How does franchisee versus corporate guaranty change QSR pricing?

It is the single largest pricing input on most QSR deals, and it is not a simple discount. A franchisee deal prices on the operator: unit count, coverage ratio, whether they will provide financials at all. Deals where the operator will not open the books price as though the guaranty were absent.

Is a drive-thru worth paying up for?

Yes, and increasingly so. It is the difference between a building with one possible use and a pad that any operator in the category can take over. It is residual value, not just current rent.

What happens to the residual when a brand contracts?

The lease becomes secondary and the location becomes the asset. That is why we underwrite the ground and the access separately from the credit — a good corner survives the brand on the sign.

QSR NNN

QSR and drive-thru net lease properties for sale

Quick-service restaurants trade on the drive-thru, the guaranty and the ground. We work both corporate and franchisee deals across national and regional brands, and the underwriting question is almost always the same: who actually stands behind this rent, and what happens to the real estate if they stop paying it. A well-located pad with a drive-thru has a second life; an inline unit does not.

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$3M
Closed volume, published: 2
Closed transactions: 3
States

Closed in this practice

Closed QSR NNN transactions
Property	Market	Class	Price	Cap	Closed	Status
Qdoba	Owosso, MI	QSR	$1,690,000	6.25%	2025	Sold · closed comp
Boston Market	Livonia, MI	QSR	$1,385,000	7.95%	2023	Sold · closed comp

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Active QSR NNN listings
Property	Market	Class	Price	Cap	Term	Status
Scooter's Coffee	Omaha, NE	QSR	$1,425,000	5.50%	13.1 yr	Active
Del Taco	Phoenix, AZ	QSR	$2,640,000	5.25%	14.6 yr	Active

How we underwrite the credit

Tenant credit and guaranty
Corporate versus franchisee, and what the guarantor’s financials actually show. A large multi-unit operator who will open their books can price inside a weak corporate credit; one who will not price as though the guaranty were absent.
Term remaining and escalations
Term sets the floor on your exit. Escalations set your yield on cost when you get there. A flat lease is a bond that loses to inflation every year you hold it.
Store-level intelligence
Closure signals and store-count movement, tracked because they move before public announcements do. A lease with eight years left on an underperforming store is a different asset from the same lease on a top-quartile one.

Who to call

Practice leadPractice lead — QSRQSR and drive-thru(248) 254-3410

Direct line pending roster confirmation — this is the main office number.

Common questions

How does franchisee versus corporate guaranty change QSR pricing?: It is the single largest pricing input on most QSR deals, and it is not a simple discount. A franchisee deal prices on the operator: unit count, coverage ratio, whether they will provide financials at all. Deals where the operator will not open the books price as though the guaranty were absent.
Is a drive-thru worth paying up for?: Yes, and increasingly so. It is the difference between a building with one possible use and a pad that any operator in the category can take over. It is residual value, not just current rent.
What happens to the residual when a brand contracts?: The lease becomes secondary and the location becomes the asset. That is why we underwrite the ground and the access separately from the credit — a good corner survives the brand on the sign.

How franchisee versus corporate guaranty changes QSR pricing

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