Popeyes NNN Properties for Sale in Florida
Popeyes Louisiana Kitchen, owned by Restaurant Brands International (NYSE: QSR), is one of the fastest-growing chicken QSR chains with approximately 3,700 US locations. Cap rates vary significantly based on corporate vs. franchisee guarantee and franchisee credit strength.
Typical Cap Rate
5.50% - 6.75%
Lease Term
20 - 25 years
Price Range
$1.8M - $3.5M
Building Size
2,200 - 2,800 SF
Lot Size
0.75 - 1.00 acres
Credit Rating
Franchisee-dependent
Investment Highlights
- Fastest-growing chicken QSR in America
- 20-25 year lease terms
- Absolute NNN lease structure common
- Corner pad sites with drive-thru
- Strong same-store sales momentum since 2019
- Active BTS program
Lease Structure
Most Popeyes leases are franchisee-guaranteed with 20-25 year absolute NNN terms and 5-year options. Rent bumps 10% every 5 years. RBI corporate guarantees are rare but command premium cap rates.
Popeyes NNN Investor Guide
Popeyes Tenant Profile
Restaurant Brands International (parent) also owns Burger King and Tim Hortons. Most Popeyes units are franchisee-operated. The 2019 chicken sandwich launch transformed unit economics and drove category expansion.
Popeyes in Florida
Florida has 150+ Popeyes locations with active BTS expansion. Cap rates vary 5.5-6.75% depending on franchisee credit.
Why Buy Popeyes
- +Fast-growing chicken QSR category
- +Long-term lease commitments
- +Drive-thru corner pad sites
- +Active BTS creates new inventory
- +Higher yield than corporate QSR tenants
Considerations
- •Franchisee credit risk (verify operator financial strength)
- •Corporate guarantees rare
- •Competitive chicken QSR segment
- •Franchisee-specific lease terms vary
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