A Jersey Mike’s franchise cost is $436,176 to $1,162,228 to open one restaurant under the 2026 disclosure document, including $47,250 to $49,250 paid to the franchisor, starting with a mandatory $10,000 development fee.
Key takeaways
- Item 7 of the Jersey Mike’s Franchise Disclosure Document issued April 10, 2026, as amended August 26, 2026 totals $436,176 to $1,162,228 for one shopping-center restaurant, and its 20 printed lines add up to both totals exactly.
- Every buyer now signs an Area Development Agreement, even for a single restaurant: a $10,000 development fee per restaurant, then a $20,000 initial franchise fee per Franchise Agreement (2026 FDD, Item 5).
- The Item 7 floor rose from $181,903 in the Jersey Mike’s FDD issued March 31, 2025 to $436,176; leasehold improvements and equipment account for $179,130 of the $254,273 increase.
- After opening, Item 6 prints a 6.5% royalty plus 1% and 4% fund contributions, 11.5% of Gross Receipts, and software, network and gift card charges currently add $444.35 a month.
- The transfer fee rose from $5,000 to $15,000 per restaurant, and Item 20 counts 218 franchisee-to-franchisee transfers in 2025, up from 77 in 2024.
- The 2026 FDD prints no net worth or liquid capital minimum; the $300,000 and $100,000 figures repeated online do not appear in Items 1 to 23.
Why does every Jersey Mike’s buyer now sign an Area Development Agreement?
Under Item 5 of the 2026 FDD, you sign an Area Development Agreement “regardless of the number of Franchised Restaurants” you plan to open and pay A Sub Above, LLC a non-refundable $10,000 development fee per restaurant. A Franchise Agreement, with its $20,000 initial franchise fee, follows only after the franchisor accepts a signed lease. No part of the development fee is credited toward the franchise fee.
The development fee is fully earned at signing and stays with the franchisor even if you fail training, find no approved site, or never open (Item 5). If you miss the lease deadline in the agreement’s Summary Pages, A Sub Above may terminate the agreement “without refund of the Development Fee” unless it grants a written extension (Item 11). The cover page states the same $47,250 to $49,250 total that the six payments below add up to.
| When you pay | Payment to A Sub Above, LLC | Amount | 2026 FDD item |
|---|---|---|---|
| Signing the Area Development Agreement | Development fee | $10,000 per restaurant | Item 5; Item 7 Note 1 |
| Signing the Franchise Agreement (after lease acceptance) | Initial franchise fee | $20,000 | Item 5 |
| Signing the Franchise Agreement | Grand Opening Advertising | $10,000 | Item 5; Item 6 Note 2 |
| Before opening | POS connection to the private network | $4,500 | Item 5 |
| Before opening | POS license, 1 or 2 registers | $2,000 to $4,000 | Item 5 |
| Before opening | Initial credit card processing software fee | $750 | Item 5 |
| Total paid to the franchisor | $47,250 to $49,250 | Cover page |
Two routes pay less. In fiscal 2025 the franchisor charged a reduced $8,500 initial franchise fee to certain existing franchisees adding restaurants, and managers chosen for the Coach Rod Smith Program may finance the initial franchise fee through Jersey Mike’s Franchise Systems, LLC (JMFS) (Item 5). A buyer of an existing restaurant pays no Grand Opening Advertising fee.
What the agreements grant and require
The development agreement sets a Designated Territory for your site search; each Franchise Agreement then fixes a smaller Designated Area around one restaurant. Item 12 states twice that you will not receive an exclusive territory, and Item 17 starts the 10-year term on the opening date, not the signing date.
| Term | What the 2026 FDD says | Item |
|---|---|---|
| Designated Area | Typically a 0.5 to 1 mile radius from the front door; smaller in dense urban areas, resorts, boardwalks or near natural boundaries | Item 12 |
| Carve-outs inside your area | Online sales, other brands, retail and wholesale channels, and Jersey Mike’s restaurants at Non-Traditional Venues | Item 12 |
| Term | 10 years from the restaurant’s opening date; one renewal term of 10 years | Item 17 |
| Renewal | Notice 6 to 12 months before expiry; $20,000 successor franchise fee; then-current agreement; general release | Items 6 and 17 |
| Owner participation | You, or a Controlling Principal owning at least 10%, supervises the restaurant on premises and full time unless approved otherwise in writing | Item 15 |
Where do the $436,176 to $1,162,228 go?
