Corporate leases with one of the strongest brands in fast casual, and why new Chipotlane drive-thru stores are among the most sought-after NNN deals.
A Chipotle NNN property is a freestanding fast-casual restaurant, typically about 2,300 to 2,600 square feet, and on most new stores a Chipotlane drive-thru for mobile-order pickup. New leases typically run 15 years with 10% rent increases every five years, and the majority are absolute NNN with zero landlord responsibilities; some are NN. Because Chipotle doesn’t franchise in the U.S., every lease is signed by Chipotle corporate. With more than 4,180 restaurants, more than $13 billion in annual revenue and roughly 300 new stores a year, Chipotle is one of the most sought-after tenants in net lease, at price points of about $2.5 million to $5 million for 1031 exchange buyers.
Solid Investments FL is a NNN buyer’s brokerage with 21+ years in net lease and 225+ transactions, including a Chipotle-anchored retail center in Orlando, Florida. See it in our track record. Our buyer representation is always free to you.
| Tenant | Chipotle Mexican Grill (NYSE: CMG) corporate; Chipotle doesn’t franchise in the U.S. |
|---|---|
| Headquarters | Newport Beach, California |
| Credit | No public credit rating; a large, profitable public company with a strong balance sheet |
| Restaurants | 4,180+ company-owned restaurants (mid-2026), plus a small number of international partner locations |
| Typical lease term | 15 years with multiple 5-year options |
| Lease type | Majority of new leases absolute NNN; some NN |
| Rent increases | Typically 10% every 5 years |
| Typical cap rate (2026) | About 4.5%–5.5% |
| Typical price range | About $2.5M–$5M |
| Typical building | About 2,300–2,600 SF; most new stores include a Chipotlane |
Restaurant counts as of mid-2026 (Chipotle Q2 2026 report). Cap rates and pricing reflect current market conditions and vary by deal.
Chipotle doesn’t franchise in the U.S., so every lease is corporate. There’s no operator risk to underwrite, which is a big reason Chipotle trades at premium pricing.
Most new Chipotle leases are absolute NNN, but some are NN with landlord roof, structure or parking lot responsibilities. Read the lease and price the difference.
Most new stores include a Chipotlane, a drive-thru lane for digital order pickup. Chipotlane stores tend to be higher volume and are the most sought-after Chipotle deals.
Chipotle has no public credit rating, but it is a large, consistently profitable public company. Investors underwrite its size, growth and brand strength.
New leases typically include 10% increases every five years. Check the next bump and how many options remain.
Chipotles sit on busy retail corridors and outparcels. A small, modern drive-thru building on a good pad is easy to re-lease to another restaurant if ever needed.
Many new Chipotle build-to-suits sell fee simple, so you own the building and site improvements, and they are depreciable. The building itself is depreciated over 39 years, which can shelter much of your rental income. A cost segregation study goes further: it separates out parts of the property that can be written off much faster, and under current law that portion qualifies for 100% first-year (bonus) depreciation. With a ground lease you own only the land, which is not depreciable.
A new fee-simple Chipotle gives you the building and site improvements, including the Chipotlane, often over half of the purchase price.
The Chipotlane, parking lot, paving, site lighting, signage, landscaping and certain interior finishes typically qualify as 5-, 7- or 15-year property instead of 39-year building.
A cost segregation study is a modest one-time cost. Your CPA can estimate the first-year benefit on a specific store before you commit, based on your purchase price and tax situation.
1031 exchange buyers: how much of your basis is eligible depends on how your exchange is structured. Depreciation recapture applies when you sell, passive-activity rules can limit who benefits, and state conformity varies. This is general information, not tax advice — confirm with your CPA and a cost segregation specialist before you buy.
We’ve represented buyers on Chipotle-anchored retail, including this center in Orlando, Florida:
Retail / Multi-Tenant
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 21+ years in net lease and 225+ transactions. We help investors and 1031 exchange buyers find, underwrite and close Chipotle properties nationwide, and our buyer representation is free.
As of 2026, new Chipotle NNN properties generally trade between about 4.5% and 5.5% cap rates. New Chipotlane stores on absolute NNN leases trade at the lower end, while NN leases and properties with fewer years remaining trade higher.
Corporate. Chipotle does not franchise in the U.S., so its leases are signed by Chipotle corporate rather than a franchise operator.
The majority of new Chipotle leases are absolute NNN with no landlord responsibilities, but some are NN, where the landlord covers items like the roof, structure or parking lot. Always confirm which expenses are yours before you buy.
A Chipotlane is a drive-thru lane where customers pick up orders placed in advance through Chipotle's app or website. Most new Chipotle restaurants include one, and Chipotlane stores are among the most sought-after Chipotle NNN properties.
Chipotle does not have a public credit rating from S&P or Moody's. It is a large, consistently profitable public company, and investors rely on its size, growth and brand strength.
Most new Chipotle NNN properties sell for about $2.5 million to $5 million, depending on rent, location and lease terms.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
Tell us your budget and timeline. We’ll show you on- and off-market Chipotle options, and our buyer representation is completely free.
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