Net Lease Industry

Cap Rate


Lowest cap rate over past 24 months

Cap Rate


12 mo avg with 5+ yr lease term

Hardee’s QSR (quick service restaurant) chain employs a standard building design, complete with drive through window. Structures are available to be repurposed and modified for any number of purposes for long term considerations. Typical size dimensions will span anywhere from 2500-3000 square feet, while sitting on approximately 3/5 to 1 1/2 acre. When negotiating potential lease agreements, Hardee’s will usually offer a twenty year, absolute triple net, with price increases generally seen every 5 years. Having over 1900 separate locations serving thirty different states, Hardee’s has clearly built a reputation for being a top-leading burger chain. Most of their restaurants can be found spread out across the United States, with plans for expansion into Wisconsin, Michigan, and much of the Northeast.
Average Property & Lease
Average Sale Price $2,000,000 - $2,750,000
Average NOI $100,000 - $150,000
Building SF 2,500-3,500
Lease Term 20 Years
Escalations 10% Every 5 Years
Stock Symbol CAPITALCOM:US500





The popular Hardee’s restaurant chain is based on quick service and delicious foods, being ranked #28 in total sales throughout the USA since 2011 (as reported by Nation’s Restaurant News in 2015). Favorite menus items include the Thickburger® line of 100 percent Black Angus beef, with Made-from-Scratch™ Biscuits, alongside their famous Ice Cream Shakes and Malts™ varieties.

In 2016, Hardee locations topped 5,812 properties in the United States, and partnered to franchise eighty four more locations in the state of Ohio during 2017.Their history goes back to 1960, when the famous Wilber Hardee founded the first store in Greenville, NC. Just 5 months later, his first burger chain franchise was created, and they quickly branched out through the Midwest and Southeast.

Hardee’s was eventually bought by Carl Junior’s parent corporation CKE Restaurant Holdings, Inc., to the tune of 327 million dollars back in 1997. Upon merging, there were close to 3200 Hardee’s restaurants in forty states, including ten international locations. Carl Junior’s properties were centralized in the state of California. At the time, their total chain count became 3828 as a result of the merger transaction.

  • Locations can be repurposed
  • Landlord accountability issues eliminated via NNN leasing
  • Prime locations with visibility
  • Privately-held corporation
  • Financial review needed due to franchised properties
Founded 1960
Headquarters Franklin, Tennessee
Number of Locations 5,812
Revenue $1 B
Company Website
Key Principal Ned Lyerly