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Firehouse Subs

Interested in selling your Firehouse Subs NNN property or Firehouse Subs ground lease property and wondering what you can get for it in today’s changing market?

Contact us for a complimentary broker opinion of value for your off-market Firehouse Subs NNN property for sale or Firehouse Subs ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the necessary clarity to make informed decisions regarding the sale of your Firehouse Subs NNN property or the inclusion of a Firehouse Subs ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Firehouse Subs properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2024, Firehouse Subs operates approximately 1,200+ locations worldwide. The majority of stores are located across the United States, with additional international locations in countries such as Canada, Mexico, and several parts of the Middle East.

Revenue and income

Firehouse Subs is part of Restaurant Brands International (RBI), the parent company of Burger King, Popeyes, and Tim Hortons. While Firehouse Subs’ standalone financials are not fully disclosed, industry estimates suggest the brand generates over $1 billion in annual systemwide sales, supported by strong franchise growth and increasing brand recognition.

Future plans

Firehouse Subs continues to focus on strategic expansion and brand growth, with an emphasis on both domestic and international markets. Key areas of investment include:

  • New franchise development in high-traffic and high-growth markets

  • Menu innovation, including premium hot subs and limited-time offerings

  • Digital ordering, delivery, and loyalty programs

  • Brand integration and operational efficiencies through RBI’s global platform

Corporate vs. franchise

Firehouse Subs primarily operates under a franchise model.

  • Most locations are franchised, owned and operated by independent franchisees

  • A smaller number of stores are corporate-owned

  • This model allows for rapid expansion while maintaining brand standards through franchisor oversight

Additional information – Firehouse Subs

  1. Firehouse Subs was founded in 1994 in Jacksonville, Florida

  2. The brand was founded by former firefighters Chris Sorensen and Robin Sorensen

  3. Firehouse Subs is best known for its hot, steamed subs, premium meats and cheeses, and hearty portions

  4. In 2021, Firehouse Subs was acquired by Restaurant Brands International (RBI)

  5. The company is also recognized for its Firehouse Subs Public Safety Foundation, which supports first responders and public safety organizations

Firehouse Subs History

Firehouse Subs was founded in 1994 in Jacksonville, Florida, by brothers Chris and Robin Sorensen, both former firefighters. Drawing inspiration from their firefighting background, they created a restaurant concept focused on hot, steamed subs, generous portions, and high-quality meats and cheeses—setting the brand apart from traditional cold-sub competitors.

The company grew steadily through a franchise-based model, expanding across the United States and into international markets. Firehouse Subs built a strong reputation for bold flavors, hearty sandwiches, and a distinctive firehouse theme that resonated with customers. A key part of the brand’s identity is its commitment to public safety, reflected in the creation of the Firehouse Subs Public Safety Foundation, which supports first responders and emergency service organizations.

In 2021, Firehouse Subs was acquired by Restaurant Brands International (RBI), accelerating its growth and strengthening its operational capabilities through access to a global restaurant platform. Today, Firehouse Subs is recognized as one of the leading fast-casual sandwich chains in the U.S., known for its brand loyalty, community involvement, and continued expansion.

Why Invest in Ground Lease and NNN Lease of Firehouse Subs?

Investing in Firehouse Subs ground lease or triple net (NNN) lease properties offers attractive benefits due to the brand’s strong franchise system, national recognition, and consistent performance in the fast-casual restaurant sector.

1) Firehouse Subs NNN Property Investment: Stable income

Firehouse Subs locations benefit from strong customer demand, repeat business, and growing off-premise sales. These factors help support reliable rental income under long-term NNN and ground lease structures.

2) Firehouse Subs NNN Property Investment: Established tenant

Founded in 1994 and now backed by Restaurant Brands International (RBI), Firehouse Subs represents a well-capitalized and nationally recognized tenant, reducing credit risk compared to smaller or regional restaurant concepts.

3) Firehouse Subs NNN Property Investment: Low management responsibility

Under NNN and ground lease structures, franchisees or corporate operators are typically responsible for property taxes, insurance, maintenance, and operating costs, allowing investors to enjoy passive ownership with minimal landlord involvement.

4) Firehouse Subs NNN Property Investment: Favorable lease terms

Firehouse Subs NNN leases often feature long initial terms with multiple renewal options and built-in rent escalations, providing predictable cash flow and protection against inflation.

5) Firehouse Subs NNN Property Investment: Real estate value

Firehouse Subs sites are commonly located in high-traffic retail corridors, near grocery-anchored centers, office hubs, or residential areas. These locations support long-term real estate value and enhance the property’s re-leasing potential.

Pros and Cons of Firehouse Subs Ground Lease and NNN Lease Investment

Pros:

  1. Stable income from a nationally recognized fast-casual brand supported by strong customer loyalty and repeat traffic.

  2. Established tenant backed by Restaurant Brands International (RBI), enhancing long-term credit strength and brand stability.

  3. Minimal landlord responsibilities under NNN leases, with tenants typically responsible for taxes, insurance, maintenance, and operating expenses.

  4. Smaller-format buildings in high-traffic retail corridors, often near grocery anchors, offices, and residential neighborhoods, supporting consistent demand.

Cons:

  1. Franchise-level credit risk, as most Firehouse Subs locations are operated by individual franchisees rather than the corporate entity.

  2. Lease renewal or rollover risk at the end of the primary lease term.

  3. Dependence on consumer discretionary spending, which can be affected by economic slowdowns.

  4. Competition within the fast-casual and quick-service restaurant sector, which may impact long-term unit performance.

  5. Broader economic and real estate market risks, including interest rate changes and retail market shifts.

As with any NNN investment, thorough due diligence—focusing on lease structure, franchisee financial strength, unit-level sales, site demographics, and market fundamentals—is critical. Working with experienced real estate and financial professionals can help determine whether a Firehouse Subs property aligns with your long-term investment strategy.

MarketWatch: Firehouse Subs

MarketWatch: Firehouse Subs

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