLC (subsidiary of The Wendy’s Company) |
| Parent Company | The Wendy’s Company (Nasdaq: WEN) |
| Credit Ratings | S&P: B+ |
| Rated Entity | The Wendy’s Company (S&P issuer credit rating; no Moody’s rating confirmed) |
| Rating Source | S&P Global Ratings B+, as of February 24, 2026. Ratings checked October 8, 2026. |
| All Ratings and Outlooks | S&P: B+ |
| Investment Grade Status | Below Investment Grade |
| Sector | Restaurant / Quick Service (QSR) |
| Headquarters | Dublin, Ohio |
| US Location Count | 5,969 restaurants as of December 28, 2025 (Form 10‑K) |
| Global Location Count | 7,397 in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025 (Form 10‑K) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Wendy’s own restaurant leases generally start at 15 to 20 years (fiscal 2025 Form 10‑K); franchisee leases vary, so confirm in the lease |
| Guarantee Type | Varies: a Wendy’s corporate entity or a franchisee; confirm in the lease |
| Median Building Size | 2,800 SF across the Wendy’s listings InvestmentGrade.com tracks that state a size, as of October 12, 2026 |
Wendy's is not investment grade. The Wendy's Company carries issuer rating of B+ from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Wendy’s Business Overview & NNN Investment Profile
Wendy’s describes itself as the second largest quick-service restaurant company in the U.S. hamburger sandwich segment, based on traffic and dollar share, with 5,969 U.S. restaurants and 7,397 worldwide as of December 28, 2025 (fiscal 2025 Form 10‑K). The Wendy’s Company’s common stock trades on Nasdaq under the symbol WEN. Wendy’s opened its first restaurant in Columbus, Ohio, in 1969. Wendy’s promotes hamburgers made with fresh beef, and it launched breakfast across its U.S. system on March 2, 2020. The company operates a predominantly franchised model, with 6,963 of its 7,397 restaurants operated by franchisees as of December 28, 2025.
For NNN investors, Wendy’s properties offer the familiar drive-thru QSR format; re-tenanting potential depends on the site. Wendy’s B+ rating from S&P is below investment grade. Wendy’s long-term debt consists of senior secured notes issued under a securitized financing facility, with $2.79 billion of principal outstanding as of December 28, 2025 (fiscal 2025 Form 10‑K). That securitized financing facility was first entered into in June 2015 (fiscal 2025 Form 10‑K). Leases signed or guaranteed by a Wendy’s corporate entity depend on that entity’s credit, which may differ from the rated parent’s, while franchisee-guaranteed deals depend on the individual operator. In 2025, Wendy’s acquired 35 franchised restaurants and sold 5 Company-operated restaurants, digital sales reached about 20.8% of global systemwide sales, and U.S. same-restaurant sales fell 5.6% (fiscal 2025 Form 10‑K).
Wendy’s is rated B+ by S&P. Any rating on the securitized notes applies to those notes, not to a lease tenant or guarantor. NNN investors should weigh the corporate rating and the credit of the entity actually named in the lease when evaluating Wendy’s credit risk. Global systemwide sales were $13.96 billion in 2025, down 3.5% on a constant currency basis from 2024 (fiscal 2025 Form 10‑K). Pricing for a Wendy’s property depends on the real estate, the rent and the lease guarantor, so compare listings with similar terms.
Cap Rate Analysis & Pricing for Wendy’s NNN Properties
Live asking cap rates for Wendy’s and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Dairy Queen (rated entity: Berkshire Hathaway Inc.) | n/a / n/a | 5.82% | 5.50% to 6.63% | 13 | +58 bps |
| Wendy's | B+ / n/a | 5.95% | 5.50% to 6.50% | 83 | +71 bps |
| Popeyes (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.00% | 5.50% to 6.25% | 75 | +76 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.
Pricing on franchisee-guaranteed properties depends on the operator’s size and track record; compare listings with similar guarantors.
| Comparable Restaurant NNN Tenant | S&P / Moody’s |
|---|---|
| Burger King (RBI) | BB+ |
| Dairy Queen (Berkshire) | AA- |
| Popeyes (RBI) | BB+ |
No. Wendy’s is rated B+ by S&P, below the BBB‑ investment grade threshold.
What are Wendy’s NNN asking cap rates?
Current median asking cap rates for Wendy’s 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.
S&P rates The Wendy’s Company B+. We could not confirm a current Moody’s corporate rating from a primary source. Wendy’s long-term debt consists of senior secured notes issued by Wendy’s Funding, LLC under a securitized financing facility (fiscal 2025 Form 10‑K); any rating on those notes applies to the notes, not to a lease tenant or guarantor.
Wendy’s launched breakfast across its U.S. system on March 2, 2020, and breakfast contributed 6.2% to 6.4% to U.S. systemwide same-restaurant sales in the second through fourth quarters of 2020 (fiscal 2020 Form 10‑K). Its effect on a specific restaurant shows up in that store’s sales and rent coverage, so ask for sales reporting where the lease provides it.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property acquired under a written binding contract entered into before January 20, 2025 is not treated as acquired after that date (IRS Notice 2026‑11). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Depreciation taken on section 1245 property is generally recaptured as ordinary income when the property is sold (Internal Revenue Code section 1245(a)), and a 1031 exchange does not always defer that recapture (section 1245(b)(4)). This is general information, not tax advice; consult a tax professional. In restaurants and auto service buildings, the tenant often owns much of the kitchen, drive-through and service equipment; confirm in the lease. See the QSR and Auto Service NNN Depreciation Guide.
Wendy’s Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Wendy’s 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 Wendy’s before accepting QSR risk in a 1031 exchange
Wendy’s can work for a 1031 buyer, but the underwriting question is not just brand familiarity. Compare the lease guarantor, franchisee strength, rent coverage, drive-thru location quality, and current QSR NNN cap-rate spread before treating the cap rate as the answer.
Start with the 2026 NNN cap-rate framework, then compare Wendy’s against the investment-grade NNN tenant shortlist for 1031 exchanges if your exchange requires stronger credit or easier financing.
Wendy's NNN Properties Observed For Sale
83 active Wendy's 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 | |
|---|---|---|---|---|---|
| Watts, OK | $2,968,349 | 6.00% | 3,141 | n/a | View listing |
| Morgan City, LA | $1,500,000 | 7.00% | 3,037 | n/a | View listing |
| Hyannis, MA | $3,150,000 | 5.00% | 3,574 | n/a | View listing |
| Silver City, NM | $2,318,000 | 5.50% | 3,729 | 20.0 yrs | View listing |
| Layton, UT | $1,866,000 | 4.50% | 2,993 | n/a | View listing |
| Pasco, WA | $2,785,000 | 5.75% | 2,419 | n/a | View listing |
| Forestville, MD | $3,090,000 | 5.50% | 2,675 | n/a | View listing |
| Toms River, NJ | $3,196,893 | 5.15% | 2,907 | n/a | View listing |
Search all 83 observed Wendy's 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.
