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NNN Wendy’s For Sale
Wendy’s had 5,724 U.S. restaurants at the end of the second quarter of 2026 (The Wendy’s Company, Q2 2026 results), and the typical Wendy’s lease is a triple net lease (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). Both reports list a B+ S&P rating, and the company is in the middle of a turnaround, so tenant and franchisee due diligence matter.
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. Wendy’s restaurants are operated by the company or by franchisees, so confirm who signs the lease. Wendy’s properties may also appeal to investors completing a 1031 exchange.
B+
Credit rating
5,724
U.S. locations
15–20 Years
Typical lease term
5–10%
Increase every 5 years
2,700 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (B+, 15-year term, 10% every five years, 2,700 SF, triple net); Matthews, 2026 Net Lease Tenant Report, May 2026 (B+, 20-year term, annual or 5% to 10% every five years, about 2,700 SF, NNN); The Wendy’s Company, Q2 2026 results, August 7, 2026 (5,724 U.S. restaurants at June 28, 2026; Boulder lists 5,897 and Matthews about 6,000).
Key Takeaways
Rated B+, Turnaround Under Way
Boulder and Matthews both list a B+ S&P rating for Wendy’s, which is below investment grade. In August 2026 the company withdrew its 2026 outlook, cut its dividend and said new leadership is developing a turnaround plan (The Wendy’s Company, Q2 2026 results).
Triple Net Leases
Both reports list the typical Wendy’s lease as triple net. Boulder lists a 15-year term with 10% rent increases every five years, and Matthews lists a 20-year term with annual or 5% to 10% increases every five years.
Cap Rates by Lease Term
Boulder’s September 2026 asking cap rates are 5.10% – 5.40% for a new 15-year lease and 5.40% – 5.70% with 10 years remaining. Matthews shows closed-sale averages of 5.76%, 5.81% and 5.64% across the first half of 2025, the second half and 2026 so far.
Ownership News
On October 28, 2026, Trian Fund Management and Flynn Group made a $7.35 per share offer for Wendy’s, about $1.4 billion, which is subject to negotiation (Nation’s Restaurant News).
Wendy’s NNN Cap Rates and Lease Data
The Wendy’s numbers are worth reading with the turnaround in mind. Here’s how the tenant, lease and yield fit together.
Boulder and Matthews both list Wendy’s as a public company rated B+ by S&P, with a typical building of about 2,700 SF.1 Both describe the typical lease as triple net. Boulder lists a 15-year term with 10% rent increases every five years, and Matthews lists a 20-year term with annual or 5% to 10% increases every five years, so check what the specific lease says.
On pricing, Boulder shows asking cap rates of 5.10% – 5.40% on a new 15-year lease, 5.40% – 5.70% with 10 years left, and 6.10% – 6.40% with 5 years left.2 Matthews’ cap rate comparison is within Boulder’s range for new construction and higher for shorter terms: 5.25% for new construction (15 to 20 years), 6.00% with 10 years remaining and 6.50% with 5 years remaining.3
Closed sales have held between 5.64% and 5.81%. Matthews reports average cap rates of 5.76% across 26 Wendy’s deals in the first half of 2025 and 5.81% across 42 in the second half, with 13 to 15 years of lease remaining on average. So far in 2026, the average is 5.64% across 14 deals. On the market, Matthews shows 93 properties at an average cap rate of 5.79% with 13.2 years remaining.4
In dollars, Boulder puts the average sale price at about $2.7 million with average rent of about $140,000 a year. On a typical 2,700 SF restaurant, that works out to roughly $1,000 per square foot.5 Matthews’ closed-sale averages are $2.4 million to $2.5 million.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 86, and Matthews, 2026 Net Lease Tenant Report, May 2026, p. 31. Credit rating (S&P B+), building size and lease type are the same in both reports. Boulder: 5,897 locations, 15-year term, 10% every five years. Matthews: about 6,000 locations, 20-year term, annual or 5% to 10% every five years, market capitalization about $1.28 billion. The Wendy’s Company reported 5,724 U.S. restaurants at June 28, 2026 (Q2 2026 results). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 86. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 31. Cap rate comparison by years remaining on the lease. ↩
4. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 31. Average cap rate on closed transactions: 26 in the first half of 2025 (average term remaining 15 years), 42 in the second half (13 years) and 14 so far in 2026 (14 years). On-market data: 93 properties, average cap rate 5.79%, average term remaining 13.2 years, range 4.50% to 8.00%. Matthews figures are averages of closed sales and current listings, while Boulder’s are asking ranges. ↩
5. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 86, average sale price and average rent; the per-square-foot figure is our calculation ($2,700,000 across a typical 2,700 SF restaurant). Matthews’ closed-sale average prices ($2.5 million, $2.4 million, $2.4 million) are from p. 31. ↩
Wendy’s as a Tenant
How Wendy’s operates
Wendy’s is headquartered in Dublin, Ohio (Matthews, 2026 Net Lease Tenant Report, May 2026). The company reported 5,724 U.S. restaurants and 7,180 worldwide at the end of the second quarter of 2026, down from 5,967 and 7,334 a year earlier (The Wendy’s Company, Q2 2026 results). Boulder and Matthews both list a typical restaurant of about 2,700 SF.
