America’s fast-growing breakfast, brunch and lunch brand, headquartered just down the road from us, and what to check before you buy, from a NNN buyer’s broker with 225+ transactions.
A First Watch NNN property is a freestanding or end-cap daytime café, typically about 3,700 to 4,000 square feet, open for breakfast, brunch and lunch only. New leases are usually corporate NNN leases of 10 to 15 years with 10% rent increases every five years. First Watch Restaurant Group (NASDAQ: FWRG) is headquartered in Bradenton, Florida, minutes from our Lakewood Ranch office.
First Watch is growing fast, with 665 restaurants in 33 states by mid-2026 and 60-plus new openings a year, and about 88% are company-owned, so most leases are corporate. It has no public credit rating. Solid Investments FL knows the brand and the Florida market well and helps buyers find and underwrite First Watch properties nationwide, including on a 1031 exchange. Our buyer representation is always free to you.
| Tenant / guarantor | Usually First Watch corporate; some franchised locations. Confirm the tenant and guarantor on each lease |
|---|---|
| Parent company | First Watch Restaurant Group, Inc. (NASDAQ: FWRG), Bradenton, Florida |
| Credit rating | No public rating |
| Restaurants | 665 in 33 states (586 company-owned, 79 franchised) as of June 2026; about 22% in Florida |
| Recent performance | Revenue up 15% and same-restaurant sales up 3.4% in Q2 2026 |
| Building size | About 3,700–4,000 SF |
| Typical lease term | 10–15 years on new leases, with 5-year options |
| Lease type | NNN, usually fee simple |
| Rent increases | Typically 10% every 5 years |
| Typical cap rate (2026) | About 5.25%–6.0% |
| Typical price range | About $1.5M–$3.5M |
Restaurant counts and sales from First Watch Restaurant Group reports as of Q2 2026. Cap rates and pricing reflect current market conditions and vary by deal.
About 88% of First Watch restaurants are company-owned, but some are franchised. Confirm the lease is signed or guaranteed by First Watch corporate.
First Watch is not rated, so you’re relying on its growth and profitability. Review its latest results and the store’s performance where available.
New leases run 10 to 15 years; a 15-year lease is worth more than a 10-year one. Compare the remaining term carefully when pricing deals.
First Watch closes by mid-afternoon. That limits dinner traffic but keeps costs low. If it ever left, the building would suit many restaurant and retail users; check the rent per square foot against the market.
About a fifth of First Watch restaurants are in Florida. It’s a strong home market, but buyers outside the Southeast should look at how the brand performs locally.
The best First Watch sites sit in affluent suburbs with daytime traffic, good parking and patio seating.
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, near First Watch's Bradenton headquarters, with 225+ NNN transactions. We help investors and 1031 exchange buyers find, underwrite and close First Watch properties nationwide, and our buyer representation is free.
As of 2026, First Watch NNN properties generally trade around 5.25% to 6.0% cap rates. New corporate leases with 15 years of term trade at the lower end.
Usually corporate. About 586 of First Watch's 665 restaurants are company-owned. Always confirm the tenant and guarantor on each lease.
No. First Watch Restaurant Group does not have a public credit rating from S&P or Moody's. Investors rely on its growth, sales and profitability instead.
New First Watch leases typically run 10 to 15 years with five-year renewal options and 10% rent increases every five years.
If you buy it fee simple, yes: you own the building and site improvements, which can be depreciated, and a cost segregation study can accelerate part of that. Confirm with your CPA.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We know the brand and the market. Tell us your budget and timeline; our buyer representation is completely free.
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