Investment Grade Research observes 7,323 single-tenant net lease properties for sale across 50 states and 1,776 tenants as of October 26, 2026, at a median asking cap rate of 6.35%. This page sorts that inventory the way a 1031 exchange buyer shops it: by price band, remaining lease term and state, so you can see what your exchange proceeds can buy before the 45-day identification period closes.
1031 Exchange Properties for Sale by Price Band
An exchange buyer often starts from a number: the price the replacement needs to reach to defer all of the gain on the property they sold. Under Internal Revenue Code Section 1031(b), gain is recognized up to the amount of cash or other property received in the exchange, and Treasury Regulation 1.1031(d)-2 treats debt you are relieved of as money received. That is why the replacement price, not just the cap rate, can shape the shortlist. Confirm your target with your CPA and qualified intermediary; this is general information, not tax advice.
| Asking Price | Listings | Tenants | Median Cap | Median Term Left |
|---|---|---|---|---|
| Under $1 million | 691 | 332 | 7.73% | 4.2 yrs |
| $1 million to $2 million | 1,716 | 473 | 6.75% | 7.4 yrs |
| $2 million to $3 million | 1,626 | 502 | 6.15% | 10.1 yrs |
| $3 million to $5 million | 1,779 | 538 | 6.00% | 11.1 yrs |
| $5 million to $10 million | 1,180 | 445 | 6.25% | 12.4 yrs |
| $10 million and up | 308 | 187 | 6.25% | 11.3 yrs |
7,300 of 7,323 observed listings publish an asking price; listings without one are left out of this table but included in the listing browser. Median term left uses only listings that state a remaining lease term. As of October 26, 2026.
1031 Exchange NNN Properties by Tenant Credit
Tenant credit is the other number that shapes a net lease shortlist. Listings leased to tenants rated A or better ask a median cap rate of 5.25%, BBB tenants ask 6.50%, and tenants rated below investment grade ask 6.25%. Most observed listings are leased to tenants with no verified agency rating, such as franchisees, regional operators and private companies, at a median of 6.45%. The credit tenant ratings table lists each rated tenant.
| Tenant Credit | Listings With a Cap Rate | Tenants | Median Asking Cap | Middle Half of Cap Rates |
|---|---|---|---|---|
| A or better (AAA, AA, A) | 443 | 34 | 5.25% | 5.00% to 6.00% |
| BBB | 1,233 | 34 | 6.50% | 6.00% to 7.25% |
| Below investment grade (BB and lower) | 885 | 39 | 6.25% | 5.65% to 7.50% |
| No verified agency rating | 4,205 | 1,390 | 6.45% | 5.75% to 7.00% |
Credit tier uses the tenant company’s S&P rating, or Moody’s, then Fitch, where S&P does not rate, from the investment grade credit tenant ratings database. The entity that signs or guarantees a given lease can be a subsidiary or franchisee with weaker credit, so confirm the lease obligor. Asking cap rates as published by the offering party, as of October 26, 2026; medians need at least five listings.
Newest Listings With 10 or More Years of Lease Term Left
Remaining lease term matters to exchange buyers who want income that does not hinge on a near-term renewal. The table shows the newest listing from each tenant that states at least 10 years of remaining term. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions. The listing browser below covers all 7,323 observed listings, with state, cap rate, price and term filters.
| Tenant | Location | Asking Price | Cap Rate | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Wawa | Lynchburg, VA | $6,900,000 | 5.00% | 19.3 yrs | 2025 | Absolute NNN | Details |
| Church's Chicken | St. Louis, MO | $2,857,143 | 7.00% | 64.0 yrs | 1973 | NNN | Details |
| IHOP | Olathe, KS | $1,938,400 | 6.50% | 10.0 yrs | 2007 | Absolute NNN | Details |
| Tractor Supply | Harrodsburg, KY | $7,316,535 | 6.35% | 15.0 yrs | 2026 | NN | Details |
| Dollar General | Timbo, AR | $1,286,933 | 6.75% | 10.4 yrs | 2021 | NNN | Details |
