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NNN Pizza Hut for Sale
Pizza Hut changed hands in 2026. Yum! Brands sold the chain outside Mainland China to private equity firm LongRange Capital, and the brand is not rated by S&P. New leases typically run 15 years with 10% rent increases every five years, and Boulder shows asking cap rates of 6.40% – 7.50% depending on the term left (The Boulder Group, September 2026). Here is what to weigh before you buy.
Not rated
S&P credit rating
6,307
U.S. locations (year-end 2025)
15 Years
Typical lease term
10%
Increase every 5 years
2,600 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; QSR Magazine (U.S. location count at the end of 2025; Boulder lists 6,000); Restaurant Dive (ownership change).
Key Takeaways
Tenant & Credit Profile
Pizza Hut is no longer part of Yum! Brands. LongRange Capital bought the business outside Mainland China for about $1.5 billion in a deal that had closed by September 1, 2026 (Restaurant Dive), and Boulder lists the brand as private and not rated by S&P.
Typically Triple Net Leases
Most Pizza Hut leases are triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Confirm who handles the roof and structure, because Boulder lists the lease type but not those responsibilities.
Asking Cap Rates
Pizza Hut properties currently show asking cap rates of 6.80% – 7.10% with 10 years remaining and 6.40% – 6.70% for a new 15-year lease (The Boulder Group, September 2026).
A Shrinking U.S. Footprint
Pizza Hut closed 375 U.S. restaurants in 2025 and planned about 250 more in the first half of 2026, while U.S. same-store sales fell 5% for 2025 (QSR Magazine; Restaurant Dive). For a buyer, the quality of the individual location matters more than the brand name.
Pizza Hut NNN Cap Rates and Lease Data
If you’re weighing a Pizza Hut 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, there is more uncertainty than usual. Pizza Hut is not rated by S&P, and in 2026 it moved from a public parent to a private equity owner. New leases typically run 15 years with a 10% rent increase every five years, which works out to about 2% a year.1 The lease terms are clear, but the ownership change is worth understanding before you buy.
That’s where cap rates come in. Boulder shows asking cap rates of 6.40% – 6.70% on a new 15-year lease, 6.80% – 7.10% with 10 years left, and 7.20% – 7.50% with 5 years left.2 With 10 years left, that is higher than Yum’s other brands in the same report: KFC at 6.30% – 6.60% and Taco Bell at 5.40% – 5.70%. Part of that gap reflects the questions around Pizza Hut’s U.S. performance, which we cover below.
Matthews’ 2026 report does not cover Pizza Hut, so there is no closed-sale average to compare against these asking rates. Ask our team for recent Pizza Hut sales in the market you are looking at.
In dollars, Boulder puts the average sale price at about $1.3 million with average rent of about $68,000 a year. On a typical 2,600 SF building, that works out to roughly $500 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 60. Credit rating, ownership type and lease terms as reported by Boulder (typical for new construction). Ownership change per Restaurant Dive, September 1, 2026. The 2% a year figure is our calculation (10% over five years, compounded). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, pp. 60 (Pizza Hut), 45 (KFC) and 71 (Taco Bell). Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 60. Average sale price ($1,300,000) and average rent ($68,000) as reported by Boulder; the per-square-foot figure is our calculation ($1,300,000 ÷ 2,600 SF = $500). Dividing the average rent by the average price gives about 5.2%, below Boulder’s asking cap rate range, so the two averages appear to describe different sets of deals. Treat both as ballparks. ↩
Pizza Hut as a Tenant
How Pizza Hut operates
Pizza Hut was founded in 1958 in Wichita, Kansas. PepsiCo acquired it in 1977, and it became part of Yum! Brands when PepsiCo spun off its restaurant division in 1997 (AP via Barchart).
