Checkers

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

Checkers & Rally’s locations typically range from 800 to 1,200 square feet and sit on 0.3 to 0.5-acre parcels. Their signature double drive-thru layout requires minimal indoor dining space, allowing for quick service and efficient operations. Leases are usually 20-year absolute NNN, with 10% rent increases every 5 years. While many locations are franchisee-operated, some newer sites are corporately guaranteed by Checkers Drive-In Restaurants, Inc.

Average Property & Lease

Average Sale Price	$1,500,000 – $2,100,000
Average NOI	$90,000 – $130,000
Building SF	800
Lease Term	20 Years
Escalations	10% Every 5 Years
Stock Symbol	N/A

CREDIT RATING

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

TENANT DESCRIPTION

Checkers was founded in 1986 in Mobile, Alabama, and Rally’s followed shortly after in Louisville, Kentucky. The two brands merged in 1999 under one parent company, combining operations while maintaining distinct regional identities. Known for their bold flavors, double drive-thru model, and value pricing, Checkers & Rally’s has become one of the largest drive-thru-focused QSR chains in the U.S. The brand is privately owned by Oak Hill Capital Partners, a private equity firm.

Founded	1986
Headquarters	Tampa, FL, U.S.
Number of Locations	800
Revenue	$500 M
Company Website	https://www.checkers.com
Key Principal	Frances Allen

Checkers

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