A well-known drive-in brand at accessible prices, and how to judge the operator and the site, from a NNN buyer’s broker with 225+ transactions.
A Sonic Drive-In NNN property is a small freestanding restaurant, typically about 1,500 square feet, with a canopy covering about 16 to 24 drive-in stalls, leased on a long-term NNN lease. Sonic is owned by Inspire Brands, the private parent of Arby’s, Dunkin’, Buffalo Wild Wings and Jimmy John’s, which bought Sonic in 2018. Inspire’s parent borrower, IRB Holding Corp., is rated B+ by S&P, and Inspire filed confidentially for an IPO in May 2026.
Sonic ended 2025 with 3,412 restaurants, down 49 from 2024, and most are run by franchisees. Sonic has been selling company stores to franchisees, including 78 to KBP Brands in early 2026, so the lease is usually only as strong as the operator behind it. That makes the operator and the store the heart of any Sonic 1031 exchange. Solid Investments FL has represented a buyer on a corporate Sonic ground lease in Houston, Texas, and our buyer representation is always free to you.
| Tenant | Usually a franchisee operating company, sometimes with a personal guarantee; corporate leases are less common. Confirm the tenant and every guarantor |
|---|---|
| Parent company | Inspire Brands (private); Sonic is based in Oklahoma City, Oklahoma |
| Parent credit | IRB Holding Corp. (Inspire): S&P B+, below investment grade; it backs a lease only if it signs or guarantees it |
| Restaurants | 3,412 at the end of 2025, down 49 from 2024; 292 company-run |
| Recent news | Inspire filed confidentially for an IPO in May 2026; KBP Brands bought 78 company-owned Sonics in early 2026 |
| Building size | Typically about 1,500 SF, with 16–24 covered drive-in stalls |
| Lease type | Absolute NNN; fee-simple and ground-lease deals both trade |
| Rent increases | Varies by lease; check the rent schedule |
| Typical cap rate (2026) | About 6%–6.75%, depending on the operator and the store |
| Typical price range | About $1M–$3.5M |
Restaurant counts and ownership from trade press and company reports as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Most Sonic leases are guaranteed by a franchisee, not Inspire Brands. Read exactly who signs the lease and who guarantees it, including any personal guarantee.
Confirm how many units actually back the lease. Franchisees often hold restaurants in separate subsidiaries, so a large operator’s lease may be guaranteed by an entity with only a few stores.
With Sonic’s store count shrinking, make sure your store is a keeper. Rent at 6%–8% of sales is healthy, below 6% is very strong, and around 10% is close to break-even.
If the store was recently sold from Sonic corporate to a franchisee, check who the tenant is now and whether the guarantee changed.
On a small building, compare the rent per square foot to nearby restaurant rents. Rent at or below market makes the site easier to re-lease.
The canopy-and-stall layout is built for Sonic. Favor corner sites with strong traffic and easy access, where the land holds value for other drive-thru users.
We’ve represented a buyer on a corporate Sonic Drive-In ground lease in Houston, Texas:
Fast Food / QSR
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions, including a corporate Sonic ground lease in Houston, Texas. We help investors and 1031 exchange buyers find, underwrite and close quick-service restaurant properties nationwide, and our buyer representation is free.
As of 2026, Sonic Drive-In NNN properties generally trade around 6% to 6.75% cap rates. Strong operators and long remaining terms trade at the lower end, while smaller operators and shorter terms trade higher.
Then you own the land and the tenant owns the building. The main drawback is that you can't depreciate the building. The upsides: the tenant paid to build the store, so it has a strong vested interest in staying; ground rents are typically at or below market; and in most ground leases the building reverts to the landowner when the tenant vacates or the lease ends (verify it in your lease). That's why ground leases usually trade at lower cap rates.
Usually franchisee. Most Sonic restaurants are run by franchise operators, and Sonic has been selling company stores to franchisees. Always confirm exactly who signs the lease and how many units back the guarantee.
Sonic is owned by Inspire Brands, a private company that also owns Arby's, Dunkin' and Buffalo Wild Wings. Inspire's borrowing entity, IRB Holding Corp., is rated B+ by S&P, below investment grade, and Inspire filed confidentially for an IPO in May 2026. That rating only backs a lease if Inspire signs or guarantees it.
Sonic's count has been shrinking, from 3,546 entering 2023 to 3,412 at the end of 2025. Store-level sales and the strength of the operator are the best protection.
Start with how many restaurants actually back the guarantee, since franchisees often hold stores in separate subsidiaries. Next, compare rent to store sales: rent at 6% to 8% of sales is healthy, below 6% is very strong, and around 10% is close to break-even. Finally, check rent per square foot against the local market.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you vet the operator, the store and the site. Tell us your budget and timeline; our buyer representation is completely free.
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