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Hardee's NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Hardee’s NNN properties Hardee’s ground lease properties Hardee’s investment properties Hardee’s cap rates Hardee’s tenant credit Hardee’s 1031 exchange properties

Last Year Cap

5.7%

This Year Cap

6.3%

Cap Change

0.6%

Last Year Rating

BBB

This Year Rating

BBB

Rating Change

No change

Hardee’s – NNN Cap Rate Trend

Cap Rate Trends

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Tenant Year Cap Rate
5779 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,020 6.5
5780 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,021 6.3
5781 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,022 6.0
5782 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,023 6.3
5783 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,024 6.6
5784 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,025 6.6
Tenant Year Cap Rate
1031 Exchange
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Credit (what net-lease buyers care about)

Credit Snapshot

Hardee’s

Cap Rates NNN
Last Year 5.7%
This Year 6.3%
Change 0.6%
S&P Rating CREDIT
Last Year BBB
This Year BBB
Change No change

Hardee’s Net Lease: Secure, Essential Investment

Hardee’s Net Lease Properties offer investors an opportunity to evaluate quick-service restaurant real estate leased to Hardee’s franchise operators. This guide reviews cap rates, lease terms, tenant credit, and key due diligence considerations for buyers and sellers.

Investors often evaluate Hardee’s properties for:

  • Potential for Stable Rental Income

  • High-Visibility Restaurant Locations

  • Lease Terms and Tenant Financial Strength

  • Potential Compatibility with 1031 Exchanges

Hardee’s Ground Lease Properties require careful comparison of rent escalations, remaining lease term, extension options, landlord responsibilities, and residual land value versus fee simple ownership.

Hardee’s Ground Lease Properties for 1031 Exchange Buyers

Hardee’s Ground Lease Properties may trade differently from fee simple restaurant properties. Buyers should carefully evaluate the lease structure, remaining term, renewal options, landlord responsibilities, franchisee financial strength, and reversion rights to understand long-term risk and return.

Hardee’s – Credit Trend (S&P vs Moody’s)

Tenant_Rating_Trend

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank
1 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2022 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
2 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2023 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
3 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2024 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
4 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2025 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
5 admin2 2025 03:43 PM admin2 2025 03:43 PM 99centsonlystoresllc 99 Cents Only Stores, LLC 2022 Caa2 CCC+ Substantial Risk Substantial Risk 2 2
TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank

Hardee’s Investment Market Statistics

AVERAGE SALE PRICE

$1,751,224

BUILDING SIZE

3,000 – 5,000 SF

AVERAGE NOI

$103,749

LAND

0.6–1.5 acres

$/SF RANGE

$500–$700

LEASE TERM SHOWN

20 years

Hardee’s Investor Snapshot (Quick Facts)

Origins & Growth (Past)

  • Founded in 1960 in Greenville, North Carolina

  • Expanded through franchising and acquisitions

  • Developed a recognizable quick-service restaurant brand

  • Established locations across the United States

  • Known for charbroiled burgers and breakfast offerings

  • Operates under CKE Restaurants Holdings, Inc.

 

Where Hardee’s Stands Today

  • Established quick-service restaurant brand

  • Operates through a network of company-operated and franchised locations

  • Focuses on burgers, breakfast, and other fast-food offerings

  • Restaurant real estate may be leased by franchise operators

  • Site performance depends on location and local demand

  • Tenant creditworthiness varies by the actual lease entity

Where Hardee’s Stands Today

  • Evaluate high-visibility, accessible restaurant locations

  • Review lease term and remaining contractual rent

  • Verify franchisee financial strength and any corporate guarantees

  • Analyze rent escalations and renewal options

  • Assess drive-thru access, traffic, and competing restaurants

  • Compare ground lease and fee simple ownership structures

 

Why investors buy Hardee’s NNN Properties or Hardee’s ground Lease Properties?

Pros (what buyers like)

  • Recognizable Brand
    Established quick-service restaurant chain.

  • Rental Income Potential
    Long-term leases may provide steady income.

  • Prime Locations
    High visibility and drive-thru access.

  • NNN Lease Potential
    May appeal to passive and 1031 exchange investors.

Cons (what can bite you)

  • Franchisee Credit Risk
    Tenant strength varies by operator.

  • Lease Structure Variability
    Landlord responsibilities may differ.

  • Restaurant Business Risk
    Competition can affect performance.

  • Re-Tenanting Challenges
    Specialized layouts may limit reuse.