| Whistle Express Car Wash | Richlands, NC | $5,716,191 | 7.00% | 17.9 yrs | 2024 | NNN | Details |
| Whistle Express | Washington, NC | $5,373,504 | 7.00% | 16.4 yrs | 2022 | NNN | Details |
| Burger King | Oklahoma City, OK | $2,092,768 | 6.00% | 10.0 yrs | 2016 | NNN | Details |
| Walgreens | Salisbury, NC | $4,645,200 | 7.75% | 10.7 yrs | 2006 | Absolute NNN | Details |
| celina montessori academy | Celina, TX | $7,680,000 | 6.25% | 10.9 yrs | 2022 | NNN | Details |
| Zaxby's | Live Oak, FL | $4,391,000 | 6.10% | 18.4 yrs | 2012 | Absolute NNN | Details |
| Jon Bon Jovi’s – Nashviille | Nashville, TN | $130,000,000 | 4.96% | 20.0 yrs | 2024 | NNN | Details |
| Crash Champions | Albuquerque, NM | $3,473,000 | 6.75% | 10.0 yrs | n/a | NN | Details |
| Murphy USA | Wilson, NC | $3,428,571 | 5.25% | 20.3 yrs | 2026 | Absolute NNN | Details |
| Fifth Third Bank | Clarksville, TN | $2,667,000 | 4.50% | 19.9 yrs | 2026 | Absolute NNN | Details |
| Hawaiian Bros | Springfield, MO | $2,260,800 | 5.75% | 14.9 yrs | 1977 | NNN | Details |
| Take 5 Oil Change | Chesterfield, MO | $1,867,039 | 6.50% | 14.9 yrs | 1996 | Absolute NNN | Details |
| The Learning Experience | Alexandria, VA | $8,258,370 | 6.75% | 20.2 yrs | 2026 | NNN | Details |
| Sheetz | Middletown, OH | $5,110,000 | 5.50% | 15.0 yrs | 2026 | Absolute NNN | Details |
| Grocery Outlet | Riverbank, CA | $7,566,000 | 5.75% | 15.0 yrs | 2026 | Net | Details |
| JPMorgan Chase | Boston, MA | $2,900,000 | 5.00% | 11.5 yrs | 2022 | NNN | Details |
| Starbucks | Charlotte, NC | $3,795,000 | 5.85% | 15.4 yrs | 2026 | NN | Details |
| Pizza Hut | Canadian, TX | $989,520 | 7.50% | 12.5 yrs | 1978 | Absolute NNN | Details |
| Gleaux Car Wash | Tyler, TX | $3,985,000 | 7.25% | 14.2 yrs | n/a | Absolute NNN | Details |
Showing 24 of 1,176 observed listings that state 10 or more years of remaining lease term, the newest from each tenant first. Remaining term is as published by the offering party; confirm it in the lease.
Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and lease term as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
1031 Exchange Properties for Sale by State
Section 1031(h) of the Internal Revenue Code draws its location line between real property in the United States and real property outside it, which are not like-kind to each other. State income tax treatment is set by each state, so each linked state page carries state notes for exchange buyers alongside every observed listing in the state, and your CPA confirms how they apply.
| State | Listings | Median Cap | Median Price |
|---|---|---|---|
| Texas | 915 | 6.25% | $3.14M |
| Florida | 678 | 5.75% | $3.40M |
| California | 444 | 5.75% | $4.00M |
| Illinois | 337 | 6.97% | $2.61M |
| Ohio | 320 | 6.50% | $2.17M |
| Georgia | 314 | 6.28% | $2.63M |
| North Carolina | 288 | 6.33% | $2.60M |
| Michigan | 274 | 6.75% | $1.82M |
| Pennsylvania | 227 | 6.65% | $2.21M |
| Alabama | 211 | 6.50% | $2.20M |
| Tennessee | 209 | 6.25% | $2.80M |
| Indiana | 191 | 6.50% | $2.44M |
| New York | 185 | 6.84% | $2.49M |
| South Carolina | 182 | 6.25% | $2.68M |
| Virginia | 180 | 6.20% | $3.11M |
| Colorado | 162 | 6.09% | $3.08M |
| Arizona | 160 | 6.00% | $3.17M |
| Missouri | 149 | 6.61% | $2.44M |
| Arkansas | 145 | 6.50% | $2.16M |
| Oklahoma | 143 | 6.63% | $2.17M |
| Louisiana | 139 | 7.00% | $1.68M |
| Minnesota | 131 | 7.00% | $3.05M |
| Wisconsin | 127 | 7.00% | $2.15M |
| Kentucky | 124 | 6.50% | $1.94M |
| Washington | 87 | 6.25% | $3.62M |
The 25 states with the most observed listings, of 50 states with any. A linked state has its own page with every listing in the state, tenant and city breakdowns, and state tax notes for exchange buyers.
1031 Exchange Properties by Tenant Category
Each category page carries every observed listing for its tenants nationally, with tenant-level cap rate ranges and links to each tenant’s credit profile.
