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NNN Burger Kings for Sale
Burger King is owned by Restaurant Brands International (NYSE: QSR), which also owns Tim Hortons, Popeyes and Firehouse Subs. The Boulder Group lists an S&P rating of BB+ for the RBI subsidiary, which is below investment grade, and Matthews lists B+ (The Boulder Group, September 2026; Matthews, 2026 Net Lease Tenant Report).
Burger King’s U.S. comparable sales rose 8.4% in the third quarter of 2026, while its U.S. and Canada restaurant count fell 0.9% to 6,979 (Restaurant Brands International, October 29, 2026). Boulder shows typical new leases at 15 years with 10% rent increases every five years; Matthews shows 20 years.
BB+
S&P credit rating
6,979
U.S. and Canada restaurants
15 Years
Typical lease term
10%
Increase every 5 years
3,500 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (Matthews lists B+, 20-year terms and 5% – 10% increases); Restaurant Brands International third-quarter 2026 results, October 29, 2026 (Burger King restaurants in the U.S. and Canada as of September 30, 2026).
Key Takeaways
Franchisor Credit, Often Franchisee Tenants
Burger King is owned by Restaurant Brands International (NYSE: QSR). Boulder lists BB+ for the RBI subsidiary, below investment grade, and Matthews lists B+. More than 95% of RBI’s system-wide restaurants are franchised (TradingKey), so the tenant on a given lease is often a franchisee.
15-Year Leases, 10% Bumps
Boulder shows typical new leases at 15 years with 10% rent increases every five years, and lists the lease type as triple net. Matthews shows 20 years and 5% – 10% every five years. Confirm the actual terms, and who handles roof and structure, on any property.
Cap Rates Near 6.5%
Burger King properties currently show asking cap rates of 6.30% – 6.60% with 10 years remaining and 5.80% – 6.10% for a new 15-year lease (The Boulder Group, September 2026). Matthews reports 2025 closed sales averaging about 6.50%.
Sales Up, Restaurant Count Down
Burger King U.S. comparable sales rose 8.4% in the third quarter of 2026, but the U.S. and Canada restaurant count fell 0.9% to 6,979 from 7,043 a year earlier (Restaurant Brands International, October 29, 2026).
Burger King NNN Cap Rates and Lease Data
If you’re weighing a Burger King 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 tenant, the picture is more mixed than for investment-grade brands. Boulder shows an S&P rating of BB+ for the Restaurant Brands International subsidiary, which is below investment grade, while Matthews shows B+.1 Boulder lists a typical new lease as triple net with a 15-year term and a 10% rent increase every five years, about 2% a year; Matthews shows 20 years and 5% – 10% every five years. Because most RBI restaurants are franchised, ask who signs the lease and who guarantees it, and confirm who handles roof and structure.
That’s where cap rates come in. Boulder shows asking cap rates of 5.80% – 6.10% on a new 15-year lease, 6.30% – 6.60% with 10 years left, and 6.80% – 7.10% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up, because you’re taking on the question of whether the lease renews. For comparison, Carl’s Jr. asks 6.15% – 6.45% on a new 15-year lease in the same report.
Closed sales landed in the same neighborhood. Matthews reports 61 Burger King sales in 2025 averaging about 6.50%, with 11 to 13 years of lease remaining on average. So far in 2026 the average is 6.49% across 11 sales. Matthews also shows 70 properties on the market asking 6.13% on average, a lower yield (a higher price) than recent closings, though those properties average 13 years remaining, which also pulls the yield down.3
In dollars, Boulder puts the average sale price at about $2.0 million with average rent of about $130,000 a year. On a typical 3,500 SF restaurant, that works out to roughly $571 per square foot, and $130,000 on $2.0 million is a yield of 6.5%, in line with the closed-sale average above.4 Matthews shows a typical building of about 2,500 SF and average rent of $128,015.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 17; Matthews, 2026 Net Lease Tenant Report, p. 29. Credit ratings are S&P as reported by each source; Boulder identifies its rating as that of a Restaurant Brands International subsidiary (Boulder BB+, Matthews B+). Lease terms are typical for new construction (Boulder: 15 years, 10% every five years; Matthews: 20 years, 5% – 10% every five years). The 2% a year figure is our calculation (10% over five years). Franchise share: TradingKey summary of RBI’s third-quarter 2026 results. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 17 (Burger King) and p. 19 (Carl’s Jr.). Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, p. 29. Average cap rate on closed transactions in 2025 (32 in the first half at 6.53% and 29 in the second at 6.47%); the 6.50% blended figure is our calculation from those two averages. Average lease term remaining was 11 years in the first half of 2025 and 13 in the second. The 2026 figure is year to date as of the report (11 transactions, 10 years remaining on average). Matthews figures are averages of closed sales and current asking rates, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 17; rent and building size from Matthews, 2026 Net Lease Tenant Report, p. 29. The per-square-foot figure and the yield are our calculations ($2,000,000 and $130,000 for a typical 3,500 SF restaurant). ↩
Burger King as a Tenant
How Burger King operates
Burger King is one of four brands owned by Restaurant Brands International, along with Tim Hortons, Popeyes and Firehouse Subs (RBI Q3 2026 results (SEC)). More than 95% of RBI’s system-wide restaurants are franchised (TradingKey), so a Burger King lease is often signed by a franchisee rather than by RBI.
