Wingstop NNN Properties for Sale in Florida
Wingstop (NASDAQ: WING) operates approximately 2,200 US restaurants with 95%+ franchisee-operated. The chain has demonstrated exceptional same-store sales growth and unit economics. Smaller footprint and delivery-heavy model create a different investment profile than traditional drive-thru QSR.
Typical Cap Rate
6.00% - 6.75%
Lease Term
10 - 15 years
Price Range
$1.5M - $3M
Building Size
1,800 - 2,500 SF
Lot Size
Endcap / smaller pad
Credit Rating
S&P: B+
Investment Highlights
- Best-in-class same-store sales growth in QSR
- Delivery-heavy model with strong unit economics
- Smaller footprint = more affordable entry
- 10-15 year lease terms
- NNN lease structure
- Rapid unit expansion
Lease Structure
Wingstop leases are typically 10-15 year NNN with renewal options. Rent bumps 10% every 5 years. Mostly franchisee-guaranteed.
Wingstop Tenant Profile
Wingstop Inc. (franchisor). 95%+ of US stores are franchisee-operated. Credit: S&P B+ (non-investment grade). Exceptional financial metrics: 28%+ royalty margins, consistent double-digit same-store sales growth.
Wingstop in Florida
Florida has 100+ Wingstop locations with active expansion. Endcap or freestanding units trade at 6-6.5% cap rates.
Why Buy Wingstop
- +Best-in-class QSR operator performance
- +Smaller footprint supports re-leasing flexibility
- +Active expansion creates new inventory
- +Delivery-forward model reduces dine-in capex
- +Wider cap rates than corporate QSR
Considerations
- •Non-investment-grade corporate credit (B+)
- •Franchisee credit analysis critical
- •Delivery-heavy model = different site criteria
- •Smaller properties have less institutional buyer appeal
Related QSR Tenants
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