Whataburger

Lowest
Cap Rate

4.68%

Lowest cap rate over past 24 months

Average
Cap Rate

4.82%

12 mo avg with 5+ yr lease term

Overview

Whataburger properties are typically structured as absolute triple-net (NNN) ground leases, offering investors a truly passive income stream with zero landlord responsibilities. Under these lease agreements, the tenant is responsible for all expenses, including property taxes, insurance, and maintenance. Leases often span 15 to 20 years, with multiple renewal options and built-in rent escalations that provide predictable income growth over time. Whataburger’s strong regional brand presence, high unit-level sales, and continued expansion across the Southern U.S. make these properties particularly attractive to investors seeking stable, long-term returns backed by a well-established and growing quick-service restaurant operator.

Average Property & Lease

Average Sale Price	$2,500,000 - $5,200,000
Average NOI	$131,000 - $312,000
Building SF	12,000
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	N/A

CREDIT RATING

S&P	B
Moody's	N/A

TENANT DESCRIPTION

Whataburger was founded on August 8, 1950, by Harmon Dobson and Paul Burton in Corpus Christi, Texas. The concept was to serve a burger so big that it took two hands to hold and so good that after a single bite, customers would exclaim, “What a burger!” The first location was a modest stand, but the brand quickly gained popularity for its fresh, made-to-order burgers. Over the decades, Whataburger expanded across the Southern United States, becoming a regional favorite. In 2019, the Dobson family sold a majority stake to BDT & MSD Partners to facilitate further expansion, while retaining a minority ownership. The company celebrated its 75th anniversary in 2025, marking a significant milestone in its storied history.

Founded	1950
Headquarters	San Antonio, Texas
Number of Locations	1,080
Revenue	$3.78 B
Company Website	https://whataburger.com/home
Key Principal	Debbie Stroud

Whataburger

Lowest Cap Rate

4.68%

Average Cap Rate

4.82%

Overview

Average Property & Lease

CREDIT RATING

S&P

B

Moody's

N/A

TENANT DESCRIPTION

PROS

CONS

COMPANY QUICK STATS

Lowest
Cap Rate

Average
Cap Rate