Looking to buy a 7-Eleven NNN property? 149 are observed for sale across 30 states, median asking cap rate 5.15%. View 7-Eleven NNN properties for sale, cap rate bands and the 1031 buyer guide.
Creditworthiness & Financial Strength
7-Eleven, Inc. is part of the Seven & i Holdings Co., Ltd. group. S&P’s long-term issuer rating for 7-Eleven, Inc. is A- and Moody’s is Baa2, both investment grade. Its parent, Seven & i Holdings Co., Ltd., is also rated by S&P and Moody’s (Seven & i investor relations, Bonds and Ratings, as of September 30, 2026). A parent rating supports a lease only if the parent signs or guarantees it, so confirm the tenant and any guarantor in each lease.
7-Eleven, Inc. long-term issuer ratings: S&P A-, Moody’s Baa2. Source: S&P Global Ratings A-, as of September 30, 2026; Moody’s Baa2, as of September 30, 2026. Ratings checked October 8, 2026. Seven & i Holdings investor relations (Bonds and Ratings, as of September 30, 2026) lists ratings for both 7-Eleven, Inc. and Seven & i Holdings. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor named in each lease.
7-Eleven has grown through acquisitions, including its $21 billion purchase of Speedway from Marathon Petroleum, completed May 14, 2021 (Marathon Petroleum Form 8-K), and its purchase of 204 convenience stores in West Texas, New Mexico and Oklahoma from Sunoco LP for approximately $1.0 billion, completed April 16, 2024 (Sunoco LP Form 8-K).
• Credit Ratings: S&P: A- (7-Eleven, Inc., long-term issuer), Moody’s: Baa2 (7-Eleven, Inc., long-term issuer); parent Seven & i Holdings is also rated (Seven & i investor relations, as of September 30, 2026) • Corporate Structure: Part of the Seven & i Holdings Co., Ltd. group; Seven & i is listed on the Tokyo Stock Exchange • Lease Security: Confirm the tenant and any guarantor in each lease • Acquisitions: Speedway ($21 billion, completed 2021); 204 Sunoco LP convenience stores (about $1.0 billion, completed 2024)
Lease Terms & Structure
A triple net (NNN) lease places property taxes, insurance and maintenance on the tenant, which limits the landlord’s management duties. Expense responsibilities, the primary term and renewal options vary by 7-Eleven lease, so confirm them in each lease. Among 7-Eleven listings we track that state a remaining lease term, the average is 10.8 years (36 listings).
Rent schedules vary. 7-Eleven listings we track that disclose a schedule include 10% increases every five years and 7.5% increases every five years; confirm the schedule, including any increases in option periods, in the lease. Fixed increases add rent growth but do not adjust to actual inflation.
• Lease Type: Confirm NNN or absolute NNN terms in each lease • Remaining Lease Term: Average 10.8 years in tracked listings that state one • Rent Escalations: Vary; 10% and 7.5% every 5 years both appear in tracked listings
Store Footprint & Growth Trajectory
7-Eleven, Inc. had 12,712 stores at the end of fiscal 2025 and 12,491 at the end of the second quarter of fiscal 2026, excluding wholesale fuel sites (Seven & i Holdings, Brief Summary for the Second Quarter of FY2026, October 8, 2026). Seven & i’s fiscal 2026 forecast calls for about 205 openings and 645 closures, including conversions of stores to wholesale fuel sites, which would leave about 12,270 stores.
7-Eleven is opening new, food-focused stores while also closing underperforming locations, so check a store’s format and performance before buying. The median building size among 7-Eleven listings we track is 3,136 square feet, and lot sizes vary by site.
• North American Locations: 12,712 at the end of fiscal 2025 and 12,491 at the end of the second quarter of fiscal 2026, excluding wholesale fuel sites; Seven & i forecasts about 12,270 by the end of fiscal 2026 after openings, closures and wholesale fuel conversions • Growth Strategy: Food-focused new stores alongside closures of underperforming locations • Median Building Size: 3,136 SF (tracked listings)
Ownership and Franchise Structure
7-Eleven operates under a mixed ownership model that includes both company-owned and franchised locations. The company is part of Seven & i Holdings Co., Ltd., a Japanese retail holding company. In the United States, 7-Eleven runs a mix of franchised and company-operated stores.
Franchisees use the company’s supply chain, proprietary products and brand. Whether a store is franchised or company operated, confirm which entity signs the lease and whether any entity guarantees it.
