McDonald's Ground Lease Market Report Summary
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Every sale and listing, plus the numbers behind each chart.
Closed McDonald's ground leases traded at a 4.10% median cap rate across 20 sales, Dec 2022 to Apr 2026; listings ask 4.00%, about 10 bps tighter than trades.
Market report · Data through · Updated · The Finem Group
- Average sold cap rate, 2026
- 4.24%
- 6 sales
- Median asking cap rate
- 4.00%
- 10 listings
- Median sold cap rate
- 4.10%
- 20 sales, all years
- Average rent per site
- –
- Not published
At a glance
Credit
- Parent
- McDonald's Corporation
- S&P
- BBB+ on its senior unsecured notes (Feb 2025)
- Moody's
- Baa1, stable (May 2024 SEC bond filing)
- Guarantor
- Corporate on 29 of 30 comps; one listing is franchisee-guaranteed
Tenant profile researched Nov 12, 2026 from S&P Global Ratings and McDonald's SEC filings.
A typical lease
- Structure
- Ground lease, new construction
- Term
- 19 of 19 at 20 yrs
- Increases
- 10% every 5 years on 13 of the 14 comps that state one
- Options
- Eight 5-yr on 11 of the 14 comps that state them
- Lot size
- Median 1.22 acres
Company overview
McDonald's operates over 45,000 restaurants in more than 100 countries, and about 95% of them are owned and operated by independent local business owners (Q3 2026 results).
The sales here are new-construction stores on ground leases: the tenant owns the building, the landlord owns the land, and most leases run 20 years with 10% rent increases every five years.
The short version
In 2026, 6 McDonald's ground leases sold at an average 4.24% cap rate. Asking cap rates today are a median 4.00%, lower. A lower cap rate means a higher price.
Across the 2025 and 2026 closings, 14 of 15 McDonald's sales landed between 4.00% and 4.30%, and none traded below 4.00%. Asks priced in the mid-3% range have not closed in the 2025–2026 data.
Want the longer write-up? Read our full McDonald's analysis.
Cap rates over time
SoldAsking
A cap rate is the yearly rent divided by the price. A lower cap rate means a higher price. Each mark is one comp.
Sales December 2022 to April 2026. Years with few sales can swing a lot. Reported, not verified.
Recent sales
The 10 most recent of 20 sales.
| Location | Sold | Price | Cap rate | Acres |
|---|---|---|---|---|
| Thornton, CO | Apr 2026 | $3,400,000 | 4.26% | 1.68 |
| El Paso, TX | Mar 2026 | $2,588,235 | 4.25% | 1.19 |
| League City, TX | Feb 2026 | $2,588,000 | 4.25% | 1.25 |
| Justin, TX | Jan 2026 | $2,562,500 | 4.00% | 1.62 |
| Gretna, NE | Jan 2026 | $3,060,000 | 4.25% | 0.99 |
| Sunbury, PA | Jan 2026 | $1,800,000 | 4.44% | 0.82 |
| Clarksville, TN | Dec 2025 | $2,250,000 | 4.10% | 1.02 |
| Midland, TX | Dec 2025 | $2,558,000 | 4.30% | 1.04 |
| Rosharon, TX | Nov 2025 | $2,687,499 | 4.00% | 1.39 |
| Houston, TX | Oct 2025 | $4,166,667 | 4.20% | 1.15 |
The full report lists every sale with its address and source. Prices and cap rates are as reported by brokers and public sources.
On the market now
All 10 McDonald's ground leases listed for sale today. These are asking prices, not closed sales.
| Location | Asking price | Asking cap rate | Acres |
|---|---|---|---|
| McKinney, TX | – | 3.50% | 0.96 |
| Katy, TX | – | 3.65% | 1.41 |
| Dallas, TX | – | 3.72% | 1.12 |
| College Station, TX | – | 3.75% | 1.22 |
| North Salt Lake, UT | – | 4.00% | 1.59 |
| Pace, FL | – | 4.00% | 2.22 |
| Tomball, TX | – | 4.00% | 1.52 |
| San Antonio, TX | – | 4.00% | 1.35 |
| La Marque, TX | – | 4.15% | 1.05 |
| Geismar, LA | – | 4.50% | 1.28 |
Asking prices can change. Reported, not verified.
Full report
Get the Full Report
The full report has every comp with its source, cap rates by year and region, how asking caps compare with closing caps, and the tenant profile.
Own a McDonald's property? Call us and we will tell you what it would sell or lease for today.
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Questions investors ask
What cap rate do McDonald's ground leases sell at?
Closed McDonald's ground leases in this data set traded at a median 4.10% cap rate (20 sales, December 2022 to April 2026), ranging 3.25% to 4.44%.
What are McDonald's ground leases asking?
On-market listings asked a median 4.00% across 10 listings.
How current is this McDonald's data?
The newest closed sale here is from April 2026, and the data runs to Nov 12, 2026. The page was last updated Nov 12, 2026.
What lease does McDonald's sign on a new-construction ground lease?
All 19 comps with a stated term are 20-year ground leases. Most carry 10% rent increases every five years (13 of the 14 that state an increase) and eight five-year renewal options (11 of the 14 that state options).
Does McDonald's have a credit rating?
Yes. S&P Global Ratings assigned its BBB+ rating to McDonald's Corporation senior unsecured notes in February 2025, and a May 2024 SEC bond filing lists Moody's Baa1 with a stable outlook.
Talk to the team
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Sources
Cite this report
Use the figures with a link back to this page. Suggested citation:
Finem Group at Meybohm Commercial. McDonald's Ground Lease Market Report Summary. April 2026. https://finemgroup.com/mcdonaldsmarketreport
Data: CoStar / Crexi, 20 closed and 10 on-market ground lease comps, as of Nov 12, 2026. New-construction stores (built 2023 or later), sales Dec 2022 to Apr 2026; we found no later new-construction closings. The 10 listings were read from Crexi on Nov 12, 2026 and carry no asking price in our data. Older stores are left out of the figures. Information is believed reliable but is not guaranteed. An independent market report; not investment, legal or tax advice. 948 Reynolds Street, Augusta, GA 30901.