Item 7 of the 2026 Jersey Mike’s FDD lists 20 expense lines for one restaurant in a retail shopping center of approximately 1,000 to 2,000 square feet. Leasehold improvements ($147,495 to $658,581) and equipment, furniture and small wares ($138,434 to $159,872) make up 65.6% of the low total and 70.4% of the high total. We re-added every line, and both printed totals reconcile exactly.
| Item 7 line | Low | High | Paid to |
|---|---|---|---|
| Development fee | $10,000 | $10,000 | A Sub Above |
| Initial franchise fee | $20,000 | $20,000 | A Sub Above |
| Rent, CAM, taxes, lease and utility deposits (3 months) | $10,579 | $19,848 | Landlord |
| Architectural fees | $8,412 | $29,827 | Approved suppliers |
| Leasehold improvements | $147,495 | $658,581 | Landlord or contractors |
| Equipment, furniture and small wares | $138,434 | $159,872 | Designated and approved suppliers |
| Initial inventory | $13,805 | $25,797 | Designated and approved suppliers |
| Insurance | $4,125 | $21,670 | Insurance company |
| Training travel, lodging and salaries | $14,299 | $27,879 | Transportation, hotels, staff |
| Grand Opening Advertising | $10,000 | $10,000 | A Sub Above |
| Exterior signage | $12,087 | $38,838 | Approved suppliers |
| Interior branding and graphics | $3,507 | $10,419 | Approved suppliers |
| Uniforms, office equipment, TVs, stereo, security | $6,116 | $19,458 | Designated and approved suppliers |
| POS system | $7,500 | $15,000 | Designated suppliers |
| POS connection to private network | $4,500 | $4,500 | A Sub Above |
| POS license fee | $2,000 | $4,000 | A Sub Above |
| Initial credit card processing software fee | $750 | $750 | A Sub Above |
| Professional fees (lawyer, accountant) | $4,577 | $28,234 | Accountant, lawyer |
| Business licenses and permits | $500 | $25,000 | Municipality, state |
| Additional funds, 3 months | $17,490 | $32,555 | Approved suppliers, employees |
| Total as printed | $436,176 | $1,162,228 |
Leasehold improvements and equipment are 65.6% of the $436,176 low total and 70.4% of the $1,162,228 high total. Jersey Mike’s FDD issued April 10, 2026, amended August 26, 2026, Item 7.
The notes to Item 7 say what pushes a restaurant toward either end. Each note below names its own dollar figure or condition.
- Leasehold improvements can fall with a landlord construction allowance and rise with extra HVAC, hood exhaust, grease interceptors or a freestanding building (Note 4).
- The $10,579 rent floor reflects franchisees who received free rent and no deposits where landlords could not offer a tenant improvement allowance (Note 3).
- Highway signage, when required, costs $500 to $7,500 and sits inside the $38,838 signage high (Note 10).
- POS hardware and software run approximately $7,500 per register; most restaurants use 1 or 2 registers, some 3 (Note 13).
- The $17,490 to $32,555 in additional funds covers 3 months and excludes debt service, living expenses and your own salary (Note 14).
- The table excludes international, non-traditional, standalone and drive-thru locations (Note 15).
