Capriotti’s Sandwich ShopFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Capriotti’s Sandwich Shop franchise requires a total initial investment of $422K – $818K, including a $40K franchise fee and an ongoing 6.0% royalty[2]. Per the 2024 FDD, average unit revenue was $843K[2]. SBA 7(a) loans show a 6.3% charge-off rate across 67 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $422K – $818K
- 28th pct Service Resta…
- Avg gross sales
- $843K
- 7th pct Service Resta…
- Royalty
- 6.0%
- 26th pct Service Resta…
- Units
- 154
- 44th pct Service Resta…
- SBA default
- 6.3%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
20% cash-on-cash return (based on EBITDA). Within the 15-30% range most franchise investors consider acceptable.
Bottom line
- Total investment $422K – $818K including a $40K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $843K/year (median $805K), with an estimated 20% cash-on-cash return (based on EBITDA).
- Verdict A (Top Quintile) with a risk score of 45/100. SBA loan charge-off rate of 6.3% across 67 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System growing at 30.9% CAGR over 3 years with 154 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- CAPRIOTTI’S SANDWICH SHOP, INC.
- CEO title
- Chief Executive Officer and Director
- Ashley I. Morris
- CEO experience
- 15 yrs
- Years in role or industry
- Incorporated in
- NV
- HQ
- 6056 S. Durango Drive, Las Vegas, Nevada 89113
- Auditor
- BDO USA, P.C.
- Audited financials
- Franchisor revenue
- $27.4M
- vs $28.2M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
Franchisees operate Capriotti's Sandwich Shop locations, managing day-to-day sandwich preparation, customer service, inventory, and staffing. They handle marketing at the local level, maintain food safety standards, and coordinate with corporate on supply chain and promotional initiatives across a 10-year lease term.
- CEO
- Ashley I. Morris
- Headquarters
- NV
- Founded
- 2007
- FDD year
- 2024
- States available
- 27
FDD Item 7 · 2024 filing · 19 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Feenot refundable | $40K | $40K | |
| Development Services Feenot refundable | $10K | $10K | |
| Architectural/Engineering Fees and Project Managementnot refundable | $15K | $35K | |
| Professional Servicesnot refundable | $2K | $10K | |
| Permits and Licensingnot refundable | $3K | $40K | |
| Rentnot refundable | $4K | $8K | |
| Lease/Utility Security Deposits | $5K | $20K | |
| Leasehold Improvementsnot refundable | $250K | $350K | |
| Furniture, Fixtures, Equipment, and Smallwaresnot refundable | $150K | $210K | |
| Interior Decornot refundable | $4K | $13K | |
| Exterior Signagenot refundable | $8K | $25K | |
| Menu Boardsnot refundable | $1K | $3K | |
| POS Systemnot refundable | $6K | $20K | |
| Trainingnot refundable | $15K | $20K | |
| Opening Inventorynot refundable | $7K | $15K | |
| New Shop Opening Plannot refundable | $30K | $30K | |
| Pre-Opening Mock Operationsnot refundable | $3K | $5K | |
| Insurance (3 Months)not refundable | $2K | $6K | |
| Additional Funds - 3 Monthsnot refundable | $40K | $75K | |
| Total initial investment | $595K | $935K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$84K
10.0% margin
Unlevered ROIC
13%
EBITDA / total invested capital
Payback
7.8 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $422K – $818K
- Better than avg vs category
- Liquid capital req'd
- $30K – $50K
- Better than avg vs category
- Franchise fee
- $40K – $40K
- Better than avg vs category
- Royalty
- 6.0%
- Gross Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.7%
- vs 9–13% typical
- Payback period
- 5.1 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $20K |
| Renewal fee | $10K |
| Inventory (initial) | $7K – $15K |
| Total fee load | 8.7% of rev |
Financial Performance
- Avg gross sales
- $843K
- Per unit, per year
- Median gross sales
- $805K
- Avg ebitda
- $121K
- Reported as EBITDA in FDD Item 19
- Cash-on-cash
- 19.5%
- Based on EBITDA / investment midpoint
- Item 19 type
- ebitda
- Sample size
- 133 units
- vs category median 13 · large
- Range (low → high)
- $312K→$1.7M
- Cohort dispersion (min → max)
- Quartile band
- N/A→$1.2M
