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Dunkin’ for Sale
Dunkin’ is a coffee and donut chain owned by Inspire Brands, a private company. Boulder lists an S&P rating of B+ for the Inspire Brands subsidiary, which is below investment grade, and typical leases are triple net with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). Below we cover the tenant, current asking cap rates and the risks to weigh before you buy.
B+
S&P credit rating
9,479
Locations
15 Years
Typical lease term
10%
Increase every 5 years
2,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 34.
Key Takeaways
Private Owner, Below Investment Grade
Dunkin’ is owned by Inspire Brands, a private company owned by private equity firm Roark Capital (AJC, May 2026). Boulder lists an S&P rating of B+ for the Inspire Brands subsidiary, which is below investment grade (The Boulder Group, September 2026).
Typically Triple Net Leases
Boulder reports typical Dunkin’ leases as triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Check who the tenant is in each lease: Inspire operates only 1,943 of its 20,598 U.S. restaurants directly (Business Model Analyst, 2026).
Cap Rates by Remaining Term
Dunkin’ properties currently show asking cap rates of 5.50% – 5.80% with 10 years remaining and 5.10% – 5.40% for a new 15-year lease, rising to 6.00% – 6.30% with 5 years left (The Boulder Group, September 2026).
Parent Has Filed for an IPO
Inspire Brands confidentially filed for a U.S. initial public offering in May 2026, and the timing depends on the SEC review and market conditions (QSR Magazine).
Dunkin’ NNN Cap Rates and Lease Data
If you’re weighing a Dunkin’ 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 needs a closer look. Boulder lists an S&P rating of B+ for the Inspire Brands subsidiary, which is below investment grade, and a typical lease is triple net with a 15-year term and a 10% rent increase every five years.1 That is scheduled income, but the increases work out to only about 2% a year, so most of your return comes from the yield you buy in at, not from rent growth.
That’s where cap rates come in. Boulder shows asking cap rates of 5.10% – 5.40% on a new 15-year lease, 5.50% – 5.80% with 10 years left, and 6.00% – 6.30% with 5 years left.2 As the remaining term gets shorter, the yield goes up. One more thing to notice: with 10 years left, Dunkin’ asks less than Starbucks (6.15% – 6.50%, rated BBB+) even though Dunkin’ carries the lower rating, so credit is not the only thing the market prices.
In dollars, Boulder puts the average sale price at about $2.12 million with average rent of about $110,000 a year. On a typical 2,000 SF building, that works out to roughly $1,060 per square foot, which mostly reflects how small the buildings are.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 34. Credit rating is S&P, as reported by Boulder for the Inspire Brands subsidiary; lease terms are typical, as reported by Boulder. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 34. Asking cap rates as of September 2026. The Starbucks comparison is from the same report, p. 70 (S&P BBB+, double net). ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 34. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($2,120,000 across a typical 2,000 SF building). ↩
Dunkin’ as a Tenant
How Dunkin’ operates
Dunkin’ is owned by Inspire Brands, which also operates Arby’s, Baskin-Robbins, Buffalo Wild Wings, Jimmy John’s and Sonic. Inspire finalized its acquisition of Dunkin’ Brands in 2020 for about $11.3 billion (QSR Magazine).
Boulder lists a typical Dunkin’ building at 2,000 SF and 9,479 locations. Counts vary by source: Inspire’s own Dunkin’ figure of 9,999 includes 1,219 Dunkin’-Baskin combination stores that franchise disclosure documents report separately (Business Model Analyst, 2026).
Most of the system is franchised. Inspire operates 1,943 of its 20,598 U.S. restaurants directly, or about 9.4% (Business Model Analyst, 2026), which means many Dunkin’ leases are likely to be with a franchisee rather than the parent. Ask who the tenant is and whether there is a corporate guarantee.
Financial strength and growth
Boulder lists Dunkin’ ownership as private, so there is no public earnings report to cite for the brand, and its B+ rating applies to the Inspire Brands subsidiary. Ask for financial information on the actual tenant and any guarantor as part of your due diligence.
Dunkin’ is still adding restaurants. Franchise disclosure documents show a net 281 new U.S. Dunkin’ restaurants in 2025, taking the U.S. count to 8,780 excluding Dunkin’-Baskin combination stores (Business Model Analyst, 2026).
Its parent is also preparing to go public. Inspire Brands confidentially filed for a U.S. IPO in May 2026, and the timing remains uncertain (QSR Magazine). If it lists, Inspire would begin filing public financial statements, which would give investors more to review.
Why Investors Buy Dunkin’ Properties
Dunkin’ is a widely recognized quick-service brand in a small building, with a typical triple net lease. Boulder reports a 15-year term with 10% rent increases every five years (The Boulder Group, September 2026).
Buyers also pay a lower yield for Dunkin’ than for some similar coffee tenants. With 10 years remaining, The Boulder Group’s September 2026 asking range of 5.50% – 5.80% for Dunkin’ compares with 6.15% – 6.50% for Starbucks and 7.05% – 7.35% for Scooter’s Coffee.
The trade-off is credit and operator risk. Dunkin’ carries a below-investment-grade rating (B+) and many restaurants are franchised, so compare the yield with the credit that actually stands behind the lease.
Risks and Market Conditions
Credit is the main trade-off. Boulder lists an S&P rating of B+ for the Inspire Brands subsidiary, which is below investment grade, yet the asking cap rate with 10 years remaining (5.50% – 5.80%) is lower than Starbucks’ (6.15% – 6.50%), which is rated BBB+ (The Boulder Group, September 2026).
Operator risk matters too. Inspire operates only about 9.4% of its U.S. restaurants directly (Business Model Analyst, 2026), so the entity that signs the lease and any guarantor matter as much as the logo on the building. Ask who the tenant is, how many restaurants it runs and whether the parent guarantees the lease.
Build a Diversified NNN Portfolio
Pairing a Dunkin’ with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Dunkin’ NNN FAQs
How long are Dunkin’ NNN leases?
Boulder reports typical Dunkin’ leases as triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Individual leases vary, so check the remaining term and renewal options.
Why do investors value Dunkin’ properties?
Investors buy Dunkin’ for a recognizable brand, a small building and a triple net lease with scheduled rent increases. Asking cap rates run 5.50% – 5.80% with 10 years remaining (The Boulder Group, September 2026). The credit is below investment grade, though: Boulder lists an S&P rating of B+ for the Inspire Brands subsidiary, and many restaurants are operated by franchisees, so confirm the tenant and any guarantor.
Questions about NNN Dunkin’ Donuts 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.