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Taco Bell for Sale
Taco Bell has about 9,000 restaurants worldwide, roughly 86% of them in the U.S. (Yum! Brands, Form 10-Q, June 30, 2026), and the typical Taco Bell lease is a 15-year triple net with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists an S&P rating of BB+ for Taco Bell, which it describes as a Yum! Brands subsidiary, so check the credit and the lease guarantor on any deal.
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. Taco Bell properties may also appeal to investors completing a 1031 exchange who want a single-tenant net lease investment.
BB+
Credit rating
~7,800
U.S. locations
15 Years
Typical lease term
10%
Increase every 5 years
2,100 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (rating, term, rent increases, building size, lease type); Yum! Brands, Form 10-Q for the quarter ended June 30, 2026 (9,046 Taco Bell Division units, 86% in the U.S.; the U.S. figure is our calculation). Boulder lists 7,643 locations.
Key Takeaways
Rated BB+, Part of Yum! Brands
Boulder lists Taco Bell as a public Yum! Brands subsidiary with an S&P rating of BB+ (The Boulder Group, Net Lease Tenant Profiles, September 2026). That is below investment grade, so confirm which entity signs the lease and what any guarantee covers.
Long-Term Triple Net Leases
Boulder lists the typical Taco Bell lease as triple net with a 15-year term and 10% rent increases every five years. Confirm in the specific lease who is responsible for the roof and structure.
Cap Rates Rise as Term Shortens
Boulder’s September 2026 asking cap rates are 5.25% – 5.55% for a new 15-year lease, 5.40% – 5.70% with 10 years remaining and 6.10% – 6.40% with 5 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026). Matthews does not cover Taco Bell.
Strong Sales, Then an Outbreak
Taco Bell’s U.S. same-store sales grew 7% in the second quarter of 2026 (Yum! Brands, Q2 2026 results). In July, a cyclospora outbreak was linked to shredded lettuce served at Taco Bell restaurants, and Yum said U.S. same-store sales were down 2% quarter to date as of Yum’s July 30 earnings call (Associated Press).
Taco Bell NNN Cap Rates and Lease Data
Here’s how the tenant, lease and yield fit together on a Taco Bell, based on The Boulder Group’s September 2026 profile.
Boulder lists Taco Bell as a public Yum! Brands subsidiary rated BB+ by S&P, with 7,643 locations and a typical building of 2,100 SF.1 It describes the typical lease as triple net with a 15-year term and 10% rent increases every five years, so check what the specific lease says about the roof and structure.
On pricing, Boulder shows asking cap rates of 5.25% – 5.55% on a new 15-year lease, 5.40% – 5.70% with 10 years left, and 6.10% – 6.40% with 5 years left.2 That’s a spread of about 0.85 points between a new lease and a short one, which shows how much the market prices remaining term on a Taco Bell. Matthews’ 2026 tenant report does not cover Taco Bell, so there is no closed-sale average to compare against these asking ranges.
In dollars, Boulder puts the average sale price at about $2.38 million with average rent of about $133,000 a year. On a typical 2,100 SF building, that works out to roughly $1,133 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 71. Ownership, credit rating (S&P BB+), location count, building size and lease terms as reported by Boulder. Yum! Brands’ Form 10-Q for the quarter ended June 30, 2026 reports 9,046 Taco Bell Division units worldwide, 86% of them in the U.S. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 71. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 71. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($2,380,000 across a typical 2,100 SF building). ↩
Taco Bell as a Tenant
How Taco Bell operates
Taco Bell is a division of Yum! Brands (NYSE: YUM). The Taco Bell Division had 9,046 units as of June 30, 2026, 86% of them in the U.S., and the company owned 8% of its U.S. units (Yum! Brands, Form 10-Q). Boulder lists a typical Taco Bell building of 2,100 SF (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Ownership and financial strength
Boulder lists Taco Bell as publicly owned with an S&P rating of BB+, described as a Yum! Brands subsidiary (The Boulder Group, Net Lease Tenant Profiles, September 2026). BB+ is one notch below investment grade. Ask which entity signs the lease and whether Yum! Brands or another entity guarantees it.
Taco Bell has been the growth engine inside Yum!. Its division reported 7% same-store sales growth and a 19% increase in operating profit in the second quarter of 2026 (Yum! Brands, Form 10-Q), and it represents about 43% of Yum’s operating profit (Nation’s Restaurant News, July 30, 2026).
Why Investors Buy Taco Bell Properties
Taco Bell is a large national tenant with a long standard lease. Boulder’s asking range for a new 15-year lease is 5.25% – 5.55%, and the typical lease is a 15-year triple net with 10% increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026).
The brand has had strong sales momentum. The Taco Bell Division reported same-store sales growth of 8% in the first quarter and 7% in the second quarter of 2026, and opened 54 gross new restaurants in the second quarter (Yum! Brands, Form 10-Q; Yum! Brands, Q2 2026 results).
The average check is about $2.38 million, with average rent of about $133,000 a year (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Risks and Market Conditions
Taco Bell’s sales took a hit in July 2026. A cyclospora outbreak was linked to shredded iceberg lettuce at Taco Bell restaurants, Taco Bell removed the product from its U.S. restaurants on July 17, and Yum said U.S. same-store sales were down 2% quarter to date as of Yum’s July 30 earnings call after rising 7% in the second quarter (Associated Press). Visits were still about 20% below pre-outbreak levels in early September, according to the Orange County Business Journal. Ask how the specific restaurant is trading.
On credit and pricing, Boulder lists a BB+ rating, below investment grade, and its asking cap rates widen from 5.25% – 5.55% on a new lease to 6.10% – 6.40% with 5 years left (The Boulder Group, Net Lease Tenant Profiles, September 2026). Check any asking price against the years remaining, review the rent increases and who signs the lease, and note that Matthews does not cover Taco Bell, so there are no closed-sale averages to compare.
Build a Diversified NNN Portfolio
Pairing a Taco Bell with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Taco Bell NNN FAQs
What cap rates do Taco Bell NNN properties trade at?
Boulder’s September 2026 asking cap rates are 5.25% – 5.55% for a new 15-year lease, 5.40% – 5.70% with 10 years remaining and 6.10% – 6.40% with 5 years remaining. Actual pricing depends on location, remaining term, guarantor and rent history, so talk to our team about a specific property.
How long are Taco Bell leases?
Boulder lists the typical Taco Bell lease as a 15-year triple net with 10% rent increases every five years. Terms vary by property, so review each lease for years remaining, renewal options and who is responsible for the roof and structure.
Questions about NNN Taco Bell 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.