Subway is a privately held American fast food restaurant franchise that primarily sells submarine sandwiches (subs) and salads. Subway is one of the fastest-growing franchises in the world and, as of June 2017, has approximately 45,000 stores located in more than 100 countries. More than half of the stores are located in the United States. It is the largest single-brand restaurant chain and the largest restaurant operator in the world. As of 2017, the Subway Group of companies is organized as follows. Subway IP Inc. is the owner of the intellectual property for the restaurant system. Franchise World Headquarters, LLC leads franchising operations.

FWH Technologies, LLC owns and licenses Subway’s point of sale software. Franchisors include Doctor’s Associates Inc. in the U.S.; Subway International B.V.; Subway Franchise Systems of Canada, Ltd.; etc. Advertising affiliates include Subway Franchisee Advertising Fund Trust, Ltd.; Subway Franchisee Advertising Fund Trust, B.V.; Subway Franchisee Canadian Advertising Trust; etc. Subway’s international headquarters are in Milford, Connecticut, with five regional centers supporting the company’s international operations. The regional offices for European franchises are located in Amsterdam (Netherlands); the Australian and New Zealand locations are supported from Brisbane (Australia); the Asian locations are supported from offices in Beirut (Lebanon) and Singapore; and the Latin American support center is in Miami.

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  • Established brand
  • Typically located in high traffic locations
  • Typically Long term leases with increases


  • Perceived downward trend in quality
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 11

Price: $364,410 - $434,020Average: $409,455

PPSF: $230 - $300Average: $259

Year Built: 1858 - 2015Average: 1980

CAP Rate Range: 5.56% - 6.96%Average: 6.62%

Size range: 860 sq ft - 4,392 sq ft Average: 2,025 sq ft

Last 12 Month Range:

# of Properties in set: 4

Price: $750,550 - $886,290Average: $798,460

PPSF: $455 - $593Average: $512

Year Built: 1981 - 2015Average: 2002

CAP Rate Range: 6.93% - 8.18%Average: 7.37%

Size range: 1,344 sq ft - 4,392 sq ft Average: 2,214 sq ft

Subway Company Profile

Headquarters Information

Milford, Connecticut

Founded in 1965

Company type: Private

Sector: Services

Industry: Restaurants

# of Employees: 150,000

S&P Rating: N/R
S&P Rating: N/R
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