SALT LAKE CITY — Newmark Mountain West, the leading full-service commercial real estate brokerage in the Intermountain Region, releases Intermountain West Single-Tenant Cap Rate Analysis: Fast Food, analyzing how cap rates for fast food net-lease assets have changed since 2019 across state lines, between competing brands, and at different points in a lease term, while also examining foot traffic, retailer earnings, and the 10-year Treasury yield. Key highlights include:
- Average cap rates for fast food net-lease assets dipped to their lowest point of the period in 2022 before climbing through 2023 and 2024, then stabilized in the first half of 2026.
- Total same-store visits to fast food locations across the Intermountain West reached 1.5 billion between September 2025 and August 2026, down 1.0% from the prior year.
- The combined fast food listing inventory across the Intermountain West totals 108 listings, totaling $265.8 million in asking price.
- Cap rates compress steadily as remaining lease term lengthens.
“What makes fast food different is who is buying. Deal sizes of $1 million to $3 million mean many buyers pay cash, so pricing follows investor conviction rather than the cost of debt,” stated Saundra Fife, Director of Operations for Newmark Mountain West. “Even as the Treasury climbed, cap rates held near the baseline, a sign that dependable, corporate-backed income still draws capital.”
About Newmark Mountain West
Newmark Mountain West, an independently owned and operated member of the Newmark Licensee Group, delivers a comprehensive suite of commercial real estate services across Utah, Idaho, Nevada, Wyoming and Montana. With nearly 200 professionals in ten offices, the firm leverages Newmark’s (Nasdaq: NMRK) global platform to power every stage of the property life cycle for occupiers, investors, and developers.