• Corporate Ownership: Seven & i Holdings Co., Ltd. (Japanese retail conglomerate) • Operating Model: Mix of company-owned and franchised locations • Lease Security: Confirm the tenant and any guarantor in each lease
Cap Rates & Market Pricing
Live asking cap rates for 7-Eleven and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Wawa | n/a / n/a | 5.00% | 4.65% to 5.15% | 53 | −24 bps |
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.12% | 5.00% to 5.50% | 36 | −13 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 4.93% to 5.50% | 147 | −9 bps |
| Speedway (rated entity: 7-Eleven, Inc.) | A- / Baa2 | 5.25% | 5.13% to 6.38% | 11 | +1 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 9, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.
Pricing for a 7-Eleven property depends on the credit of the tenant and any guarantor, the remaining lease term, the rent and the real estate.
Asking cap rates vary from listing to listing, so compare remaining term, rent increases and location when reviewing them.
The table above compares 7-Eleven’s median asking cap rate with Circle K, Wawa and Speedway listings we track. These are asking cap rates, not closed-sale cap rates.
Financial Performance & Outlook
For fiscal 2026, Seven & i plans about 200 closures of unprofitable 7-Eleven, Inc. stores and about 350 conversions to wholesale fuel sites, alongside new store openings (Seven & i second quarter fiscal 2026 presentation, October 8, 2026). Seven & i states that its earnings per share forecast through fiscal 2030 includes an initial public offering of 7-Eleven, Inc. (Seven & i IR Day 2026 Spring presentation, April 23, 2026).
Looking forward, Seven & i forecasts about 205 openings and 645 closures for 7-Eleven in North America in fiscal 2026, with the closures including conversions to wholesale fuel sites, and targets about 1,300 new 7-Eleven, Inc. stores by 2030 in its New Standard Store format (Seven & i IR Day 2026 Spring presentation, April 23, 2026).
Seven & i targets an incremental $1 billion in fresh food sales and 1,100 new restaurants at 7-Eleven, Inc. by 2030, with 2026 priorities that include hot foods and the grill (Seven & i IR Day 2026 Spring presentation, April 23, 2026).
• Recent Developments: About 645 closures, including wholesale fuel conversions, forecast for fiscal 2026; Seven & i’s fiscal 2030 earnings per share forecast includes an IPO of 7-Eleven, Inc. • Strategic Focus: Food-forward offerings and proprietary products • Growth Initiatives: About 1,300 new North American stores targeted by 2030 • Value Proposition: Value-oriented food and beverage offers
Location/Real Estate Considerations
Site quality varies, so review visibility, access and traffic for each 7-Eleven property. The median lot size among 7-Eleven listings that state one is 1.11 acres, as of October 8, 2026, in the listings InvestmentGrade.com tracks.
At the end of fiscal 2025, 8,162 of 7-Eleven, Inc.’s 12,712 retail stores (64.2%) had a fuel station (Seven & i Holdings, Brief Summary for the Second Quarter of FY2026, October 8, 2026), so 7-Eleven properties include both fuel and non-fuel sites. Review each site’s format, access and, for fuel sites, environmental history.
• Locations: Review visibility, access and traffic for each site • Lot Size: Median 1.11 acres (as of October 8, 2026, in the listings InvestmentGrade.com tracks); varies by site • Formats: Stores with and without fuel stations
Pros and Cons for Investors
Pros:
7-Eleven properties can offer several advantages for net lease investors. 7-Eleven, Inc. carries investment grade ratings, which support the rent where it signs or guarantees the lease; confirm the tenant and any guarantor in each lease. Convenience stores sell daily-needs merchandise and, at many sites, fuel, and a well-located site can add real estate value.
When the investor owns the building and other improvements, depreciation, and possibly a cost segregation study, can improve after-tax returns (see the depreciation note below). Scheduled rent increases add rent growth over the term. Seven & i plans to keep opening new 7-Eleven stores in North America while closing underperforming ones.
Cons:
Despite the many advantages, investors should consider several potential drawbacks. Properties with gas stations may face environmental concerns related to underground storage tanks and potential contamination issues. On a ground lease where the investor owns only the land, there is no building for the investor to depreciate, and land is not depreciable, which can reduce after-tax returns.
7-Eleven, Inc. is a private company that makes its financial information available only to authorized institutions (7-Eleven debt investor page), so public disclosure comes mainly through its parent, Seven & i Holdings. Initial cash-on-cash returns depend on price: the median 7-Eleven asking cap rate is 5.15%, compared with 6.39% across the NNN listings InvestmentGrade.com tracks with an asking cap rate. Asking cap rates are not closed-sale cap rates.
