Lee's Sandwiches
Food & Beverage · Quick-Service Restaurants
- Active units
- 48
- Royalty
- 6.9%
Franchised, year-end 2023
of weekly Net Sales
About Lee's Sandwiches
Lee's Sandwiches is a beloved brand known for its authentic Vietnamese banh mi sandwiches and Euro-style sandwiches. With a rich history rooted in family, tradition, and hard work, Lee's Sandwiches has become a staple in the food industry. It all started when founder Chieu Le settled in San Jose in 1980 and began working on a catering truck. Recognizing the need for a central location for catering trucks, Chieu and his brother Henry Le established Lee Bros. Foodservices, Inc in 1982. In 1983, Chieu's parents opened the first permanent location of Lee's Sandwiches, serving delicious banh mi to students and residents in San Jose. Today, Lee's Sandwiches offers a diverse menu including Asian sandwiches, Euro sandwiches, freshly baked baguettes, croissants, and an extensive line of drinks including their famous Lee's Coffee. With over sixty locations across the country, Lee's Sandwiches continues to expand and provide a unique dining experience for everyone. Join their email list to stay updated on news, promotions, and more. Come and experience the taste of tradition and quality at Lee's Sandwiches.
Key terms
- Franchise fee
$60k
- Area Developer discount
Initial franchise fee reduced to 60000 (Baguette Factory Production Unit), 48000 (Production Unit), 40000 (Non-Production Unit) under a Development Agreement
- Brand fund
2.0% of Net Sales
- Local advertising
2.0% of Net Sales
- Footprint
500 – 8,000 sq ft
- Development Fee (Area Development Agreement)
$20k
- Discounted Initial Franchise Fee - Baguette Factory Production Unit (Area Developer)
$60k
- Discounted Initial Franchise Fee - Production Unit (Area Developer)
$48k
- Discounted Initial Franchise Fee - Non-Production Unit (Area Developer)
$40k
- Veteran discount
Not offered
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2024 filing); filings on file: 2024, 2025.
Growth
- Total locations48
Franchised units open at year-end
- New openings3
Gross new units opened during the calendar year
- 1-year unit growth rate4.3%
Net unit growth versus prior year
- 3-year unit CAGR10.9%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio3.0×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)—
Per FDD Item 19 disclosure
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate—
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment$945k
Midpoint of estimated initial investment range
↓ Lower is better - Time to open6 months
Midpoint of average time from agreement to opening
↓ Lower is better - Royalty rate6.9%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
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Sources
Financial and operating figures are sourced from the brand's Franchise Disclosure Documents. Brand percentile rankings are based on comparisons to other brands that include the same metrics in their Franchise Disclosure Documents.