McDonald’s Ground Lease Market Report 2026: Cap Rates, Rents, and Owner Pricing

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McDonald’s ground leases remain one of the most sought-after assets in the net lease market, but current pricing shows a clear divide between seller expectations and where buyers are closing.

Our 2026 McDonald’s Market Report reviewed 29 new-construction ground lease comps built in 2023 or later, including 14 closed sales and 15 active listings. Sold cap rates averaged 4.15% in 2024, compressed to 4.09% in 2025, then expanded to 4.24% in 2026. That movement suggests the market is still strong, but buyers are being more selective.

The biggest takeaway for owners is the gap between asking prices and closed sales. Current listings average a 3.90% asking cap rate, while 2026 sales averaged 4.24%. No sale in the report closed below a 4.00% cap rate, even though several listings are priced in the high-3% range. For most owners, realistic execution appears closer to the 4.00%–4.30% range, depending on location, lease terms, rent, and market depth.

McDonald’s remains a benchmark tenant because of its scale, McDonald’s financial strength, and investment-grade credit. Its annual report and Q1 2026 results show a global brand with strong sales, large systemwide scale, and continued growth plans. That strength helps explain why these assets continue to trade tighter than most other QSR and broader restaurant industry alternatives.

Ground rent is also important. Across the comps, average rent per site was approximately $109,130, with smaller pads generally producing higher rent per acre. This reinforces a simple point: McDonald’s will pay rent based on store-level economics, not just comparable land values.

For McDonald’s ground lease owners, the market remains highly liquid. The key is pricing the asset in line with closed sales, not just active listings. Done correctly, 2026 may still be a strong window for owners considering a sale.

Whether you're considering selling an existing McDonald's ground lease or evaluating a new development opportunity, understanding today's buyer demand, cap rates, and valuation trends can make a significant difference. Before you sell—or sign a new McDonald's ground lease—know what the market is really paying.

Contact us for a confidential discussion about your McDonald's opportunity.

Stephen Long, Senior Investment Analyst

Jonathan Aceves, Vice President, CCIM, MBA