- Restaurant NNN properties for sale (927 listings)
- QSR NNN properties for sale (819 listings)
- Casual Dining NNN properties for sale (108 listings)
- Pharmacy NNN properties for sale (513 listings)
- Dollar Store NNN properties for sale (798 listings)
- Bank Branch NNN properties for sale (140 listings)
- Auto Parts and Service NNN properties for sale (285 listings)
- Gas Station and C-Store NNN properties for sale (341 listings)
- Grocery and Big Box NNN properties for sale (43 listings)
- Healthcare NNN properties for sale (168 listings)
- Car Wash NNN properties for sale (23 listings)
The Two Deadlines That Decide What You Can Buy
You must identify replacement property within 45 days after the sale of the relinquished property, and receive it by the earlier of 180 days after the sale or the due date, including extensions, of your tax return for the year of the sale (Internal Revenue Code Section 1031(a)(3); Treasury Regulation 1.1031(k)-1(b)(2)). The second limit catches late-year sellers: a calendar-year individual who sells after October 17, 2026 reaches the April 15, 2027 return due date before day 180 unless the return is extended. For a partnership, an LLC taxed as a partnership or an S corporation, the return is due March 15, 2027, so the same thing happens for sales after September 16, 2026. Why a sale after October 17 can end on April 15 explains the fix.
Identification has its own limits: up to three properties of any value, or more properties if their combined value stays within 200 percent of the property you sold, with a narrower exception when you receive at least 95 percent of the value identified before the exchange period ends (Treasury Regulation 1.1031(k)-1(c)(4)). The three identification rules compared walks through each one.
What Makes a Strong 1031 Replacement Property
A replacement property has to close inside your exchange period and hold up for years after it. Start with the tenant and the guarantee: the investment grade credit tenant ratings table shows which tenants carry a rating from S&P, Moody’s or Fitch, and the brand on the building may not be the entity that signs the lease, so confirm the tenant entity and any guarantor in the lease. Then check remaining term, rent increases, landlord responsibilities, and whether the seller can deliver estoppels and lender approvals in time. The 1031 replacement property checklist walks through each item, and the best investment grade NNN tenants for a 1031 exchange covers the credit side.
If the property you are under contract on falls through, the backup matters as much as the first choice. What to do when a 1031 replacement property falls through covers the options, and off-market 1031 replacement property covers inventory that does not reach public listings.
Investment Grade Research publishes this page as part of its investment grade net lease coverage. For the full strategy, from deadlines to estate planning, see the investment grade 1031 exchange guide, and for how credit ratings work, the investment grade guide.
How These Figures Are Calculated
Figures cover single-tenant net lease properties observed for sale across publicly marketed offerings and broker materials, refreshed automatically with each Investment Grade Research update. A listing counts while it is actively marketed; listings marked under contract, pending or closed are excluded, as are listings priced under $150,000. Medians use asking prices, cap rates and remaining lease terms as published by the offering party, so they describe asking terms, not closed sales.
Frequently Asked Questions: 1031 Exchange Properties for Sale
How many 1031 exchange properties are for sale right now?
As of October 26, 2026, 7,323 single-tenant net lease properties are observed for sale across 50 states and 1,776 tenants. Section 1031(a) provides that no gain or loss is recognized when real property held for productive use in a trade or business or for investment is exchanged solely for like-kind real property held for either purpose; real property held primarily for sale is excluded (Internal Revenue Code Section 1031(a)(1) and (a)(2)). Your qualified intermediary and CPA confirm the exchange side.
What cap rates are NNN replacement properties asking?
The median asking cap rate across observed listings is 6.35%, with the middle half between 5.75% and 7.08%. By tenant credit, A rated and better tenants ask a median of 5.25% and BBB tenants 6.50%. These are asking terms published by the offering party, not closed sales, and they vary by tenant credit, remaining term and location.
What is a 1031 exchange NNN property?
A 1031 exchange NNN property is a triple net leased building, usually leased to a single tenant, bought as replacement property in a 1031 exchange. The tenant pays rent plus most or all of the property taxes, insurance and maintenance, so the owner receives income with little day to day management. It qualifies as like-kind real property when held for investment or for use in a trade or business (Internal Revenue Code Section 1031(a)(1)), and it is owned directly, so the buyer controls the asset and claims its depreciation.
Do I need a 1031 exchange NNN broker?
Many exchange buyers use a net lease broker or buyer representative to source property, compare offerings and keep the deal on the 45 and 180 day clock. Investment Grade will find 1031 replacement property for your exchange from listed and off-market inventory, matched to your sale date, price target and credit preferences.
Can I buy more than one replacement property?
Yes. You can identify up to three properties of any value, or more properties whose combined value stays within 200 percent of the property you sold (Treasury Regulation 1.1031(k)-1(c)(4)). Splitting proceeds across two or three net lease properties can spread tenant credit risk; your CPA can confirm how it affects any boot.
What if my replacement property falls through?
After day 45, only property you identified in a signed written notice by then, or property you received within the 45 days, can be treated as like-kind replacement property (Internal Revenue Code Section 1031(a)(3)(A); Treasury Regulation 1.1031(k)-1(c)). For that reason, exchange buyers often discuss naming a backup on the identification list before day 45 with their qualified intermediary.