The three-month window follows the FTC Franchise Rule at 16 CFR 436.5(g), which calls for an initial period of at least three months. The franchisor’s own Jersey Mike’s real estate requirements page asks for 1,200 to 1,800 square feet, 12 parking spaces per 1,000 square feet (15 minimum), a trade area of 45,000 or more people and 25,000 or more vehicles a day on the main road.
What changed from the March 2025 Jersey Mike’s FDD?
The FDD issued March 31, 2025 put the total at $181,903 to $1,413,592 and the amount paid to the franchisor at $42,500 to $44,500. The 2026 document raises the floor by $254,273, lowers the ceiling by $251,364, and replaces an $18,500 standalone franchise fee with a mandatory $10,000 development fee plus a $20,000 franchise fee.
| Line or term | FDD issued March 31, 2025 | FDD issued April 10, 2026 (amended August 26, 2026) |
|---|---|---|
| Area Development Agreement | Optional, 3 to 10 restaurants | Required for every buyer |
| Development fee | $50,000 (3 or 5 units) or $120,000 (10 units) | $10,000 per restaurant |
| Initial franchise fee | $18,500 without an ADA | $20,000 per Franchise Agreement |
| Real estate and construction fee | $5,000 | Not listed |
| Grand Opening Advertising | $12,500, due at lease signing | $10,000, due at Franchise Agreement signing |
| Initial credit card processing software fee | Not listed | $750 |
| Rent, CAM and deposits | $0 to $72,480 | $10,579 to $19,848 |
| Leasehold improvements | $75,172 to $722,422 | $147,495 to $658,581 |
| Equipment, furniture, small wares | $31,627 to $207,546 | $138,434 to $159,872 |
| Training expenses | $1,000 to $68,000 | $14,299 to $27,879 |
| Additional funds, 3 months | $15,000 | $17,490 to $32,555 |
| Total initial investment | $181,903 to $1,413,592 | $436,176 to $1,162,228 |
| Paid to the franchisor | $42,500 to $44,500 | $47,250 to $49,250 |
| Transfer fee | $5,000 | $15,000 per restaurant |
| Franchise term starts | Date the franchisor signs | Restaurant opening date |
The low estimate rose $254,273 and the high estimate fell $251,364 between the March 31, 2025 and April 10, 2026 Jersey Mike’s FDDs, Item 7.
Of the 14 build-out and operating lines printed in both years, 10 show a higher low and a lower high in 2026. The two largest lines explain most of the higher floor: leasehold improvements rose $72,323 and equipment rose $106,807 at the low end, $179,130 together. The 2025 document also refunded $13,500 of the $18,500 fee if no site was approved within five months; the 2026 Item 5 makes the fee non-refundable.
Ownership changed between the two filings. Item 1 of the 2026 FDD says investment funds managed by affiliates of Blackstone Inc. acquired majority ownership of JMFS on January 16, 2025, and Jersey Mike’s Subs Inc. completed an initial public offering of Class A Common Stock on July 31, 2026. The same Item lists SERVPRO, Tropical Smoothie Cafe and 7 BREW franchisors as affiliates. Of 259 franchisors with 2025 to 2026 FDDs, 55 (21.2%) state a private equity or fund owner, according to our private equity franchise ownership study.
Figures older guides still print
We opened four of the highest-ranking Jersey Mike’s cost guides for this keyword in October 2026. Each still reflects the 2024 or earlier offer, and the two that state a $300,000 net worth minimum cite no FDD Item for it. The 2026 figures sit in the right-hand column.