• Pros:
- Brand recognition
- Rated credit where 7-Eleven, Inc. signs or guarantees the lease
- Daily-needs merchandise and, at many sites, fuel
- Well-located sites can add real estate value; review each site
- Scheduled rent increases; confirm the term and schedule in the lease
- Depreciation available when you own the building (see the note below)
• Cons:
- Environmental concerns with gas station locations
- No building depreciation on a land-only ground lease interest
- Limited standalone disclosure (reports through Seven & i)
- Price relative to rent may limit initial returns; compare asking cap rates
- Potential market saturation in some areas
Comparable Tenants / Sector Benchmarking
Within the convenience store sector, 7-Eleven, Inc. carries an S&P long-term issuer rating of A-; compare other operators on the credit tenant ratings page. In the listings we track, Circle K’s median asking cap rate minus 7-Eleven’s is −4 bps, and Wawa’s minus 7-Eleven’s is −15 bps. Lease structures differ, including whether a listing is a ground lease, so compare like with like.
Competitors such as Casey’s, Wawa and Sheetz differ in size, regional footprint, credit and lease structure, so compare each lease and its tenant and guarantor directly.
• Direct Competitors: Circle K, Wawa, Sheetz, Casey’s • Comparative Cap Rates: See the live table above (median asking, tracked listings) • Credit Comparison: Compare each operator’s ratings on our credit tenant ratings page
7-Eleven NNN Investment: Frequently Asked Questions
What is 7-Eleven’s credit rating?
7-Eleven, Inc.’s long-term issuer rating is A- from S&P and Baa2 from Moody’s. Its Japanese parent, Seven & i Holdings, is also rated by S&P and Moody’s (Seven & i investor relations, as of September 30, 2026). A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in each lease.
What asking cap rates do 7-Eleven NNN listings show?
Active 7-Eleven listings tracked by InvestmentGrade.com have a median asking cap rate of 5.15% across 149 listings, as of October 9, 2026. Asking cap rates are not closed-sale cap rates, and pricing for a specific property depends on its lease, rent and location.
What should buyers weigh with a 7-Eleven NNN property?
7-Eleven, Inc. carries investment grade ratings and had 12,491 stores at the end of the second quarter of Seven & i’s fiscal 2026, excluding wholesale fuel sites, but it is also closing underperforming stores, so location quality and remaining term matter. Confirm the tenant and any guarantor in each lease.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. Under IRC 168(k), as amended by Public Law 119-21, that property can qualify for 100% bonus depreciation if it was acquired after January 19, 2025; property is not treated as acquired after the date a written binding contract for it was signed, and used property qualifies only if the buyer did not use it before and meets the related-party and other acquisition rules of IRC 179(d). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. On a sale, depreciation recapture rules under IRC 1245 and 1250 can treat part of the gain as ordinary income. A 1031 exchange does not necessarily defer recapture: under IRC 1245(b)(4) and 1250(d)(4), recapture can still be recognized when the replacement property does not include enough property of the same type. This is general information, not tax advice; consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property as retail motor fuels outlets under IRC 168(e)(3)(E)(iii), and therefore for bonus depreciation, if they meet IRS tests, such as at least half of gross revenue from fuel sales, at least half of floor space devoted to fuel sales, or a building of 1,400 square feet or less; confirming this requires the operator’s sales data. Fuel tanks, dispensers and canopies are often owned by the operator or fuel supplier rather than the landlord. See the Gas Station and C-Store NNN Depreciation Guide.
7-Eleven Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market 7-Eleven properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
7-Eleven NNN Properties Observed For Sale
149 active 7-Eleven net lease listings observed across public listing sources, most recently Oct 12, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Kirkersville, OH | $11,595,479 | 5.00% | 5,372 | n/a | View listing |
| Reno, NV | $11,000,000 | 6.00% | 13,340 | n/a | View listing |
| Fort Worth, TX | $3,800,000 | 5.00% | 3,870 | n/a | View listing |
| Mesquite, TX | $1,584,000 | 6.00% | 2,661 | n/a | View listing |
| Concord, NH | $2,400,000 | 5.50% | 2,940 | 4.9 yrs | View listing |
| Hampton, NH | $9,062,000 | 5.00% | 4,068 | n/a | View listing |
| Bolivar, WV | $2,143,000 | 7.00% | 2,250 | 10.0 yrs | View listing |
| Shepherdstown, WV | $3,609,913 | 5.75% | 2,500 | n/a | View listing |
Search all 149 observed 7-Eleven listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
