Sell Your Hardee’s Property

Considering selling your Hardee’s property? NNN Realty advises owners on net lease investment sales nationwide. This page explains how buyers evaluate Hardee’s leases, what drives value for the brand right now, and what to expect from valuation through closing.

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The Hardee’s Market at a Glance

Short Answer

Most Hardee’s restaurants are franchised, and many net lease properties come from franchisee sale-leasebacks on absolute NNN terms, so value depends on who signed and guarantees the lease and how sales compare with rent. With shorter remaining terms common, buyers also weigh the land and drive-thru corner, which support value if the tenant leaves. A rare corporate guarantee or a strong multi-unit operator can make a meaningful difference.

Typical cap rate
7.5% to 9%
Typical sale price
$850K to $1.25M
Typical term left at sale
5 to 10 years
Typical lease type
NNN

Approximate ranges from NNN Realty’s tracking of Hardee’s listings and reported sales, with data as of October 6, 2026. They are a starting point, not an appraisal or a quote of current pricing: your property’s value depends on its lease, location and condition.

How to Sell Your Hardee’s Property

Selling a Hardee’s property calls for a clear case on the operator, the store and the site, because buyers have become more selective after recent franchisee bankruptcies. We manage pricing, marketing, negotiation and closing for owners.

  1. Property Review & Valuation

    We review the lease, guaranty and any assignments to confirm the tenant entity and guarantor, remaining term, rent schedule and options. We gather store sales and operator financials where available, confirm the restaurant is open and current on rent, and assess the lot size, access and alternative uses, then compare the property with recent Hardee’s and similar drive-thru sales to recommend a price.

  2. Market Positioning & Buyer Targeting

    Hardee’s properties typically attract private investors and 1031 exchange buyers seeking higher current yields, along with local buyers and developers who see value in the land. Our offering memorandum presents the operator, the lease terms and the site’s fallback value with professional and aerial photography, and we reach out to buyers whose criteria match.

  3. Offers, Buyer Qualification & Negotiations

    We weigh price alongside financing or proof of funds, closing record, exchange timing and the buyer’s requests for operator information. We negotiate a non-binding Letter of Intent (LOI) on the key terms and then a Purchase and Sale Agreement (PSA).

  4. Due Diligence & Closing

    After the PSA is executed, the buyer generally has about 30–45 days of due diligence to review the lease, guaranty, title, survey, environmental reports and the building. The buyer can usually terminate during this period and recover its earnest money.

    We coordinate documents, the site visit and communication with attorneys, the title company and any lender, and we request a tenant estoppel confirming the lease is in effect and rent is current. Depending on the PSA, the deposit may become nonrefundable after due diligence, subject to contract exceptions, and closing commonly follows within 15–30 days. Timelines vary by transaction.

What Is My Hardee’s Property Worth?

A Hardee’s property is valued on its net operating income (NOI) and the capitalization rate (cap rate) buyers are willing to accept. Not every Hardee’s property trades at the same cap rate. The guarantor, store sales compared with rent, the remaining term and the land’s value on its own all shape what buyers will pay.

How Cap Rates Affect Your Property’s Value

A cap rate represents the relationship between a property’s annual net operating income and its purchase price. Generally, a lower cap rate results in a higher property value, while a higher cap rate results in a lower value.

Example: $84,000 annual NOI at 8.25% cap rate = approximately $1,018,182 estimated property value.

Property Value = Annual NOI ÷ Cap Rate

Cap rate calculator

8.25%

Estimated property value$1,018,182

Illustrative calculation only. Actual sale prices depend on property characteristics and market conditions.

Factors That Influence Hardee’s Property Values

  • Franchisee Strength & Lease Guarantee

    Most leases rely on a franchisee, and buyers look closely at the operator’s size, finances and recent history. A strong multi-unit operator, or one of the few leases with a corporate guarantee, can support noticeably better pricing.

  • Store Sales & Rent-to-Sales

    A restaurant whose sales comfortably cover its rent is less likely to close. Buyers usually ask for sales figures, and a healthy ratio is one of the clearest ways to support value.

  • Remaining Lease Term

    Many Hardee’s properties sell with shorter terms remaining, which gives buyers fewer guaranteed years of income. As expiration nears, pricing leans more on the store’s performance and the site.

  • Land & Drive-Thru Reuse Value

    A well-located drive-thru lot can often be leased to another restaurant brand if Hardee’s leaves. That reuse value sets a floor under pricing, especially when little term remains.

  • Rent Increases & Lease Structure

    Many sale-leaseback leases are absolute NNN with increases such as 10% every five years. Upcoming increases add value, while any landlord duties reduce net income.

Hardee’s as a Tenant

Hardee’s is a quick service burger brand run by CKE Restaurants, which is owned by Roark Capital and also operates Carl’s Jr. Most Hardee’s restaurants are franchised, so the lease is usually signed by a franchise entity, and only some leases carry a corporate guarantee. The tenant entity and any guarantee should be confirmed from your lease.

According to its franchise disclosure document, Hardee’s had 1,485 locations as of January 26, 2026, about 200 of them corporate, down from 1,754 at the start of fiscal 2023. Franchisee ARC Burger closed its 77 Hardee’s restaurants in December 2025 and filed for Chapter 7 in April 2026, and Superior Star, which operated 59 Hardee’s, filed for Chapter 11 in July 2026. Buyers still pursue open, well-run stores with solid sales, but they expect operator and sales detail.

Parent company
CKE Restaurants (private, owned by Roark Capital)
Restaurants
1,485 as of January 26, 2026, about 200 corporate (franchise disclosure document)
Credit rating
Privately held; no public credit rating. Most leases depend on the franchisee’s finances
Common lease terms
Often a 15 to 20-year absolute NNN sale-leaseback with 10% increases every five years. Confirm the tenant, guarantor and landlord duties in your lease.
Typical building
About 3,000 to 3,800 square feet on 0.8 to 1.5 acres with a drive-thru

Company facts checked October 20, 2026. Sources:

What Is Your Hardee’s Property Worth?

Considering selling your Hardee’s property? NNN Realty can estimate its market value by reviewing the lease and guaranty, store performance where available, the land’s reuse value, recent comparable sales, and current buyer demand.

Whether you want to sell soon or understand your options first, we can give you a clear, informed assessment.

Request a Property Valuation

NNN Realty is not affiliated with Hardee's Restaurants LLC. Market ranges are approximate, based on listings and sales tracked through October 6, 2026, and the calculator is illustrative. Nothing here is tax, legal or investment advice.