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Capriotti’s Sandwich Shop Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 154
- Opened
- 24
- Last reporting year
- Closed
- 15
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 9.7%
- Company-owned
- 10
- Corporate units in the system
- % franchised
- 94%
- vs corporate-owned
- Multi-unit owners
- 5.3%
- Net growth (yr3)
- +6.7%
- Net unit change last year
- 3-yr CAGR
- +30.9%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 5
- Closed (3yr)
- 8
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 3
- Transfer rate
- 2.0%
- Owners selling to other franchisees
- Termination rate
- 0.7%
- Franchisor-initiated terminations
- Ceased ops
- 5.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 28 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Available to sell in · Item 12
- Illinois
- Indiana
- Michigan
- South Dakota
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 67
- Loan volume
- $25.3M
- Median loan
- $350K
- 50th percentile
- Charge-off rate
- 6.3%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 93.8%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 36
- Defaults
- 2
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Capriotti's presents moderate-to-caution risk: thin profit margins relative to investment, unprotected territory enabling cannibalization, sluggish growth, and undisclosed financial performance data limit investor confidence.
Litigation (Item 3)
No litigation required to be disclosed
Largest disclosed settlement: $40,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · BDO USA, P.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 45 / 100 rating
- 01MEDNo Item 19 (Financial Performance Representations) disclosed — cannot verify if $121k average net income is achievable or representative
- 02MINORUnprotected territory creates direct competition risk; new units can open near existing franchisees, cannibalizing sales
- 03MINORSlow unit growth (6.7% YoY) suggests market saturation or franchisee dissatisfaction; only 10 net new units added to 154-unit system
- 04MINORHigh investment range ($422k–$818k) paired with modest average net income ($121k) yields 3–7 year payback period with no margin for underperformance
- 05HIGHNo litigation disclosed, but absence of transparency on disputes or settlement agreements is notable in QSR franchise litigation-prone sector
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 5 days |
| Curable defaultsℹ | 7 |
| Mandatory arbitration | Yes |
| Arbitration location | Las Vegas, Nevada |
| Jury trial waiver | Yes |
| Governing law | Nevada |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 50 hrs
- On-the-job training
- 195 hrs
- Training location
- Las Vegas
- Ongoing training
- Required
- Field support
- 80 hrs/yr
- On-site visits per year
- Time to open
- 12 mo
- From signing to launch
- Site selection
- joint
- Franchisor financing
- Offered
- Item 10
- POS system
- NCR
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: NCR
Item 20 · call current owners
Franchisee Contacts
147 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Capriotti’s Sandwich Shop · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Capriotti’s Sandwich Shop franchise?
The total investment to open a Capriotti’s Sandwich Shop franchise ranges from $422K – $818K, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Capriotti’s Sandwich Shop franchise owners earn?
According to Item 19 of the Capriotti’s Sandwich Shop FDD, the average gross sales per unit is $843K. The median is $805K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Capriotti’s Sandwich Shop's franchise failure rate?
Based on SBA 7(a) loan data, Capriotti’s Sandwich Shop has a charge-off rate of 6.3% across 67 loans, meaning 6.3% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Capriotti’s Sandwich Shop franchise locations are there?
As of their most recent FDD filing, Capriotti’s Sandwich Shop has 154 total units in the United States, including 110 franchised units and 10 company-owned units. 24 new units were opened in the latest reporting year.
Is Capriotti’s Sandwich Shop a good franchise to buy?
FranchiseVerdict rates Capriotti’s Sandwich Shop as a A-grade franchise with a risk score of 45 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.