Shake Shack NNN Properties for Sale
Live Shake Shack listings
- Shake Shack — Riverton, UT · Asking $4.70M · 5.00% cap rate
- Shake Shack Michigan, LLC — Livonia, MI · Asking $4.03M · 6.00% cap rate
- Shake Shack — New York, NY · Asking $5.20M · 4.50% cap rate
3 active Shake Shack listings as of October 23, 2026.
Shake Shack market snapshot
| Metric | Value |
|---|---|
| Active listings | 3 |
| Average asking price | $4.64M |
| Median asking price | $4.70M |
| Average asking cap rate | 5.17% |
| Median asking cap rate | 5.00% |
| Median remaining lease term | 10.9 years |
Shake Shack cap rates by band
| Cap rate band | Listings | Average asking price |
|---|---|---|
| Under 5.00% | 1 | $5.20M |
| 5.00% – 5.99% | 1 | $4.70M |
| 6.00% – 6.99% | 1 | $4.03M |
Shake Shack listings by state
| State | Listings | Average cap rate |
|---|---|---|
| Michigan | 1 | 6.00% |
| New York | 1 | 4.50% |
| Utah | 1 | 5.00% |
Shake Shack remaining lease term
| Remaining term | Listings | Average cap rate |
|---|---|---|
| 10 – 14.9 years | 2 | 5.50% |
| 15+ years | 1 | 4.50% |
Buying Shake Shack in a 1031 exchange
In a 1031 exchange, replacement property must be identified within 45 days of selling the relinquished property and the purchase must close within 180 days. A qualified intermediary holds the sale proceeds in between. Speak with your own tax adviser about your situation.
3 of the 3 live Shake Shack listings have 10 or more years of primary lease term remaining (as of October 23, 2026).
Shake Shack due-diligence checklist
- Read the full lease: confirm the firm term, renewal options, rent schedule and every landlord responsibility.
- Confirm who guarantees the lease (corporate, franchisee or personal) and review the guarantor’s financial statements where available.
- Order tenant estoppel and SNDA documents before closing.
- Review the title commitment, survey and zoning report for the parcel.
- Commission a Phase I environmental site assessment.
- Inspect the roof, structure, parking lot and HVAC, and confirm any warranties.
- Verify property tax, insurance and CAM reimbursements against the lease.
- Review store-level sales or rent-to-sales data if the tenant reports it.
Shake Shack net lease FAQ
How many Shake Shack net lease properties are for sale?
Net Lease World shows 3 live Shake Shack listings as of October 23, 2026.
What cap rates are Shake Shack properties listed at?
Live Shake Shack listings with a published cap rate range from 4.50% to 6.00%, with a median of 5.00% (as of October 23, 2026). These are asking cap rates, not closed sales.
What is the typical asking price for a Shake Shack property?
The median asking price across live Shake Shack listings with a published price is $4.70M (as of October 23, 2026).
Which states have the most Shake Shack listings?
Michigan (1), New York (1), Utah (1). Listings appear in 3 states in total (as of October 23, 2026).
How much lease term is left on Shake Shack listings?
The median remaining primary lease term is 10.9 years; 3 listings have 10 or more years remaining (as of October 23, 2026).
Can I buy Shake Shack properties in a 1031 exchange?
Generally yes, if both the property you sell and the one you buy are held for investment or business use. You must identify replacement property within 45 days of your sale and close within 180 days, with a Qualified Intermediary holding the proceeds. Confirm the details with your tax adviser.
What does NNN mean on these listings?
In a triple net (NNN) lease the tenant pays real estate taxes, building insurance and maintenance on top of rent. Some NNN leases still leave the roof, structure or parking lot with the landlord, so read each lease before you buy.
How do I get the offering memorandum?
Open a listing and choose Request OM. A free Net Lease World account is required to receive offering memoranda.