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NNN Arby’s for Sale
Arby’s properties are single-tenant quick-service restaurants leased on long-term triple net leases. Boulder rates the tenant B+ and Matthews rates it B, both below investment grade, and Boulder’s asking cap rates for 10 years of remaining term run 5.95% – 6.25%. This page walks through what the reports show and what to check before you buy.
B+ / B
S&P rating (Boulder / Matthews)
3,405
Locations (Boulder)
15–20 Years
Typical lease term
5–10%
Increase every 5 years
3,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026. Terms differ by report: Boulder shows 15 years, 10% increases and 3,000 SF; Matthews shows 20 years, 5% – 10% increases and about 2,200 SF.
Key Takeaways
Speculative-Grade Credit
Boulder lists Arby’s at B+ as an Inspire Brands subsidiary, and Matthews lists B. Both are below investment grade. Inspire, which is owned by Roark Capital, filed confidentially for a U.S. IPO in May 2026 and said it expects to use proceeds to repay term loan debt (The Atlanta Journal-Constitution).
Triple Net, 15 to 20 Years
Boulder shows a typical 15-year triple net lease with 10% rent increases every five years; Matthews shows 20 years with 5% – 10% every five years. Inspire both operates and franchises its restaurants, so confirm who the tenant is and who guarantees the lease.
Mid-Range Cap Rates
Boulder’s September 2026 asking cap rates are 5.95% – 6.25% with 10 years remaining and 5.65% – 5.95% for a new 15-year lease. Matthews’ closed sales averaged between 5.81% and 6.15% across the periods it covers.
A Large Parent
Inspire reported more than 33,300 restaurants and $33.4 billion in global sales in 2025 across brands including Dunkin’ and Jimmy John’s (The Boston Globe). The rating still sits below investment grade.
Arby’s NNN Cap Rates and Lease Data
If you’re weighing an Arby’s property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is mixed. Boulder lists Arby’s at B+ (as an Inspire Brands subsidiary) and Matthews at B, so it is a speculative-grade credit in either report. The typical lease is triple net, 15 years in Boulder and 20 in Matthews, with rent increases every five years.1 Boulder puts those increases at 10%, about 2% a year; Matthews shows 5% – 10%. Most of your return still comes from the yield you buy in at.
That’s where cap rates come in. Boulder shows asking cap rates of 5.65% – 5.95% on a new 15-year lease, 5.95% – 6.25% with 10 years left, and 6.40% – 6.70% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid more to take on the renewal question.
Closed sales sit in the same range. Matthews reports an average cap rate of 5.81% on 16 closed Arby’s sales in the first half of 2025 and 6.02% on 20 in the second half, with 11 to 12 years of lease remaining. So far in 2026 the average is 6.15% across 11 deals, with the remaining term down to about 8 years, which fits the pattern of higher yields on shorter leases. Matthews also shows 46 Arby’s properties on the market at an average asking cap rate of 5.9%.3
In dollars, Boulder puts the average sale price at about $2.375 million with average rent of about $121,000 a year. On a typical 3,000 SF restaurant, that works out to roughly $792 per square foot.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 7; Matthews, 2026 Net Lease Tenant Report, May 2026, p. 27. Credit rating is S&P, as reported by each report (Boulder B+, listed as an Inspire Brands subsidiary; Matthews B). Lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 7. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 27. Average cap rate on closed transactions: 5.81% on 16 in the first half of 2025 (12 years of lease remaining on average), 6.02% on 20 in the second half (11 years) and 6.15% on 11 so far in 2026 (8 years). The on-market figure is Matthews’ average asking cap rate for 46 properties (8 years remaining on average). Matthews figures are averages of closed sales, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 7. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($2.375 million across a typical 3,000 SF restaurant). Matthews reports average annual rent of $125,000 on about 2,200 SF. ↩
Arby’s as a Tenant
Who stands behind the lease
Arby’s is owned by Inspire Brands, which was formed in 2018 when Arby’s bought Buffalo Wild Wings and is owned by the private equity firm Roark Capital (The Atlanta Journal-Constitution). Inspire owns and operates restaurants and also franchises its brands to a network of roughly 2,700 franchisees across all of its brands, so an Arby’s lease may be signed by the company or by a franchisee. Boulder lists 3,405 Arby’s locations and Matthews about 3,400.