| What a guide states | Guide and date | What the 2026 FDD prints |
|---|---|---|
| Initial franchise fee of $18,500 | Four top-ranking guides, dated 2021 to 2024 or citing the 2024 FDD | $20,000 franchise fee plus $10,000 development fee per restaurant (Item 5) |
| Total investment of $177,943 to $783,233 | A guide published December 2021 | $436,176 to $1,162,228 (Item 7) |
| Total investment of $214,449 to $1,352,580 | A guide published November 2023, modified February 2024 | $436,176 to $1,162,228 (Item 7) |
| Total investment of $203,583 to $1,317,005 | Two guides citing the 2024 FDD | $436,176 to $1,162,228 (Item 7) |
| Grand opening advertising of $12,500 | A guide published December 2021 | $10,000 at Franchise Agreement signing (Item 5) |
| $300,000 net worth and $100,000 liquid capital | Two guides, dated 2021 and 2023 | No minimum printed in Items 1 to 23 |
| POS network connection of $4,000 | A guide citing the 2024 FDD | $4,500 (Items 5 and 7) |
| Ad fees listed as a 1% brand fund only | An FDD summary page citing the 2024 FDD | 1% fund plus 4% National Media Fund (Item 6) |
What does a three-restaurant Jersey Mike’s commitment cost in fees?
Fees paid to A Sub Above for three restaurants total $141,750 to $147,750 under the 2026 FDD, against $122,000 to $128,000 under the March 2025 terms. The worked table multiplies only fees printed in Item 5 by three. It leaves out build-out, rent and equipment, assumes a first-time developer, and ignores the experienced-franchisee discounts both documents describe.
| Fee | 2025 terms (3-unit ADA) | 2026 terms (3 restaurants) | Source |
|---|---|---|---|
| Development fee | $50,000 flat | 3 x $10,000 = $30,000 | Item 5, both FDDs |
| Initial franchise fee | $0 (none due under a 3-unit ADA) | 3 x $20,000 = $60,000 | Item 5, both FDDs |
| Grand Opening Advertising | 3 x $12,500 = $37,500 | 3 x $10,000 = $30,000 | Item 5, both FDDs |
| Real estate and construction fee | 3 x $5,000 = $15,000 | Not charged | Item 5, 2025 FDD |
| POS connection | 3 x $4,500 = $13,500 | 3 x $4,500 = $13,500 | Item 5, both FDDs |
| POS license | 3 x $2,000 to $4,000 = $6,000 to $12,000 | 3 x $2,000 to $4,000 = $6,000 to $12,000 | Item 5, both FDDs |
| Card processing software fee | Not listed | 3 x $750 = $2,250 | Item 5, 2026 FDD |
| Total fees | $122,000 to $128,000 | $141,750 to $147,750 | Our arithmetic |
The 2026 structure front-loads less and spreads more across each lease: $30,000 is due at the development signing, against $50,000 in 2025, but each Franchise Agreement then adds $30,000 in franchise and advertising fees. Across 259 FDDs we reviewed, development fees were non-refundable in 94.4% of agreements, as our area development agreement study shows.
Which Jersey Mike’s fees come out of Gross Receipts after opening?
Item 6 of the 2026 FDD sets a 6.5% royalty, a 1% Corporate Advertising and Development Fund contribution and a 4% National Media Fund contribution, all on weekly Gross Receipts collected by ACH: 11.5% as printed. The two funds can rise to 6% combined on 90 days’ notice, which would make 12.5%. Fixed software, network and gift card charges come on top.
| Fee | Amount as printed | When | Source |
|---|---|---|---|
| Continuing royalty | 6.5% of Gross Receipts | Weekly | Item 6 |
| Corporate Advertising and Development Fund | Currently 1% of Gross Receipts | Weekly | Item 6, Note 3 |
| National Media Fund | 4% of Gross Receipts | Weekly | Item 6, Note 3 |
| Cap on both funds | 6% of Gross Receipts combined | On 90 days’ notice | Item 6, Note 3; Item 11 |
| Software license and support package | Currently $395/month, may increase up to $795/month | Monthly | Items 6 and 8 |
| Secure network fee | $39.85/month | Monthly | Item 6 |
| Gift card program | $9.50/month | Monthly | Items 6 and 8 |
| Teamworx labor software (optional) | $59.99/month | Monthly | Item 6 |
| Online ordering | $0.2921 per transaction and 3.74% of each sale | Monthly | Item 6 |
| Third-party order integration | $0.2921 per transaction | Monthly | Item 6 |
| Delivery through the Company website | $6.00 to $9.00 small order; $29 to $41 large order | As incurred | Item 6 |
| Late fee | Greater of $25 or 5% of the late amount | 5 days after due | Item 6 |
| Relocation | $5,000 plus costs; $5,000 Grand Re-Opening Advertising | On approval | Item 6 |
The required monthly charges add up as follows: $395 + $39.85 + $9.50 = $444.35 a month today, or $844.35 if the software package reaches its $795 ceiling. Gross Receipts include catering, off-site sales and business-interruption insurance proceeds, less sales tax, refunds, discounts and coupons; if sales reports arrive late, the franchisor drafts fees on 110% of the last reported week (Item 6, Note 1).
