Dairy Queen


As one of the most well-known quick service restaurant chains around the globe, Dairy Queen (now DQ® for short) has retail operations spanning approximately six thousand locations across the U.S.A. They have further secured real estate in various regional markets. Each store is wholly franchisee owned and operated. For net leasing investors, DQ continues to be a highly desirable opportunity whenever available.

Lowest Cap Rate


Lowest cap rate over past 24 months

Average Cap Rate


12 mo avg with 5+ yr lease term

Average Property & Lease
Average Sale Price $2,000,000 - $3,000,000
Average NOI $100,000 - $150,000
Building SF 2,750
Lease Term 20 Years
Escalations 10% Every 5 Years
Stock Symbol CAPITALCOM:US500




Tenant Description

Known as the American Dairy Queen Corp., Dairy Queen is a subsidiary of Berkshire Hathaway, Inc. and is a considered to be part of the fabric of twentieth century American culture. John F. MCullough and Bradley MCullough, a father and son team had decided to open their first store with Sherb Noble in 1940. Based out of Joliet, Illinois, their unique formula for soft serve ice cream became very popular near the end of World War II.

Prior to 1941, only ten Dairy Queens were in operation and the concept of franchising was not an everyday term. The number of stores approached 1,500 by 1950, and then nearly doubled again by 1955. Known as the DQ® system for short, today there are over six thousand locations across the U.S., and is considered one of the biggest quick service restaurants chains internationally.

  • NNN leasing available
  • Company guaranty NNN leases
  • Locations situated near complementary health services
  • If tenant relocates, leasing again may prove costly
  • Landlord accountability with NN leasing terms
Founded 1940
Headquarters Bloomington, Minnesota
Number of Locations 6,800
Revenue $3.64 B
Company Website https://www.dairyqueen.com
Key Principal Troy Bader

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