McDonald's vs. Burger King: Comparing NNN Cap Rates in 2026

All quick-service restaurants are not created equal. Pull up the sold-comp data and a stark divide appears: two tiers of QSR net lease that trade nearly 200 basis points apart. On one side, McDonald’s and Chick-fil-A command premium pricing. On the other, Burger King and Wendy’s offer substantially higher yields. Understanding why is a masterclass in how the net lease market prices a restaurant brand.

Here’s what our actual transaction data shows.

The Two Tiers (From Our Sold Comps)

The premium tier:

McDonald’s: 4.10% average sold cap rate (20 comps)
Chick-fil-A: 4.36% average sold cap rate (15 comps)

The yield tier:

Wendy’s: 5.62% average sold cap rate (46 comps)
Burger King: 6.59% average sold cap rate (38 comps)

The gap between McDonald’s at 4.10% and Burger King at 6.59% is nearly 250 basis points. On a property with $130,000 of rent, that’s the difference between a value of about $3.17 million (McDonald’s pricing) and about $1.97 million (Burger King pricing) — for restaurants that, from the street, look remarkably similar.

Why the Premium Tier Commands Sub-4.5% Pricing

McDonald’s: the gold standard of corporate strength. McDonald’s combines a strong investment-grade balance sheet, the most recognizable brand in fast food, and frequently owns its real estate in ways that make its leases exceptionally secure. Investors treat a corporate McDonald’s lease almost like a bond, and they pay accordingly — our data shows it trading at the tightest cap rate of any major QSR.

Chick-fil-A: unmatched unit economics. Chick-fil-A is privately held with no public credit rating, yet it trades nearly as tight as McDonald’s. Why? Staggering per-store sales — far above any competitor. When a single location generates that kind of volume, the rent is covered many times over, and investors treat that sales strength as its own form of credit. Scarcity helps too; Chick-fil-A rarely sells its real estate, so available deals are coveted.

Why the Yield Tier Trades Wider

Wendy’s: solid but franchisee-heavy. Wendy’s trades around 5.62% — a full point-plus wider than McDonald’s. The brand is strong, but most Wendy’s NNN deals are backed by franchisees rather than the corporate parent, and the credit profile is weaker. Investors demand more yield for that added risk.

Burger King: the widest of the majors. Burger King trades around 6.59%, the highest cap rate in this group. The combination of franchisee-level guarantees, brand challenges, and operational variability across operators means buyers require a meaningful yield premium. For income-focused investors, that’s an opportunity; for safety-focused investors, it’s a caution flag.

The Underwriting Lesson

The QSR credit divide comes down to three questions, and they apply to every restaurant net lease you’ll ever evaluate:

Who guarantees the lease — corporate or franchisee? This is the single biggest driver. A corporate guarantee from an investment-grade parent (McDonald’s) is worth far more than a franchisee guarantee (typical Burger King), and the cap rate spread reflects exactly that.

What are the store-level sales? Chick-fil-A proves that elite unit economics can substitute for a public credit rating. Strong sales mean the rent is safe regardless of who’s behind it. Always ask for sales figures.

How scarce is the asset? Tenants that rarely sell their real estate (Chick-fil-A, corporate McDonald’s) command scarcity premiums on top of their credit strength.

Explore individual profiles for Chick-fil-A, Wendy’s, and Taco Bell, or see current ranges on our NNN Cap Rate tracker.

Why is McDonald's cap rate so much lower than Burger King's?

Our sold-comp data shows McDonald’s trading around 4.10% versus Burger King near 6.59% — a roughly 250-basis-point gap. The main reason is the guarantee behind the lease: McDonald’s deals are typically backed by strong corporate credit, while most Burger King deals are backed by franchisees with weaker credit. Investors pay a premium for the stronger guarantee.

Is a Chick-fil-A NNN a good investment?

Chick-fil-A trades at one of the tightest cap rates in fast food (around 4.36% in our data) despite having no public credit rating, because its per-store sales are far higher than competitors and the company rarely sells its real estate. For investors prioritizing security and willing to accept a lower yield, it’s among the most coveted QSR assets — when one is available.

The Bottom Line

The QSR market is two markets. McDonald’s and Chick-fil-A trade in the low-to-mid 4% range on the strength of corporate credit and elite sales. Wendy’s and Burger King trade 100 to 250 basis points wider because of franchisee guarantees and brand variability. Neither tier is “better” — they serve different investors. But never assume two fast-food deals are comparable just because both have a drive-thru. The guarantee and the sales are everything.