Fiscal 2025 fund spending is disclosed in Item 11: the National Media Fund went 87.2% to media placement and 12.0% to production, and the Corporate Advertising and Development Fund went 67.6% to production and 31.7% to administration. If the franchise ends early, liquidated damages equal the average monthly royalty and fund contributions over the prior 12 months times the lesser of 36 or the months remaining (Item 6, Note 17).
What must a Jersey Mike’s franchisee buy through the brand’s supply chain?
Item 8 requires Pepsi beverages and the Frito Lay snack line in every Jersey Mike’s, and private-label meats, cheeses, bread, paper products and logo uniforms from required vendors distributed through Sysco Corporation and other distributors. The FDD estimates approved-supplier purchases at about 35% of the cost of establishing a restaurant and about 85% of ongoing purchases and leases.
| Who receives the money | From what | Fiscal 2025 amount | Item |
|---|---|---|---|
| A Sub Above, LLC | Software, licensing and network fees paid by franchisees | $16,163,731 (5.2% of total revenue of $309,842,674) | Item 8 |
| A Sub Above, LLC | Commissions and support fees from suppliers | $19,384,741 | Item 8 |
| JM ’75, LLC (FoodCo), an affiliate | Supplier payments based on franchisee purchases | $139,563,434 | Item 8 |
| Jersey Shore Construction LLC, an affiliate | Graphics packages sold to franchisees | $1,589,227 | Item 8 |
| JMFS | Bookkeeping services | $49,350 | Item 8 |
Item 8 gives the rates behind those payments: FoodCo receives $0.50 to $7.24 per case, $0.12 to $0.30 per pound, $5.00 to $14.35 per gallon, or 10% to 26.25% of the price of certain products, and the franchisor receives about $525 per POS register sold by its approved provider. Across 259 FDDs, the median document restricts 70% of startup and 50% of ongoing purchases, according to our franchise supplier rebates study.
The build-out is also routed: you must use a real estate broker approved by the franchisor to find the site and an approved or designated general contractor to build it, and a contractor or architect not on the approved lists costs $5,000 each to approve (Items 6 and 8). Insurance must include general liability of $1,000,000 per occurrence and $2,000,000 aggregate and employment practices cover of $500,000 from an insurer rated A- or better by A.M. Best (Item 8).
Who lends against a Jersey Mike’s build-out?
A Sub Above, LLC does not lend to new franchisees, except through the Coach Rod Smith Program for managers of existing Jersey Mike’s restaurants nominated by JMFS senior management (Item 10). Outside that program, buyers rely on lenders; Jersey Mike’s is listed on the SBA Franchise Directory under code S0901, and SBA loan data show 269 7(a) loans under that code since fiscal 2020.
