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 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
Related QSR Tenants
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