Net Lease Industry

Cap Rate


Lowest cap rate over past 24 months

Cap Rate


12 mo avg with 5+ yr lease term

For the last twenty five years, Zaxby’s has seen massive success in the United States, and particularly in the South with a growing number of franchised restaurants. Lease arrangements will often consist of a twenty year triple net term, featuring rent increases, and often will include three to five separate 5 year options to renew. Most of their buildings also feature a drive-thru window, with sizes spanning anywhere from 3k-3500 square feet in dimension. Additionally, they tend to sit on 4/5 to 1 1/2 acre lots in highly populated retail locations.
Average Property & Lease
Average Sale Price $2,000,000 - $3,500,000
Average NOI $100,000 - $175,000
Building SF 3,500
Lease Term 20 Years
Escalations Varies
Stock Symbol CAPITALCOM:US500





With the first Zaxby’s founded in Statesboro, GA back in 1990, Tony Townley and Zach McLeroy wanted to offer the best Buffalo wings and chicken fingers anywhere in America. They had a plan and stuck to it, with over 726 restaurant locations that can now be found primarily in the South.  You will find a Zaxby’s in over sixteen states, including AL, AK, FL, GA, IN, KY, LA, MS, MO, SC, NC, OK, TN, TX, UT, and VA.

Featuring a creatively designed, warm atmosphere complete with items that evoke nostalgia, they offer creatively-named dishes like Zalads, Zappetizers, Buffalo and Chicken Fingerz. Plus, they offer a range of hot sauces that can leave quite a lasting impression for Zaxby’s customers.

With corporate located in Athens, GA, they have nearly 600 franchised restaurants with a remaining number corporately-owned. In fact, they have plans to construct eighty new restaurants in hopes to expand to new territories. Their original idea turned out to be a success, given that the term ‘quick-casual’ is now a restaurant industry vertical. They continue to receive praise, in 2015 being ranked #9 in fastest growth according to Nation’s Restaurant News. They have also been featured in Entrepreneur, Technomic’s, and other publications as a testament to their brand’s success.

  • Prime suburban locations with high visibility
  • No landlord accountability with NNN leases
  • Privately-held corp.
  • Franchisor reviews are recommended
Founded 1990
Headquarters Athens, Georgia
Number of Locations 941
Revenue $27 B
Company Website
Key Principal Bernard Acoca