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NNN Popeyes for Sale
Popeyes is owned by Restaurant Brands International (NYSE: QSR), the parent of Burger King and Tim Hortons, and Boulder lists an S&P rating of BB+ for RBI, which is below investment grade. New leases typically run 15 years with 10% rent increases every five years, and asking cap rates range from 5.45% – 6.75% depending on the term left (The Boulder Group, September 2026).
BB+
S&P rating (parent, RBI)
3,542
Locations
15 Years
Typical lease term
10%
Increase every 5 years
2,200 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Restaurant Brands International third quarter 2026 results, October 29, 2026 (restaurant count as of September 30, 2026; Boulder lists 3,451).
Key Takeaways
Tenant & Credit Profile
Popeyes is a subsidiary of Restaurant Brands International, a publicly traded company that Boulder lists with an S&P rating of BB+, below investment grade. The rating belongs to the parent, so confirm whether a franchisee or RBI signs the lease you are buying.
Typically Triple Net Leases
Most Popeyes leases are triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Confirm who handles the roof and structure, because Boulder lists the lease type but not those responsibilities.
Asking Cap Rates
Popeyes properties currently show asking cap rates of 5.70% – 6.00% with 10 years remaining and 5.45% – 5.75% for a new 15-year lease (The Boulder Group, September 2026).
Softening Sales
In the third quarter of 2026, Popeyes U.S. comparable sales fell 2.2% and system-wide sales slipped 1.0%, while the system count held at 3,542 restaurants (Restaurant Brands International, October 29, 2026).
Popeyes NNN Cap Rates and Lease Data
If you’re weighing a Popeyes 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 first two, the picture is mixed. Boulder lists an S&P rating of BB+ for Restaurant Brands International, Popeyes’ parent, which is below investment grade, and new leases typically run 15 years with a 10% rent increase every five years.1 That’s about 2% a year, so rent growth does more of the work here than it does on a lease with 5% bumps. The rating belongs to the parent, so it’s worth confirming who actually signs the lease you’re buying.
That’s where cap rates come in. Boulder shows asking cap rates of 5.45% – 5.75% on a new 15-year lease, 5.70% – 6.00% with 10 years left, and 6.45% – 6.75% with 5 years left.2 The pattern is familiar: as the remaining term gets shorter, the yield goes up, because you’re being paid to take on the renewal question. With 10 years left, Popeyes sits below KFC at 6.30% – 6.60% and Burger King at 6.30% – 6.60%, and above Raising Cane’s at 5.30% – 5.60%.
Matthews’ 2026 report does not cover Popeyes, so there is no closed-sale average to set against Boulder’s asking rates. Ask our team for recent Popeyes sales in the market you are looking at.
In dollars, Boulder puts the average sale price at about $2.9 million with average rent of about $135,000 a year. On a typical 2,200 SF building, that works out to roughly $1,327 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 62. Boulder lists the credit rating as S&P: BB+ (Restaurant Brands International subsidiary); lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years, compounded). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, pp. 62 (Popeyes), 45 (KFC), 17 (Burger King) and 64 (Raising Cane’s). Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 62. Average sale price ($2,920,000) and average rent ($135,000) as reported by Boulder; the per-square-foot figure is our calculation ($2,920,000 ÷ 2,200 SF, about $1,327). Dividing the average rent by the average price gives about 4.6%, below Boulder’s asking cap rate range, so the two averages appear to describe different sets of deals. Treat both as ballparks. ↩
Popeyes as a Tenant
How Popeyes operates
Popeyes was founded in New Orleans in 1972, and Restaurant Brands International bought the chain in 2017 for $1.8 billion (CSP).
RBI is publicly traded and also owns Burger King, Tim Hortons and Firehouse Subs. Its consolidated system-wide sales grew 6.2% year over year in the third quarter of 2026, with Burger King U.S. comparable sales up 8.4%, which is a very different story from Popeyes (Restaurant Brands International, October 29, 2026).
Boulder’s typical new Popeyes is a small building of about 2,200 SF, with an average sale price of about $2.9 million and average rent of about $135,000 a year (The Boulder Group, September 2026).
Financial strength and growth
Popeyes itself is not rated. Boulder shows RBI’s S&P rating of BB+, which is below investment grade (The Boulder Group, September 2026).
Popeyes’ results have softened. In the third quarter of 2026, U.S. comparable sales fell 2.2% after a 2.0% decline a year earlier, and system-wide sales were about $1.50 billion versus $1.52 billion in the prior-year quarter, a 1.0% decline in constant currency (Restaurant Brands International).
The footprint is flat. Popeyes had 3,542 restaurants at the end of September 2026 versus 3,541 a year earlier, and RBI reported 0.0% net restaurant growth for the quarter (Restaurant Brands International). Boulder lists 3,451 locations; we use RBI’s count because it comes from the company’s own results.
Why Investors Buy Popeyes Properties
Popeyes offers a recognizable national brand backed by a large public parent, on leases that typically run 15 years with 10% increases every five years (The Boulder Group, September 2026). That is double the 5% increases on a typical Dollar General lease in the same report.
Pricing falls in the middle of the chicken and burger brands Boulder covers. With 10 years remaining, Popeyes’ asking range of 5.70% – 6.00% compares with 6.30% – 6.60% for KFC, 5.30% – 5.60% for Raising Cane’s and 4.55% – 4.85% for Chick-fil-A.
As with any single-tenant restaurant, the result depends on the site and the operator. Popeyes’ recent sales softness is the main thing to weigh against the yield, so look at a specific store’s performance, the remaining term and who signs the lease.
Risks and Market Conditions
Sales momentum is the main issue to watch. U.S. comparable sales fell 2.2% in the third quarter of 2026 after a 2.0% decline a year earlier, while Burger King U.S. comparable sales rose 8.4% in the same quarter (Restaurant Brands International, October 29, 2026).
The credit story is also thinner than the brand name suggests. The BB+ rating Boulder lists belongs to RBI, not to a franchisee who may be signing your lease, and the restaurant count has been flat for a year. Ask who the tenant is, what guarantee sits behind the lease, and how the store has performed.
Build a Diversified NNN Portfolio
Pairing a Popeyes with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Popeyes NNN FAQs
How are Popeyes leases structured?
Popeyes leases are typically triple net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Boulder lists the lease type but not who is responsible for the roof and structure, so confirm that in the lease for any property you consider.
What cap rate do Popeyes properties trade at?
Boulder’s September 2026 asking cap rates are 6.45% – 6.75% with 5 years remaining, 5.70% – 6.00% with 10 years remaining and 5.45% – 5.75% for a new 15-year lease. Matthews’ 2026 report does not cover Popeyes, so there is no closed-sale average to compare.
What does a Popeyes cost?
Boulder reports an average sale price of about $2.9 million with average rent of about $135,000 a year for a typical 2,200 SF building. Those two averages do not tie to Boulder’s cap rate range, so treat them as ballparks and price each property on its own lease.
What are the main risks?
Popeyes’ U.S. comparable sales have been falling, its restaurant count is flat, and the BB+ rating Boulder lists belongs to the parent company rather than to a franchisee tenant. Review who signs the lease, what guarantee stands behind it and how the store performs.
Questions about NNN Popeyes 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.