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McDonald’s for Sale
McDonald’s had 45,356 restaurants worldwide at year-end 2025, about 95% of them franchised, including 13,706 in the U.S. (McDonald’s 2025 Form 10-K). The Boulder Group lists a typical McDonald’s deal as a ground lease with a 15-year term and 10% rent increases every five years, and gives the company an S&P rating of BBB+, which is investment grade (The Boulder Group, September 2026). In a ground lease the investor owns the land and the tenant owns the building, so the details below matter.
BBB+
S&P credit rating
13,706
U.S. restaurants (year-end 2025)
15 Years
Typical lease term
10%
Increase every 5 years
4,000 SF
Typical building size
Ground Lease
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; McDonald’s 2025 Form 10-K (restaurant counts). Boulder lists 13,814 McDonald’s locations, which differs from the company’s year-end U.S. count; we use the company figure.
Key Takeaways
Tenant & Credit Profile
McDonald’s Corporation (NYSE: MCD) is rated BBB+ by S&P, which is investment grade (The Boulder Group, September 2026). About 95% of its 45,356 restaurants were franchised at year-end 2025 (McDonald’s 2025 Form 10-K).
Typically Ground Leases
Boulder lists the typical McDonald’s lease as a ground lease with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). You own the land, not the building, so confirm who owns the building and who guarantees the lease. Our guide to ground leases explains what you’re buying.
Lowest Cap Rates in the Report
McDonald’s 10-year asking range of 4.50% – 4.80% is the lowest of the 87 tenants in Boulder’s report that list one, and a new 15-year lease asks 4.35% – 4.65% (The Boulder Group, September 2026; our comparison).
U.S. Sales Growth Has Slowed
U.S. comparable sales rose 0.8% in the second quarter of 2026, with comparable guest counts lower, and McDonald’s named Skye Anderson President of McDonald’s USA (McDonald’s Q2 2026 results).
McDonald’s NNN Cap Rates and Lease Data
If you’re weighing a McDonald’s 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, McDonald’s is rated BBB+ by S&P, which is investment grade. Boulder’s typical lease is a ground lease, with a 15-year term and a 10% rent increase every five years.1 That works out to about 2% a year. In a ground lease you own the land and the tenant owns the building, so you aren’t responsible for the building. Confirm who owns it and who is on the lease before you buy.
On yield, Boulder shows asking cap rates of 4.35% – 4.65% on a new 15-year lease, 4.50% – 4.80% with 10 years left, and 5.00% – 5.30% with 5 years left.2 The 10-year range is the lowest of the 87 tenants in the report that list one, just below Chick-fil-A at 4.55% – 4.85%.3 In other words, McDonald’s is priced at a premium to the rest of the report, so you’re buying a lower starting yield. These are asking rates, not closed sales.
In dollars, Boulder puts the average sale price at about $2.8 million with average rent of about $100,000 a year.4 We don’t show a price per square foot, because in a ground lease the price covers the land, not the building.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 54. Credit rating is S&P, as reported by Boulder; 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. 54. Asking cap rates as of September 2026. ↩
3. Our comparison of the 10-year asking cap rate ranges in The Boulder Group, Net Lease Tenant Profiles, September 2026. Of the 88 tenants profiled, 87 list a 10-year range (Dutch Bros lists none). McDonald’s lists 4.50% – 4.80% (p. 54) and Chick-fil-A lists 4.55% – 4.85%. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 54. Average sale price and average rent as reported by Boulder. Boulder lists 13,814 McDonald’s locations; McDonald’s reported 13,706 U.S. restaurants at year-end 2025 in its Form 10-K. ↩
McDonald’s as a Tenant
How McDonald’s operates
McDonald’s had 45,356 restaurants at the end of 2025: 13,706 in the U.S., 10,845 in International Operated Markets and 20,805 in International Developmental Licensed Markets. About 95% were franchised, including 95% in the U.S. It opened 2,276 restaurants and closed 396 during 2025 (McDonald’s 2025 Form 10-K).
McDonald’s also owns much of the real estate under its restaurants. At year-end 2025 it owned about 56% of the land and about 80% of the buildings for restaurants in its consolidated markets (Form 10-K). That makes the company both landlord and franchisor, so ask whether the lease on a given property is with the corporation or a franchisee.
Financial strength and recent results
McDonald’s second-quarter 2026 global systemwide sales were $37 billion, up 5% (4% in constant currencies). Global comparable sales rose 1.3% and U.S. comparable sales rose 0.8%, driven by higher average check and partly offset by lower guest counts (McDonald’s Q2 2026 results).
The company also named Skye Anderson President of McDonald’s USA in that release. Boulder lists its S&P rating as BBB+; review the company’s current credit ratings and SEC filings as part of your due diligence.
Why Investors Buy McDonald’s Properties
Investors buy McDonald’s for the tenant: a BBB+ rating and 45,356 restaurants worldwide (The Boulder Group, September 2026; Form 10-K). On pricing, its 10-year asking range of 4.50% – 4.80% compares with 5.50% – 5.80% for Jack in the Box and 6.30% – 6.60% for KFC (The Boulder Group, September 2026).
A ground lease also means the tenant owns and maintains the building. Boulder lists a ground lease as the typical structure for 17 of the 88 tenants in its report, including McDonald’s (The Boulder Group, September 2026; our count).
Risks and Market Conditions
The main trade-off is price. At 4.50% – 4.80% you’re buying a low starting yield, and a 10% increase every five years adds about 2% a year, so returns depend on the lease continuing and on what the land is worth over time.
U.S. growth has also slowed: comparable sales rose 0.8% in the second quarter of 2026, down from 2.5% a year earlier, with guest counts lower (Q2 2026 results). And because about 95% of restaurants are franchised, ask who signs the lease and who guarantees it (Form 10-K).
Build a Diversified NNN Portfolio
Pairing a McDonald’s with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
McDonald’s NNN FAQs
How are McDonald’s leases structured?
Boulder lists a typical McDonald’s lease as a ground lease, with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). Confirm who owns the building and who the guarantor is in the lease you’re reviewing.
What cap rates do McDonald’s properties offer?
Asking cap rates currently run 5.00% – 5.30% with 5 years remaining, 4.50% – 4.80% with 10 years remaining and 4.35% – 4.65% 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 McDonald’s listings.
How much does a McDonald’s property cost?
The Boulder Group reports an average sale price of about $2.8 million with average annual rent of about $100,000 (September 2026). In a ground lease the price covers the land, not the building, and varies by location, remaining lease term and guarantor.
What is a ground lease?
In a ground lease, the investor owns the land and the tenant owns and maintains the building on it. Boulder lists a ground lease as the typical McDonald’s structure. Our guide to ground leases covers what you’re actually buying.
Questions about NNN McDonald’s 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.