RBI also operates some Burger King restaurants itself after its acquisition of Carrols Restaurant Group. It says it intends to refranchise the vast majority of those restaurants (RBI, October 29, 2026). If you are looking at a former Carrols restaurant, find out whether it has been sold to a new franchisee and who the tenant is today.
RBI’s “Reclaim the Flame” plan includes up to $700 million of investment through the end of 2028, including advertising, digital initiatives and restaurant remodels and relocations (Securities.io). Boulder lists a typical building at about 3,500 SF; Matthews lists about 2,500 SF.
Financial strength and growth
RBI reported third-quarter 2026 revenue of about $2.53 billion, with system-wide sales up 6.2% on a constant-currency basis (Securities.io). Burger King’s own segment grew system-wide sales 7.6%, and U.S. comparable sales rose 8.4%, up from 3.2% a year earlier (RBI, October 29, 2026).
The restaurant count is moving the other way. The Burger King segment, which covers the U.S. and Canada, had 6,979 restaurants at September 30, 2026, down 0.9% from 7,043 a year earlier (RBI, October 29, 2026). Boulder lists 7,257 locations and Matthews about 6,900; we use RBI’s figure for the U.S. and Canada.
Boulder lists the S&P rating as BB+ for an RBI subsidiary and Matthews lists B+. Review the current credit ratings from the major agencies as part of your due diligence, and ask for the guarantor’s financials on any specific lease.
Why Investors Buy Burger King Properties
Burger King offers more yield than the investment-grade brands. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.30% – 6.60% compares with 5.40% – 5.70% for AutoZone and 5.75% – 6.05% for Bank of America.
Sales are improving, which is good news for the franchisees who pay the rent. U.S. comparable sales rose 8.4% in the third quarter of 2026 and the Burger King segment’s system-wide sales grew 7.6% (RBI, October 29, 2026).
Rent increases are scheduled: Boulder shows 10% every five years, about 2% a year, on typical new triple net leases, and Matthews shows 5% – 10% every five years. Confirm the actual increases and lease term in the lease for any property you review.
Risks and Market Conditions
The credit behind the lease is the first question. Boulder shows BB+ for an RBI subsidiary and Matthews shows B+, and many leases are signed by franchisees. A franchisee with a handful of restaurants is a different credit than RBI, so ask for the lease guarantor and the franchisee’s financials.
The restaurant count is falling even as sales rise. The U.S. and Canada count dropped 0.9% to 6,979 over the past year, and RBI plans to refranchise the Carrols restaurants (RBI, October 29, 2026). The reports also disagree on lease length, 15 years in Boulder and 20 in Matthews, so rely on the lease itself. Finally, check the remaining term: asking cap rates rise as the term shortens.
Build a Diversified NNN Portfolio
Pairing a Burger King with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Burger King NNN FAQs
How long are Burger King NNN leases?
The Boulder Group lists a typical new Burger King lease at 15 years with 10% rent increases every five years, and Matthews lists 20 years with 5% – 10% increases every five years. Confirm the term, the increases and any renewal options in the lease for the specific property.
What cap rates do Burger King NNN properties offer?
Asking cap rates for Burger King properties currently run 6.80% – 7.10% with 5 years remaining, 6.30% – 6.60% with 10 years remaining and 5.80% – 6.10% for a new 15-year lease (The Boulder Group, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific Burger King opportunities.
Who backs a Burger King lease?
Burger King is owned by Restaurant Brands International, but more than 95% of RBI’s system-wide restaurants are franchised (TradingKey), so the tenant is often a franchisee. The Boulder Group lists an S&P rating of BB+ for an RBI subsidiary. Confirm who signs the lease and who guarantees it.
What should I check before buying a Burger King NNN property?
Assess the property’s location, lease terms, tenant history, and potential risks, including whether the lease is a ground lease and the building’s square footage.
Questions about NNN Burger King Properties for Sale?
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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.