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 is a quick service restaurant specializing in chicken fingers.

Raising Cane’s is an interesting and attractive asset for net lease investors. According to QSR Magazine, in 2019 Raising Cane’s had the 3rd highest Average Sales per Unit among the top 50 fast food chains, at over $3m Average Sales per Unit. Cane’s has been growing at a rapid pace, named Nation’s Restaurant News fastest-growing US chain in 2017. This expansion means the guarantee behind the leases are getting stronger. The leases Cane’s tends to sign relieve investors of any landlord responsibilities and have rental increases throughout the base term. This leaves the investor with a hassle-free investment with a built-in hedge against inflation.

Raising Cane’s was founded by Todd Graves in 1996 in Baton Rouge, LA. Today, they have expanded to over 505 locations in 28 states, Bahrain, Kuwait, Lebanon, Saudi Arabia, and the UAE with more under construction. Cane’s menu is very narrow, serving only chicken fingers. The idea of a single focus restaurant made it difficult to get a loan. Graves took jobs as a boilermaker in the L.A. refinery and fisherman with Sockeye Salmon in Alaska to raise money for the first restaurant. Once the doors opened, the concept became popular and the chain was born.

Average Cap Rate
12 mo avg with 10+ yr lease term
Average Property & Lease
Average Sale Price $5,443,698
NOI $227,462
$/Square Foot $1,555 - $2,177
Building SF 2,500 - 3,500
Lot Size 1.00 Acre
Lease Term 15 - 20 Years
Escalations 5 - 10% Every 5 Years
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect last 12 mos, short and long-term
Recent Sales Comps
Aurora, CO 4.00%
Boynton Beach, FL 4.04%
Maplewood, MN 4.24%
Kearney, NE 5.25%