Yum! started a strategic review of the brand in November 2025 and announced the sale on June 16, 2026. LongRange Capital, a private equity firm, bought Pizza Hut outside Mainland China for about $1.5 billion, with a possible $75 million earn-out by 2030, while Yum China Holdings bought the Mainland China business for about $1.2 billion (Yum! Brands). Restaurant Dive reported that the LongRange deal had closed by September 1, 2026 and that Eduardo Luz, the former CEO of P.F. Chang’s, was leading Pizza Hut on an interim basis (Restaurant Dive).
Boulder’s typical new Pizza Hut is a small building of about 2,600 SF with an average sale price of about $1.3 million, compared with about $3.2 million for Panera and $2.9 million for Popeyes in the same report (The Boulder Group, September 2026).
Performance and footprint
Pizza Hut is not rated by S&P. Its last full-year results under Yum! showed U.S. same-store sales down 5% for 2025 and down 3% in the fourth quarter (Restaurant Dive), with U.S. system sales down 7% for the year (QSR Magazine).
The U.S. footprint is shrinking. Pizza Hut ended 2025 with 6,307 U.S. restaurants after closing 375 during the year, and Yum! said it would close about 250 more underperforming U.S. stores in the first half of 2026, roughly 4% of that base by our math (QSR Magazine).
Globally the picture is different. Pizza Hut had 19,974 restaurants worldwide at the end of 2025, down from 20,225, and international same-store sales rose 1% (NRN; QSR Magazine).
Why Investors Buy Pizza Hut Properties
Pizza Hut appeals to buyers who want a higher starting yield and a smaller check. The average Pizza Hut sells for about $1.3 million, and asking cap rates of 6.80% – 7.10% with 10 years left compare with 6.30% – 6.60% for KFC and 5.40% – 5.70% for Taco Bell (The Boulder Group, September 2026).
Terms are long: typical new leases run 15 years with 10% rent increases every five years (The Boulder Group), so the rent you buy is scheduled to rise. That is double the 5% increases on a typical Dollar General lease in the same report.
The trade-off is that the yield is paying you for real questions about the brand’s U.S. performance and its new ownership. A Pizza Hut in a strong trade area with a long remaining term is a very different asset from one in a weak market with a short term, so underwrite the specific site and the operator behind the lease.
Risks and Market Conditions
The U.S. system is contracting: 375 closures in 2025, about 250 more planned for the first half of 2026, and U.S. same-store sales down 5% in 2025 (QSR Magazine; Restaurant Dive). Yum! said the closures would target underperforming stores, so check a property’s sales history where it is available.
Ownership is also in transition. LongRange Capital closed its purchase by September 1, 2026, Pizza Hut is under interim leadership, and Boulder does not list a credit rating (Restaurant Dive; The Boulder Group). Confirm who the tenant and any guarantor are on the lease, and review how the lease and its renewal options are written.
Build a Diversified NNN Portfolio
Pairing a Pizza Hut with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Pizza Hut NNN FAQs
How are Pizza Hut leases structured?
Pizza Hut leases are typically triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Boulder lists the lease type but not who is responsible for the roof and structure, so confirm that in the lease for any property you consider.
What cap rate do Pizza Hut properties trade at?
Boulder’s September 2026 asking cap rates are 7.20% – 7.50% with 5 years remaining, 6.80% – 7.10% with 10 years remaining and 6.40% – 6.70% for a new 15-year lease. Matthews’ 2026 report does not cover Pizza Hut, so there is no closed-sale average to compare.
Who owns Pizza Hut now?
LongRange Capital, a private equity firm, bought Pizza Hut outside Mainland China from Yum! Brands for about $1.5 billion, and the deal had closed by September 1, 2026. Yum China Holdings bought the Mainland China business separately for about $1.2 billion (Yum! Brands; Restaurant Dive).
What are the main risks?
Pizza Hut is not rated by S&P, its U.S. restaurant count and same-store sales have been falling, and the brand is under new ownership. Review the location’s sales, who signs the lease and what guarantee stands behind it.
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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.