We exclusively represent buyers
NNN Subway Franchise for Sale
Subway is the largest restaurant chain in the U.S. by store count, with 18,773 units at the end of 2025, all of them franchised (QSR Magazine). Neither The Boulder Group nor Matthews covers Subway, so we are not quoting typical cap rates or lease terms. Each lease needs to be underwritten on its own.
Under a triple net lease, the tenant typically pays property taxes, insurance, and maintenance, so ownership is more hands-off, though your income still depends on the tenant continuing to operate and pay rent. Because Subway units are franchised, the tenant is typically a franchisee, so confirm who signs the lease and whether any guarantee applies. Subway properties may also appeal to investors completing a 1031 exchange.
Private
Owned by Roark Capital
18,773
U.S. units, end of 2025
100%
Franchised
−729
Net U.S. closures in 2025
$9.5B
U.S. system sales, 2024
Varies
Lease terms (not in reports)
Sources: QSR Magazine (ownership, 2025 unit count, closures, franchise status); Restaurant Business, via KTVU (2024 U.S. system sales). The Boulder Group, Net Lease Tenant Profiles, September 2026 and Matthews, 2026 Net Lease Tenant Report, May 2026 do not include Subway, so no credit rating, lease term, rent increase or building size is shown.
Key Takeaways
Private, Fully Franchised
Subway was family-owned until Roark Capital bought it in 2024 for a reported $9.6 billion, and all of its units are franchised (QSR Magazine). The tenant on a lease is typically a franchisee, so tenant due diligence matters.
Not Covered by the Reports
Neither Boulder nor Matthews profiles Subway, so we are not quoting typical lease terms, rent increases or cap rates. Underwrite each property on its own lease.
A Shrinking U.S. Footprint
Subway’s U.S. store count fell for a tenth straight year in 2025, with a net 729 closures (QSR Magazine). The closures are part of what the company calls rightsizing.
New Openings and a Value Push
Subway expects to open 100 U.S. franchised units in 2026 and has introduced a value menu of 15 items priced under $5 (QSR Magazine).
Subway NNN Cap Rates and Lease Data
Subway is one of the harder tenants to price from published data, so here is what is and is not available.
Neither The Boulder Group nor Matthews covers Subway, so we are not quoting typical cap rates or lease terms.1 Without a typical lease or an asking cap rate range, the numbers that matter are the ones in the specific lease: years remaining, rent increases, who signs it and how the restaurant is trading.
What is public is the size and direction of the system. Subway had 18,773 U.S. units at the end of 2025, down from 19,502 a year earlier, and generated $9.5 billion in U.S. system sales in 2024, down 3.8% from 2023 (QSR Magazine; Restaurant Business, via KTVU).2
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, lists no Subway profile, and Matthews, 2026 Net Lease Tenant Report, May 2026, has no Subway page. We have not estimated cap rates or lease terms for Subway. ↩
2. Unit counts and closures from QSR Magazine, which cites Subway’s franchise disclosure documents; the 2024 year-end count (19,502) and system sales from Restaurant Business, via KTVU. ↩
Subway as a Tenant
How Subway operates
Subway was founded in 1965 by Fred DeLuca and Dr. Peter Buck. It was family-owned until 2024, when private equity firm Roark Capital bought it for a reported $9.6 billion, and all of its units are franchised (QSR Magazine). Subway remains the largest chain in the U.S. by store count, ahead of Starbucks and McDonald’s (QSR Magazine).
Ownership and financial strength
Subway is privately held, and neither report lists a credit rating for it. Because the units are franchised, the strength behind a lease is usually the franchisee, so ask for the franchisee’s financials, the restaurant’s sales history and any guarantee.
Subway has been shrinking its U.S. footprint for years. It peaked at about 27,100 U.S. restaurants in 2015 and had 19,502 at the end of 2024 (Restaurant Business, via KTVU), then closed a net 729 more in 2025 (QSR Magazine). A Subway spokesperson said the company is focused on having restaurants in the right locations with the right real estate, visibility and operations (QSR Magazine).
Why Investors Buy Subway Properties
Subway has scale and brand recognition. It is the largest chain in the U.S. by store count, with 18,773 units at the end of 2025 (QSR Magazine).
The company is still growing internationally and adding U.S. units. It opened more than 1,000 locations worldwide in 2025 (The Independent, via Yahoo Finance) and expects to open 100 U.S. franchised units in 2026 (QSR Magazine).
It is also working on its offer, with a value menu of 15 items priced under $5 and lower-cost remodels (QSR Magazine). Those efforts have not yet reversed the decline in U.S. units.
Risks and Market Conditions
The U.S. footprint has shrunk every year since 2016, including a net 729 closures in 2025 (QSR Magazine). A closed or underperforming restaurant can leave an owner with a vacant building, so ask how the specific location is performing and what its sales have been.
The tenant is typically a franchisee, Subway is privately held, and neither report publishes cap rates or lease terms for it. Review the lease for years remaining, rent increases and who signs it, and be cautious about any price that is not supported by the specific lease.
Build a Diversified NNN Portfolio
Pairing a Subway with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Subway NNN FAQs
How much does a Subway NNN property cost?
Price depends on the property’s rent, location, remaining lease term and who signs the lease. Neither The Boulder Group nor Matthews publishes an average Subway sale price, so talk to our team about a specific property.
What cap rates and lease terms are typical?
Neither report covers Subway, so we do not quote typical cap rates or lease terms. Cap rates vary by location, remaining lease term, guarantor and rent history, and each lease should be evaluated on its own.
How do Subway lease terms compare to other tenants?
Neither report lists a typical Subway lease, so we cannot make a direct comparison with tenants that are covered. Review each lease for years remaining, rent increases and who signs it, and ask whether the location is first or second generation.
Questions about NNN Subway Properties for Sale?
Choosing Triple Net Companies, Inc. means choosing a partner with decades of exclusive buyer representation, a proven track record, and access to the best properties and financing options.
Contact us today to learn more about how we can help you achieve your investment goals.
Contact Our Team →Disclaimer
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.