Pricing Intelligence Report

MARCH 2026

This report tracks QSR net lease inventory across the Intermountain West and highlights current pricing, lease terms, and income concentration.

Executive Overview:

March pricing data shows the Intermountain West QSR market is still rewarding platform strength over lease term alone.

Single-tenant cap rates held firm at the top of the stack, with Tier 1 at 5.15% and Tier 3 moving out to 6.00%, widening the spread to roughly 85 basis points despite longer leases for smaller operators.

In the multi-tenant space, median asking cap rates stayed flat at 6.00%, but WALT fell to 7.9 years as median NOI from QSR rose to 46.6%.

SINGLE-TENANT NET LEASE (STNL)

Summary: Cap rates remained most aggressive for larger platforms, with Tier 1 holding at 5.15% while Tier 3 expanded to 6.00%—an ~85 basis point spread despite longer lease term profiles among smaller operators.

MULTI-TENANT RETAIL (MTR)

Summary: Median asking cap rates held at 6.00%, while median WALT declined to 7.9 years and median NOI from QSR increased to 46.6%.

Curious how your asset would be priced in this environment?

Call or text me at 801.209.7097, or reply to this email.