| Coach Rod Smith Program term | As printed in Item 10 |
|---|---|
| Who qualifies | Managers of existing Jersey Mike’s restaurants nominated by JMFS senior management; not all nominees are accepted |
| Amount | Up to 100% of development costs, or 80% if JMFS requires a participant contribution of up to 20% |
| Rate and term | Fixed 6% to 10.5%; 5-year term, amortized over 5 or 7 years with a balloon after 5 |
| Repayment start | Earlier of 60 days after opening or the 12 to 24 month anniversary of the note |
| Security | Personal guaranty by principals and their spouses; security interest in restaurant assets |
| Extra payments | Tenant improvement allowances and rent abatement go to JMFS; extra principal of up to 50% of restaurant earnings before interest, taxes, depreciation and amortization on notice |
The SBA Franchise Directory file dated October 15, 2026 lists “Jersey Mike’s Subs; Jersey Mike’s” under code S0901 since October 1, 2017, with a lender note: a lease rider may not be executed when the restaurant’s real estate secures the loan, and the franchisor may not enforce a purchase option on franchisee-owned real estate taken as collateral. SBA states the listing is not an endorsement of the brand. Our SBA Franchise Directory tracker follows the listed brands.
In the SBA 7(a) FOIA loan file as of June 30, 2026, the 269 loans coded S0901 total $138.4 million in gross approvals, with a median of $444,000 and a middle half of $350,000 to $551,500. Borrowers described 181 of them as startups and 13 as changes of ownership. The worked table sets those loan sizes against the Item 7 totals.
| SBA 7(a) loan size, code S0901 | Amount | Item 7 low ($436,176) minus loan | Item 7 high ($1,162,228) minus loan |
|---|---|---|---|
| 25th percentile | $350,000 | $86,176 | $812,228 |
| Median | $444,000 | Loan exceeds the total by $7,824 | $718,228 |
| 75th percentile | $551,500 | Loan exceeds the total by $115,324 | $610,728 |
How long does it take to open a Jersey Mike’s?
Item 11 of the 2026 FDD puts a typical single-restaurant opening about 12 months after signing the Area Development Agreement and about 9 months after signing the Franchise Agreement. Real estate drives the gap: the franchisor answers each site proposal within 15 business days, but a Franchise Agreement cannot be signed until it accepts your lease.
- Receive the FDD at least 14 calendar days before signing or paying anything (16 CFR 436.2(a)).
- Sign the Area Development Agreement and pay the $10,000 development fee per restaurant (Item 5).
- Propose a site found through an approved broker; approval or disapproval follows within 15 business days (Item 11).
- Once the lease is accepted, sign the Franchise Agreement and pay the $20,000 initial franchise fee and $10,000 Grand Opening Advertising (Item 5).
- Complete training: Phases 1 and 3 on the job for at least 8 consecutive weeks, and Phase 2 for 4 days in Manasquan, New Jersey (Item 11).
- Before opening, pay $4,500 for the network connection, $2,000 to $4,000 for the POS license and $750 for card software (Item 5).
- Open about 9 months after the Franchise Agreement and about 12 months after the development agreement, with at least 3 days of on-site help (Item 11).
Three trainees take Phase 1 (180 on-the-job hours), the owner or Controlling Principal takes Phase 2 (22.25 classroom and 5.75 on-the-job hours), and two take Phase 3 (180 on-the-job hours); first-time owners also work another franchisee’s grand opening (Item 11). Training is free, but travel, lodging and wages are yours, which is the $14,299 to $27,879 training line in Item 7. Across 259 FDDs, leased storefronts estimate about 11.8 months to open, according to our time-to-open study.
What do the outlet counts, Item 19 and the new owners show?
Item 20 counts 3,227 Jersey Mike’s restaurants at December 28, 2025: 3,201 franchised and 26 owned by affiliates, including 37 at non-traditional venues. In 2025, 259 franchised restaurants opened (8 of them reclassified from affiliate ownership), 13 ceased operations for other reasons, none were terminated or not renewed, and 218 changed hands between franchisees.
| Item 20 measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Franchised at start of year | 2,361 | 2,647 | 2,955 |
| Franchised opened | 296 | 319 | 259 |
| Terminations and non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 6 | 0 |
| Ceased operations, other reasons | 10 | 5 | 13 |
| Franchised at end of year | 2,647 | 2,955 | 3,201 |
| Transfers between franchisees (Table 2) | 96 | 77 | 218 |
| Affiliate-owned at end of year | 28 | 34 | 26 |
Transfers between franchisees rose from 77 in 2024 to 218 in 2025; 259 franchised restaurants opened and 13 ceased operations in 2025. Jersey Mike’s FDD issued April 10, 2026, Item 20.
