Off the top of my head: approximately $1 million for land, $1 million for building, $1 million for working capital of which only about $30~50k is COGS.  Some of the working capital is machines and other improvements; more than you would expect is salaries for employees for the first few months.<p>(n.b. Some of this is fronted by McDonalds, some by the franchisee.  McDonalds has an interesting model where they insist on the franchisee being a tenant of theirs, at least domestically -- this turns them into one of the largest commercial real estate options in the world.)