Find out more

Hardee’s NNN properties Hardee’s ground lease properties Hardee’s investment properties Hardee’s cap rates Hardee’s tenant credit Hardee’s 1031 exchange properties

Hardee’s Background & History

Hardee’s is an American quick-service restaurant brand best known for its charbroiled burgers, breakfast offerings, and fast-food menu. Founded in 1960 in Greenville, North Carolina, the brand expanded across the United States through franchising and acquisitions.

Over time, Hardee’s developed a recognizable restaurant footprint, serving customers through company-operated and franchised locations. The brand operates under CKE Restaurants Holdings, Inc., which also owns Carl’s Jr.

As consumer preferences have shifted toward convenience and digital ordering, Hardee’s has adapted through online ordering, delivery services, drive-thru operations, and menu offerings designed to meet changing customer demands.

Why Hardee’s Matters to NNN Investors

Hardee’s properties offer investors exposure to quick-service restaurant real estate. Investment performance depends on factors such as location quality, lease structure, tenant financial strength, and the restaurant operator’s ability to meet its rental obligations.

Many locations feature drive-thru access, prominent road frontage, and visibility along major commercial corridors. These characteristics may support customer accessibility and future property usability, although performance varies by location.

Because Hardee’s restaurants may be operated by franchisees, investors should distinguish the brand from the actual lease tenant and verify any parent-company or franchise guarantees. Restaurant closures, local competition, and changing consumer preferences can also influence long-term property performance.

What Buyers and Sellers Should Evaluate

For investors evaluating Hardee’s NNN properties, net lease investments, or ground lease opportunities, the investment analysis should focus on property fundamentals and the financial strength of the entity responsible for rent payments. Buyers should assess lease structure, remaining term, rent escalations, renewal options, and landlord responsibilities.

Common investment considerations include Hardee’s property listings, cap rates, lease terms, tenant credit, and restaurant location quality. Ultimately, property value depends on site-specific characteristics, lease economics, and the tenant’s ability to sustain rental payments.

Buyers and sellers should evaluate ingress and egress, visibility, traffic patterns, surrounding population density, nearby competition, drive-thru configuration, and alternative-use potential. Investors should also consider franchisee financial performance, potential restaurant closures, and the property’s suitability for future tenants.

A thorough assessment of these factors helps investors compare Hardee’s net lease properties, evaluate potential cash-flow durability, and make informed acquisition or disposition decisions.

Corporate vs. Franchise | Store Count

Hardee’s operates through a combination of company-operated and franchised restaurants under CKE Restaurants Holdings, Inc., which also owns Carl’s Jr. This business structure is important for net lease investors because the entity operating a restaurant may differ from the entity responsible for paying rent under the lease. Unlike a fully corporate-owned retail network, franchise-operated locations require investors to evaluate the financial strength of the individual franchisee, the terms of the lease, and any guarantees provided by a parent company or other entity. A recognizable restaurant brand does not automatically guarantee rental payments or investment-grade tenant credit.

Hardee’s Financial Snapshot

Hardee’s is an established American quick-service restaurant brand known for its charbroiled burgers, breakfast offerings, and other fast-food products. Its restaurants serve customers through a network of corporate-operated and franchised locations, with individual restaurant performance influenced by local demand, competition, operating costs, and management quality. From a commercial real estate perspective, the financial strength of the actual lease tenant is particularly important. Investors should distinguish the financial performance of the overall brand and its parent company from the financial position of an individual franchise operator. The parent company’s size or brand recognition should not be interpreted as a guarantee of rent unless an enforceable corporate guarantee exists.

Hardee’s Lease Types

Hardee’s net lease properties may be structured as absolute NNN, standard NNN, modified NNN, or ground leases, depending on the property and transaction. Each structure allocates expenses and responsibilities differently between the tenant and landlord, directly affecting net operating income, maintenance exposure, and long-term investment returns. Under a typical NNN lease, the tenant is generally responsible for property taxes, building insurance, and maintenance expenses, subject to the specific lease language.

our team of experts are here for you

Our team helps investors evaluate NNN properties with practical, market-based guidance. In addition, we support buyers and sellers with lease review, pricing analysis, and due diligence strategy.

Whether you are comparing Hardee’s ground lease properties or fee simple Hardee’s assets, we can help you review the details that affect risk and long-term value. As a result, clients can make more confident decisions based on lease structure, location quality, and investment goals.

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