Carl’s Jr.

Lowest
Cap Rate

5.75%

Lowest cap rate over past 24 months

Average
Cap Rate

6.50%

12 mo avg with 5+ yr lease term

Overview

Carl’s Jr. locations typically range from 2,500 to 3,500 square feet, located on 0.75 to 1.25-acre parcels, and feature drive-thrus, dine-in space, and branded architectural elements. Leases are commonly structured as 15- to 20-year absolute NNN, with 10% rent increases every 5 years, and are either corporately guaranteed by CKE or franchisee-backed. The brand focuses on suburban, highway, and retail pad sites in Western and Southwestern U.S. markets.

Average Property & Lease

Average Sale Price	$2,000,000 – $3,200,000
Average NOI	$125,000 – $190,000
Building SF	2,500
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	N/A

CREDIT RATING

S&P	N/A
Moody's	N/A

TENANT DESCRIPTION

Carl’s Jr. was founded in 1941 by Carl Karcher in Anaheim, California, starting as a hot dog cart before evolving into a full-service burger restaurant. The brand grew rapidly across the Western U.S. with its charbroiled burgers and bold advertising style. Carl’s Jr. is now operated by CKE Restaurants Holdings, Inc., which also owns Hardee’s, and is backed by private equity firm Roark Capital Group. The two brands operate under a shared structure but maintain distinct regional identities.

Founded	1941
Headquarters	Franklin, TN, U.S
Number of Locations	1,000
Revenue	$1.5 B
Company Website	https://www.carlsjr.com
Key Principal	Max Wetzel

Carl’s Jr.

Lowest Cap Rate

5.75%

Average Cap Rate

6.50%

Overview

Average Property & Lease

CREDIT RATING

S&P

N/A

Moody's

N/A

TENANT DESCRIPTION

PROS

CONS

COMPANY QUICK STATS

Lowest
Cap Rate

Average
Cap Rate