Ownership and financial strength
Wendy’s has been shrinking its U.S. footprint. After closing 28 restaurants in the fourth quarter of 2025, it said it would close 5% to 6% of its U.S. restaurants, or 298 to 358, in the first half of 2026 (Associated Press). U.S. same-restaurant sales fell 7.0% in the second quarter of 2026, and the company withdrew its 2026 outlook and cut its quarterly dividend to $0.07 per share (The Wendy’s Company, Q2 2026 results).
Both reports list a B+ S&P rating, and Matthews lists a market capitalization of about $1.28 billion (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). Wendy’s had roughly $2.4 billion of net debt as of June 28 (Reuters, via The News Tribune). Ask for the tenant’s financials, confirm whether a franchisee or the company signs the lease, and ask whether any guarantee applies.
On October 28, 2026, Trian Fund Management, Wendy’s largest shareholder, and Flynn Group made a $7.35 per share offer for the company, about $1.4 billion, which is subject to negotiation (Nation’s Restaurant News). Flynn operates more than 340 Wendy’s restaurants (Reuters, via The News Tribune).
Why Investors Buy Wendy’s Properties
Wendy’s is a smaller check on a recognizable brand. Boulder puts the average sale at about $2.7 million with average rent of about $140,000 a year, and Matthews’ closed sales average $2.4 million to $2.5 million (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026).
It is also a deep market. Matthews tracked 68 closed Wendy’s sales in 2025 (26 in the first half and 42 in the second) and 14 so far in 2026, with 93 properties on the market (Matthews, 2026 Net Lease Tenant Report, May 2026). That gives buyers plenty to compare.
Yields reflect long remaining terms. With 10 years remaining, Boulder’s asking range is 5.40% – 5.70% and Matthews’ comparison is 6.00%, while closed sales averaged 5.64% to 5.81% with 13 to 15 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026).
Risks and Market Conditions
Wendy’s carries real tenant risk right now. It is rated B+, below investment grade, U.S. same-restaurant sales fell 7.0% in the second quarter of 2026, the company withdrew its 2026 outlook and cut its dividend, and it has been closing underperforming U.S. restaurants (The Wendy’s Company, Q2 2026 results; Associated Press). Ask how the specific restaurant is performing.
Ownership could also change. The Trian and Flynn Group offer is subject to negotiation and may or may not lead to a deal (Nation’s Restaurant News). On pricing, Matthews’ closed-sale average of 5.64% so far in 2026 sits below its 5.79% on-market average (Matthews, 2026 Net Lease Tenant Report, May 2026), so compare any asking price against recent closed sales, remaining term and who signs the lease.
Build a Diversified NNN Portfolio
Pairing a Wendy’s with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Wendy’s NNN FAQs
What cap rates do Wendy’s NNN properties offer?
Boulder’s September 2026 asking cap rates are 5.10% – 5.40% for a new 15-year lease, 5.40% – 5.70% with 10 years remaining and 6.10% – 6.40% with 5 years remaining. Matthews reports closed-sale averages of 5.64% to 5.81% across 2025 and 2026 so far. Talk to our team about a specific property.
How are Wendy’s leases structured?
Boulder lists the typical Wendy’s lease as triple net with a 15-year term and 10% rent increases every five years, and Matthews lists a 20-year term with annual or 5% to 10% increases every five years. Review each lease for years remaining, rent increases and who signs it.
Who signs a Wendy’s lease?
It depends on the property. Wendy’s restaurants are operated by the company or by franchisees, so the tenant on a specific lease can be a franchisee or the company. Ask which entity signs the lease and whether Wendy’s guarantees it.
Questions about NNN Wendy’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.