The IPO and the debt
Inspire filed confidentially for a U.S. initial public offering on May 8, 2026, and said it expects to use the proceeds to repay debt under its term loan facility (The Atlanta Journal-Constitution). Bloomberg reported the offering could raise roughly $2 billion (Bloomberg). We had not found a report that the offering had priced as of November 2, 2026, so check the current status. A public Inspire would disclose more, but a listing would not change who signs a given Arby’s lease or who guarantees it.
Restaurant industry conditions
Restaurants are dealing with slower traffic as lower-income consumers cut back, and the National Restaurant Association said earlier this year that 42% of operators reported their restaurant was not profitable in 2025 (The Atlanta Journal-Constitution). Matthews reports average sales of $1.35 million per Arby’s, so rent of about $125,000 is roughly 9% of sales (our calculation), a number worth checking store by store.
Why Investors Buy Arby’s Properties
Arby’s offers a long triple net lease at a price that tracks its credit. With 10 years remaining, Boulder’s September 2026 asking range of 5.95% – 6.25% sits between 7-Eleven’s 5.30% – 5.60% (rated A-) and Aspen Dental’s 6.40% – 6.80% (rated B-), which is about where a B+ credit would be expected to land (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Inspire reports more than 33,300 restaurants and $33.4 billion in 2025 global sales (The Boston Globe), so an Arby’s sits inside a very large operating platform.
There is also a resale market. Matthews counted 36 closed Arby’s sales in 2025 (16 in the first half and 20 in the second, our sum) and 11 so far in 2026.
Risks and Market Conditions
Credit is the main risk. Both reports put Arby’s in single-B territory, and Inspire plans to use IPO proceeds to repay term loan debt, which points to a leveraged balance sheet (The Atlanta Journal-Constitution). A lease backed by a franchisee is only as strong as that franchisee, so ask for the guarantor and its financials.
Restaurant economics matter too. Rent of about 9% of average sales (our calculation from Matthews’ figures) is a useful starting point, but a store with weaker sales carries a heavier rent burden, so ask for store-level sales. The National Restaurant Association said 42% of operators reported their restaurant was not profitable in 2025 (The Atlanta Journal-Constitution).
The reports also differ on lease terms (15 years in Boulder, 20 in Matthews) and building size (3,000 SF versus about 2,200 SF), so rely on the lease for the property in front of you rather than the averages.
Build a Diversified NNN Portfolio
Pairing an Arby’s with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Arby’s NNN FAQs
What cap rates do Arby’s NNN properties offer?
Boulder’s September 2026 asking cap rates are 6.40% – 6.70% with 5 years remaining, 5.95% – 6.25% with 10 years and 5.65% – 5.95% for a new 15-year lease. Matthews reports average closed-sale cap rates of 5.81% in the first half of 2025, 6.02% in the second half and 6.15% so far in 2026. Actual cap rates vary by location, remaining lease term and guarantor.
How long are Arby’s NNN leases?
Boulder lists a typical 15-year triple net lease with 10% rent increases every five years. Matthews lists 20 years with 5% – 10% every five years. Confirm the term, escalations and renewal options in the lease for the specific property.
Who guarantees an Arby’s lease?
It depends on who operates the restaurant. Inspire Brands operates some restaurants and franchises others, so a lease may be backed by the company or by a franchisee. Boulder lists the S&P rating as B+ and Matthews as B; ask which entity signs the lease and for its financials.
Questions about NNN Arby’s Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.