The pipeline is large relative to openings: Table 5 lists 563 signed Franchise Agreements for restaurants not yet open and 260 projected franchised openings in 2026. A Sub Above owns no restaurants itself; the “Company-Owned” rows are affiliate units. The jump to 218 transfers matters for resale buyers because the transfer fee is now $15,000, against a $10,000 median fixed fee in 245 FDDs in our franchise transfer fee fact sheet.
Item 19 exists. It reports Unit Volume, a gross sales measure, for 2,606 Traditional Franchised Restaurants open more than 360 days in the period January 1 to December 28, 2025, as an average, median, high and low, and excludes 621 restaurants, 583 of them open fewer than 361 days. It contains no cost, profit or owner pay data; our Item 19 study explains how to read this kind of table.
Item 21 attaches statements audited by Deloitte & Touche LLP for the fiscal year ended December 28, 2025, and Item 8 puts the franchisor’s fiscal 2025 total revenue at $309,842,674. Jersey Mike’s HoldCo guarantees JMFS’s duties under the management agreement, but neither HoldCo nor JMFS guarantees A Sub Above’s obligations under your Franchise Agreement (Item 21).
What should you check before paying the $10,000 development fee?
The development fee is the first non-refundable payment in the 2026 Jersey Mike’s process, and it is earned when you sign. The decision table links eight buyer situations to the FDD clause that decides the cost, so each question can go to the franchisor, a franchise attorney or an SBA lender before the first $10,000 leaves your account.
| If | Then | FDD source |
|---|---|---|
| You plan one restaurant | You still sign an ADA; budget $10,000 + $20,000 + $10,000 at the two signings and confirm the lease deadline in the ADA Summary Pages | Items 5 and 11 |
| You already own a Jersey Mike’s | Ask in writing whether the reduced $8,500 franchise fee charged in fiscal 2025 applies | Item 5 |
| Your site needs hood exhaust, grease interceptors or a freestanding build | Price toward the $658,581 leasehold high; standalone and drive-thru sites sit outside Item 7 | Item 7, Notes 4 and 15 |
| The landlord offers free rent but no improvement allowance | That matches the $10,579 rent floor; the build-out cost stays with you | Item 7, Note 3 |
| You are buying an existing restaurant | Budget the $15,000 transfer fee, training for you and two designees, and ask for that restaurant’s actual records | Items 6 and 19 |
| You will use an SBA 7(a) loan | Give the lender code S0901 and the directory note on lease riders and purchase options | SBA Franchise Directory |
| You will not run the restaurant yourself | A Controlling Principal with at least 10% ownership, or an approved manager, must supervise on premises full time | Item 15 |
| You want a protected area | Expect a 0.5 to 1 mile Designated Area that is not exclusive | Item 12 |
For the fee and investment items every franchise disclosure document shares, our guide to franchise costs maps each one to its place among the 23 disclosure Items. Subway, another sandwich franchisor, files a different fee structure, which our Subway franchise cost breakdown sets out line by line. A consultant can help compare such offers side by side, and it is worth knowing first what a franchise consultant does and how they are paid.
How we compiled this
We read two Jersey Mike’s disclosure documents filed with the Minnesota Department of Commerce CARDS database (issued March 31, 2025, and April 10, 2026 as amended August 26, 2026), re-added both Item 7 tables, and matched the SBA 7(a) FOIA loan file as of June 30, 2026 and the October 15, 2026 SBA Franchise Directory on code S0901. We opened four top-ranking cost guides in October 2026 for the corrections table. We excluded every Item 19 sales figure and any owner income estimate. This page summarizes filed documents and is not legal, financial or investment advice.
