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NNN Jack in the Box for Sale
Jack in the Box is a publicly traded quick-service restaurant company that operated and franchised 2,115 restaurants as of July 5, 2026 (Jack in the Box Form 10-Q). The Boulder Group lists a typical Jack in the Box net lease as triple net, with a 15-year term and 10% rent increases every five years, and notes that the company is not rated by S&P (The Boulder Group, September 2026). Here is how the lease, the pricing and the tenant fit together.
Not rated
S&P credit rating
2,115
Restaurants (July 5, 2026)
15 Years
Typical lease term
10%
Increase every 5 years
2,750 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Jack in the Box Form 10-Q for the quarter ended July 5, 2026 (restaurant count). Boulder lists 2,228 locations, which differs from the company’s own count; we use the company figure.
Key Takeaways
Tenant & Credit Profile
Jack in the Box Inc. is publicly traded and not rated by S&P (The Boulder Group, September 2026). It sold its Del Taco chain for $115 million in cash in December 2025 and now focuses on the Jack in the Box brand (Jack in the Box Form 10-Q).
Typically Triple Net Leases
Boulder lists a typical Jack in the Box lease as triple net, with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). Most restaurants are franchised (1,979 of 2,128 at the end of the first quarter of fiscal 2026), so confirm who the tenant and guarantor are (Q1 release).
Cap Rates by Remaining Term
Jack in the Box properties currently show asking cap rates of 5.50% – 5.80% with 10 years remaining and 5.10% – 5.40% for a new 15-year lease (The Boulder Group, September 2026).
Closures and Softer Sales
The chain opened 4 restaurants and closed 17 in its third fiscal quarter, and same-store sales fell 1.1% (Q3 release). Management has said closures will stay elevated into 2027 (Quartr summary of the Q3 call).
Jack in the Box NNN Cap Rates and Lease Data
If you’re weighing a Jack in the Box 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, Jack in the Box is not rated by S&P, so there is no agency opinion on its credit to lean on. Boulder’s typical lease runs 15 years with a 10% rent increase every five years.1 That works out to about 2% a year. Boulder lists the lease type as triple net, but confirm who handles the roof and structure, and who the guarantor is, before you buy.
On yield, Boulder shows asking cap rates of 5.10% – 5.40% on a new 15-year lease, 5.50% – 5.80% with 10 years left, and 6.00% – 6.50% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid more to take on the question of whether the lease is renewed. These are asking rates, not closed sales, so treat them as a guide to where pricing starts.
In dollars, Boulder puts the average sale price at about $2.24 million with average rent of about $125,000 a year. On a typical 2,750 SF restaurant, that works out to roughly $813 per square foot in price and about $45 per square foot in rent.3 The per-square-foot figure looks high because the price covers the land as well as a small building.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 43. Credit rating is S&P, as reported by Boulder (not rated); lease type, term and escalations are Boulder’s typical values. The 2% a year figure is our calculation (10% over five years, compounded). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 43. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 43. Average sale price, average rent and typical building size as reported by Boulder; the per-square-foot figures are our calculation ($2,235,000 and $125,000 divided by 2,750 SF). Boulder lists 2,228 Jack in the Box locations; the company reported 2,115 restaurants as of July 5, 2026 in its Form 10-Q. ↩
Jack in the Box as a Tenant
How Jack in the Box operates
Jack in the Box was founded in 1951 and operates and franchises quick-service restaurants, primarily in the western and southern United States, including locations in Guam and Mexico (Form 10-Q). It earns money from sales at company-operated restaurants and from rent, royalties, franchise fees and advertising contributions from franchisees.
Most restaurants are franchised, so the tenant on a specific property is often a franchisee rather than the company, and the guarantor matters. Boulder lists the typical restaurant at 2,750 SF, on a 15-year lease with 10% rent increases every five years (The Boulder Group, September 2026).
Financial strength and recent results
The company is in transition. It closed the sale of Del Taco on December 22, 2025, for $115 million in cash (Form 10-Q), and says its refinancing is complete, with Mark King serving as interim CEO (third quarter fiscal 2026 results).
System same-store sales fell 6.7% in the first quarter of fiscal 2026 (Q1 release) and 1.1% in the third quarter (Q3 release). The restaurant count fell from 2,136 at the end of fiscal 2025 to 2,115 on July 5, 2026, and at the start of the year the company guided to 50 to 100 closures for fiscal 2026, most of them franchise restaurants. Review its SEC filings and upcoming results as part of your due diligence.
Why Investors Buy Jack in the Box Properties
Jack in the Box’s 10-year asking range of 5.50% – 5.80% sits between McDonald’s at 4.50% – 4.80% and KFC at 6.30% – 6.60% (The Boulder Group, September 2026). The lease is long, at 15 years, with 10% rent increases every five years, and the average purchase price is about $2.2 million.
The offsetting point is the tenant. It is not rated by S&P, same-store sales are down and the chain is closing restaurants, so the case for a Jack in the Box property rests on the specific location, the operator and the guarantor.
Risks and Market Conditions
The brand’s performance is the main risk. Same-store sales fell 6.7% in the first quarter and 1.1% in the third quarter of fiscal 2026, restaurants are closing, and management has said closures will stay elevated into 2027 (Q1 release, Q3 release, Quartr summary).
Because most restaurants are franchised, a weak franchisee can hurt a specific lease even when the brand is healthy. Look at the operator’s other locations and sales, the lease guarantor and the local trade area, along with the remaining lease term, before you buy.
Build a Diversified NNN Portfolio
Pairing a Jack in the Box with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Jack in the Box NNN FAQs
How are Jack in the Box leases structured?
Boulder lists a typical Jack in the Box lease as triple net, with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). Confirm who handles the roof and structure in the lease you’re reviewing.
What cap rate do Jack in the Box properties trade at?
Asking cap rates currently run 6.00% – 6.50% with 5 years remaining, 5.50% – 5.80% with 10 years remaining and 5.10% – 5.40% 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 Jack in the Box listings.
What does a Jack in the Box property cost?
The Boulder Group reports an average sale price of about $2.24 million with average annual rent of about $125,000 (September 2026). Price depends on location, remaining lease term and guarantor.
What are the main risks?
Same-store sales are down, restaurants are closing and the company is not rated by S&P. It reported 2,115 restaurants as of July 5, 2026, after 4 openings and 17 closures in the third quarter (Form 10-Q, Q3 release). Most restaurants are franchised, so the operator and the guarantor matter as much as the brand.
Questions about NNN Jack in the Box 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.