First Watch NNN Properties for Sale (1 Listing)
1 active listing · Updated October 21, 2026
First Watch is a public daytime cafe company, Nasdaq ticker FWRG, public since 2021. The restaurants serve breakfast, brunch, and lunch and close before dinner. Most are company-operated, which is the point of the credit: you are looking at the parent, not a franchisee who owns four stores.
First Watch company leases get framed by buyers near 5.25 percent and sometimes into the low 6s. Quick Facts records the First Watch frame as shorthand, not as a sales survey this site stands behind. The current book is at properties for sale.
Quick Facts
- Typical cap range
- 5.25–6.25%
- Lease type
- NN on many restaurants — landlord often keeps roof and structure
- Typical term
- Commonly 10 yr, plus options
- Credit
- Public — First Watch Restaurant Group, Inc. (NASDAQ: FWRG)
- Guarantee
- Company affiliate — confirm; this banner is mostly company-run
First Watch Listings
Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.
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Lease habits
Many First Watch leases are nearer to NN than to absolute net. Landlords often keep roof and structure, sometimes with a warranty assigned at sale. A short remaining primary term is common on second-generation restaurants that already exercised one renewal. Count only the firm expiration. An option the tenant has not exercised is a hope with a deadline.
Sales daypart
Because the dining room goes dark in the evening, sales are concentrated. That can be a strength in a breakfast trade area and a weakness on a pad that needs dinner volume to justify the rent. Ask where this restaurant sits versus the company's own average unit volume. You will not always get the number. Price the missing number.
Comps that are not the same meal
Chipotle is the corporate-growth restaurant buyers cross-shop, usually with a longer new-build term and a drive-thru or pickup focus. Starbucks is the other daytime traffic generator, on a smaller building and a different credit. First Watch should not be priced like either one without adjusting for roof duty, daypart, and term. The QSR hub is the wider set: quick-service listings.
Florida weight
The brand's restaurant map is heavy in Florida and has spread through the Sunbelt and Midwest. Texas, Ohio, Georgia, and North Carolina are fair places to look. A Fort Myers cafe is a local trade-area question: households, breakfast competition, and whether the roof warranty actually transfers to you.
First Watch NNN FAQs
Is First Watch a public company?
Yes. First Watch Restaurant Group, Inc. trades on Nasdaq as FWRG and has been public since 2021. The restaurants are mostly company-operated daytime cafes, open for breakfast, brunch, and lunch and dark at dinner. That operating model is the credit story. A franchise exception, if you ever see one, should be priced on its own guarantor.
Why does a daytime-only restaurant still work as a lease?
The chain chose a daypart with repeat breakfast traffic and a simpler labor day than a dinner house. You do not get a dinner sales cushion. You also do not underwrite a bar. Rent coverage should be judged on brunch volume and the occupancy cost as a share of sales. Ask for that ratio. A pretty cap rate on an over-rented cafe is how these deals disappoint.
What is commonly reported for cap rates?
First Watch company paper with a decent remainder is the tight daytime-cafe conversation, while a short First Watch primary term or a landlord roof should be wider. Daytime-cafe buyers have been framing First Watch near 5.25 percent and up into the low 6s. Quick Facts figures are that First Watch frame. They are not certified comps.
Is the building a drive-thru pad?
Usually not. First Watch occupies inline or freestanding cafe space with a patio, not a double-lane drive-thru. If the tenant leaves, the next user is another sit-down restaurant, a medical user, or a retailer who can live with the patio. Do not underwrite it as if Chick-fil-A will take the stall stack. There often is no stall stack.
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