Frequently asked questions
Is Jersey Mike's a franchise?
Yes. A Sub Above, LLC offers Jersey Mike’s franchises and has done so since December 2019; JMFS franchised the brand from February 1987. Item 20 of the 2026 FDD counts 3,201 franchised restaurants and 26 affiliate-owned restaurants at December 28, 2025. A Sub Above itself owns no restaurants.
How much is the Jersey Mike's franchise fee?
The 2026 FDD charges a $20,000 initial franchise fee per Franchise Agreement plus a $10,000 development fee per restaurant, because every buyer signs an Area Development Agreement. Both are non-refundable. A $10,000 Grand Opening Advertising fee is due with the Franchise Agreement. The $18,500 figure in older guides is the standalone fee from the March 2025 FDD.
How much does a Jersey Mike's franchise owner make?
This site does not publish earnings figures. Owner income depends on the 11.5% of Gross Receipts paid in royalty and fund fees (Item 6), rent and the $436,176 to $1,162,228 investment (Item 7), and debt service. Item 19 of the current FDD reports gross sales data for 2,606 traditional restaurants; it shows no profit or owner pay.
Does Jersey Mike's require a minimum net worth or liquid capital?
The 2026 FDD prints no net worth or liquid capital minimum in Items 1 to 23. Guides we opened state $300,000 net worth and $100,000 liquid capital without citing an Item. Ask A Sub Above for any financial qualification in writing, and compare it with the $47,250 to $49,250 you pay the franchisor before opening.
Can you buy an existing Jersey Mike's?
Yes. Item 20 counts 218 transfers between franchisees in 2025. The franchisor charges a $15,000 transfer fee per restaurant, and the buyer plus two designees must complete training (Item 6, Note 9). No Grand Opening Advertising fee applies, and Item 19 lets the franchisor give you that restaurant’s actual records.
Does Jersey Mike's offer financing?
Only through the Coach Rod Smith Program, which lends nominated managers of existing Jersey Mike’s restaurants up to 100% of development costs at a fixed 6% to 10.5% over 5 years (Item 10). Other buyers use lenders; the brand is on the SBA Franchise Directory as code S0901, with 269 SBA 7(a) loans since fiscal 2020.
How long does it take to open a Jersey Mike's?
Item 11 of the 2026 FDD estimates about 12 months from the Area Development Agreement and about 9 months from the Franchise Agreement to opening. Site approval takes up to 15 business days per proposal, and Phases 1 and 3 of training run at least 8 consecutive weeks before opening.
Sources
- A Sub Above, LLC, Jersey Mike’s Franchise Disclosure Document, issued April 10, 2026, as amended August 26, 2026, Minnesota CARDS document 37192-202608-03, Items 1, 5 to 8, 10 to 12, 15, 17, 19 to 21. Accessed October 20, 2026.
- A Sub Above, LLC, Jersey Mike’s Franchise Disclosure Document, issued March 31, 2025, Minnesota CARDS document 33254-202503-05, Items 5 to 7, 11, 17. Accessed October 20, 2026.
- 16 CFR 436.2, Obligation to furnish documents, Legal Information Institute. Accessed October 20, 2026.
- 16 CFR 436.5, Disclosure items, Legal Information Institute. Accessed October 20, 2026.
- SBA Franchise Directory, file dated October 15, 2026, U.S. Small Business Administration. Accessed October 26, 2026.
- SBA 7(a) and 504 FOIA loan data, as of June 30, 2026, U.S. Small Business Administration. Accessed October 20, 2026.
- Jersey Mike’s real estate requirements, Jersey Mike’s. Accessed October 20, 2026.