Raising Cane’s Tenant Overview


  • NNN leases
  • Rental increases during the primary term
  • Strong locations


  • No credit rating
  • Regional chain
  • Privately held

Tenant Description

Raising Cane's Chicken Fingers stands as a beacon in the QSR (Quick Service Restaurant) industry, specializing in a focused yet wildly popular menu item: chicken fingers. Founded in 1996 by Todd Graves in Baton Rouge, LA, Raising Cane's has demonstrated exceptional growth, expanding to over 749 locations across 37 states in the U.S., as well as international markets including Bahrain, Kuwait, Lebanon, Saudi Arabia, and the UAE. This rapid expansion is indicative of a robust business model and a brand with a strong following, making it an appealing prospect for net lease investors.

In the realm of commercial real estate, particularly within the QSR sector, Raising Cane's emerges as an attractive asset for NNN (Triple Net Lease) investments. According to industry leader QSR Magazine, Raising Cane's boasts the 3rd highest Average Sales per Unit among the top 50 fast food chains, exceeding $3 million. This impressive performance underscores the strength of the brand and the potential reliability of income for net lease investors. Typically, Raising Cane's properties are involved in NNN leases, which offer investors a hassle-free ownership experience. Landlord responsibilities are virtually nonexistent, as the tenant covers most, if not all, of the property's operating expenses, including taxes, insurance, and maintenance. Furthermore, these leases often include provisions for rental increases, providing a built-in hedge against inflation.

The Net Lease market for QSRs like Raising Cane's is characterized by properties with varying square footages, typically ranging from 3,000 to 8,000 square feet, catering to the brand's streamlined operation model. The asking prices for such investments can vary widely based on location, lease terms, and the financial strength of the tenant, but they often reflect yields that are attractive to both institutional and individual investors seeking long-term, stable returns.

Raising Cane's story of perseverance and innovation—from Todd Graves' initial struggles to finance his business idea to the chain's current status as a fast-food powerhouse—resonates with investors and customers alike. With plans for continued expansion in every continental U.S. state, the future looks bright for Raising Cane's. This growth trajectory not only enhances the brand's market presence but also strengthens the guarantees behind its leases, making Raising Cane's a premier candidate for investors interested in the Net Lease and NNN investment space within the QSR industry.

Average Cap Rate
Trailing 12-month average
Average Property & Lease
Average Sale Price $3,539,712
NOI $158,603
$/Square Foot $1,260 - $1,763
Building SF 3,000-8,000
Lot Size 1.00 Acre
Lease Term 15 Years
Escalations 10% Every 5 Years
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect year-over-year comparison
Recent Sales Comps
Sacramento, CA 4.00%
New Lenox, IL 4.75%
Santa Maria, CA 4.60%