Steak n Shake

Steak ‘n Shake is an American casual restaurant chain located primarily in the Midwestern and Southern United States with locations also in the Mid-Atlantic and Western United States, Europe, and the Middle East. Steak ‘n Shake Operations, Inc. is headquartered in Indianapolis, Indiana. There are 544 locations, of which 417 are company-operated and 127 are franchised. Typical restaurant locations have sit-down, drive-thru and front-window service, resulting in a hybrid of fast-food to-go service and diner-style sit-down service. Many Steak ‘n Shake restaurants are open 24 hours a day, seven days per week.

The menu features primarily hamburgers and hand-dipped milkshakes, though other entrees, side items, and drinks are also available. There is no steak on the menu. The corporation’s slogan “Famous for Steakburgers” refers to its most prominent food item, the “Steakburger”, so called because it was originally made from a mixture that included T-bone, sirloin, and round steaks.

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Parent Company: Biglari Holdings
Store Count: 544
S&P Rating: N/R
Moody Rating: N/R


  • Generally located in areas with strong demographics
  • Strong Financial Backing
  • Typically Long term leases with increases


  • Currently Not Rated
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 8

Price: $1,581,140 - $1,764,210Average: $1,664,353

PPSF: $370 - $480Average: $413

Year Built: 1982 - 2012Average: 1996

CAP Rate Range: 5.61% - 6.79%Average: 5.91%

Size range: 3,512 sq ft - 5,901 sq ft Average: 4,324 sq ft

Last 12 Month Range:

# of Properties in set: 8

Price: $937,350 - $1,253,430Average: $1,089,936

PPSF: $211 - $271Average: $240

Year Built: 1972 - 2013Average: 1995

CAP Rate Range: 5.86% - 6.92%Average: 6.23%

Size range: 2,680 sq ft - 5,300 sq ft Average: 4,127 sq ft

Steak n Shake Company Profile

Headquarters Information

Indianapolis, Indiana

Founded in 1934

Company type: Public

Parent Company: Biglari Holdings

Sector: Services

Industry: Food

# of Employees: 20,000

S&P Rating: N/R
S&P Rating: N/R
No stock information is available for this tenant.
No news available for this tenant.

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