Penn Station, Inc. vs BURGER 21
Compare franchise fees, investment range, royalties, SBA lending performance, unit growth, and Item 19 transparency with a permanent shareable URL.
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Penn Station, Inc.
QSR
Investment
$474K to $765K
Franchise fee
$25,000
Item 19 status
Full Disclosure
Units
322
BURGER 21
QSR
Investment
$413K to $1.1M
Franchise fee
$40,000
Item 19 status
Revenue Only
Units
5
Lower entry cost
Leans right
Based on minimum initial investment.
Better disclosed economics
Even
Uses Item 19 availability and transparency status.
Lower SBA default risk
Leans left
Treat low-loan brands carefully, sample size matters.
| Metric | Penn Station, Inc. | BURGER 21 |
|---|---|---|
Franchise Fee | $25,000 | $40,000 |
Min Investment | $474K | $413K |
Max Investment | $765K | $1.1M |
Royalty Rate | 8.0% | 5.0% |
Ad Fund Rate | 2.0% | 1.0% |
Total Ongoing Burden Royalty plus ad fund when available. | 10.0% | 6.0% |
Median Revenue (Item 19) | $771K | $1.3M |
Cash-on-Cash Return Estimated when revenue and margin assumptions are available. | 3.7% | 12.6% |
Payback Period | 26.8 yrs | 7.9 yrs |
Revenue per Dollar Invested | 1.25x | 1.80x |
Franchised Units | 322 | 5 |
1-Year Net Unit Change | -1 | -13 |
Net Unit Growth Rate | -0.3% | -72.2% |
Net Closure Rate Net closure proxy based on disclosed unit change. | 0.3% | 72.2% |
SBA Default Rate | 0.0% | 33.3% |
SBA Loan Count Use this to judge whether SBA default data is statistically meaningful. | 14 | 16 |
Average SBA Loan Size | $427K | $587K |
Item 19 Status | Full Disclosure | Revenue Only |
Has Item 19 | ✓ Yes | ✓ Yes |
Data Quality Score | 100 | 98 |
What stands out
- • Penn Station, Inc. opens at $474K to $765K, while BURGER 21 ranges from $413K to $1.1M.
- • Penn Station, Inc. shows an Item 19 disclosure; BURGER 21 shows an Item 19 disclosure.
- • Penn Station, Inc. has 322 franchised units versus 5 for BURGER 21.
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Last updated: April 2026