7-Eleven vs Wawa NNN Investment: Cap Rates & Credit Compared (2026)

7-Eleven and Wawa reach net lease buyers by different roads. 7-Eleven, Inc., the U.S. operating company and a subsidiary of Seven & i Holdings, is rated A- by S&P and Baa2 by Moody’s, and it operates, franchises or licenses more than 13,000 stores in the U.S. and Canada, including Speedway and Stripes locations (7-Eleven website, October 2026). Wawa, Inc. describes itself as family and associate owned and privately held, with over 1,110 stores (Wawa 2025 fact sheet), and we have identified no public credit rating for it. In the active listings InvestmentGrade.com tracks, the median asking cap rate is 5.15% for 7-Eleven and 5.00% for Wawa, against 6.39% across the active net lease listings we track that have a stated or computed asking cap rate, as of October 12, 2026. These are asking cap rates, not closed sales, and they do not by themselves measure buyer demand.

This comparison works through both tenants the way our investment grade guide recommends underwriting any net lease credit: the rating and the lease obligor first, then lease structure, then the real estate itself.

7-Eleven vs Wawa: Head-to-Head Comparison

Ratings from our tenant ratings database. Live figures come from the active listings InvestmentGrade.com tracks, excluding listings marked under contract, pending, closed or on hold and listings asking less than $150,000; the latest listing observation is October 12, 2026 for 7-Eleven and October 9, 2026 for Wawa. Median asking cap rates use only listings that report an asking cap rate. Ground lease flags, rent increase schedules, guarantee labels and lot sizes are fixed counts and medians from the same listings as of October 8, 2026, counted only where a listing states the field, as reported by listing brokers rather than taken from executed leases. Asking cap rates are not closed-sale cap rates. Store counts are company-reported.

Credit Rating: A Split-Rated Giant vs a Private Brand

7-Eleven is the rated credit, but the rating deserves a close look. S&P rates 7-Eleven, Inc. A- and Moody’s rates it Baa2. Parent Seven & i Holdings is rated separately, and a parent guarantee should not be assumed. Listings often describe a 7-Eleven property as carrying a “corporate guarantee,” but that is a marketing label, and the brand on a listing does not establish who signed the lease; confirm the tenant entity and any guarantor in each lease. The full profile is on the 7-Eleven credit rating and cap rate page.

We have identified no public credit rating and no public financial statements for Wawa. The company describes itself as family and associate owned and privately held (Wawa 2025 fact sheet). Some Wawa listings still carry a “credit rated” marketing label, one more reason to rely on documents rather than listing labels. The absence of a public rating is not by itself evidence of credit strength or weakness, but it means a buyer underwrites Wawa through the lease, whatever financial information is available, and the real estate rather than through a rating. The full profile is on the Wawa credit rating and cap rate page, and both tenants sit in our credit tenant ratings database.

The underwriting point: both leases need obligor and guaranty diligence. With 7-Eleven, confirm that 7-Eleven, Inc. (not a franchisee or another entity) is the tenant and reconcile the split agency view. With Wawa, confirm that Wawa, Inc. is the tenant and accept that we have identified no public rating or public financial statements behind it.

Cap Rates: How the Asking Prices Compare

Live asking cap rates for 7-Eleven, Wawa and comparable tenants:

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 12, 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.

The live table shows each tenant’s median asking cap rate, the middle half of its listings and the number of listings with an asking cap rate. Lease term, building age, location and lease structure can all move pricing for either tenant, so compare individual listings rather than tenant medians alone.

Lease structure is one visible difference. As of October 8, 2026, every Wawa listing we track (53 of 53) was flagged as a ground lease, compared with 6 of 136 7-Eleven listings (26 did not say). In a ground lease the investor owns the land and the tenant may own the building during the term; confirm who owns the improvements, what happens to them at lease end and any leasehold financing terms in the lease. Ground lease structure, building age, parcel size, location and remaining term may all contribute to how Wawa listings are priced; the listing data cannot isolate any single cause, and it says nothing about Wawa’s credit. We currently track 53 active Wawa listings and 149 active 7-Eleven listings; that describes the listings available to compare, not how many properties trade.

Lease Structure: Rent Schedules and Real Estate

Rent increase schedules here come from listing brokers, not executed leases. As of October 8, 2026, 21 of the 38 7-Eleven listings we track with a readable schedule show 10% increases every five years and 8 show 7.5% every five years, with the rest varying. Wawa schedules vary: among the 27 Wawa listings with a readable schedule, 8 show 7%, 7 show 10%, 6 show 5% and 4 show 8% increases every five years, and 17 of the 27 start the increases in lease year 11. Confirm the schedule in each lease rather than assuming a tenant-wide pattern. In the same listings, recently built Wawa sites are often marketed with about 20 years of lease term remaining and recently built 7-Eleven sites with about 15 years; that describes the advertised sample, not every new lease, so confirm the primary term in the lease.

The real estate differs too. As of October 8, 2026, the median Wawa listing we track had 2.58 acres of land and the median 7-Eleven listing 1.11 acres; live median building sizes are 5,915 square feet for Wawa and 3,136 square feet for 7-Eleven. Re-leasing prospects for either depend on the site, zoning and environmental condition, and fuel sites carry added environmental diligence.

Real Estate: Where the Listings Are

The 7-Eleven listings we track currently span 30 states and the Wawa listings 13 states. These counts describe where properties are being offered, not either company’s store footprint. A wider spread of listings gives a buyer more states, tax regimes and local markets to compare, but location alone does not make a property suitable; underwrite each site and lease.

The Bond-to-NNN Pivot: Comparing a Cap Rate With a Bond Index

7-Eleven, Inc. has U.S. dollar senior unsecured notes issued in February 2021 with maturities from 2028 to 2051, and the parent also issues yen-denominated bonds (Seven & i Holdings Bonds and Ratings page, October 2026). Yen bond yields are not a useful benchmark for a dollar real estate investment, because currency, hedging and maturity differ. As a broad dollar yield proxy, the ICE BofA Single-A US Corporate Index had an effective yield of 5.84% on October 1, 2026 (FRED series BAMLC0A3CAEY). The median 7-Eleven asking cap rate in the listings we track is 5.15%, a difference of −69 bps (cap rate minus index yield). This is not a like-for-like return comparison. The index yield is the effective yield on a basket of single-A rated U.S. corporate bonds, not a 7-Eleven bond, while a cap rate is a first-year income yield on an asking price, and the two differ in maturity, default and lease risk, capital expenditure exposure and liquidity. Any tax advantage of owning the real estate depends on the investor’s facts. Depreciation generally requires owning the property, and land itself cannot be depreciated (IRS Publication 946), so a landlord on a ground lease where the tenant owns the building may have little to depreciate. Gain deferral under Section 1031 of the Internal Revenue Code requires, among other conditions, that real property held for productive use in a trade or business or for investment be exchanged solely for like-kind real property to be held for either of those purposes, with the replacement identified within 45 days and received within 180 days after the relinquished property is transferred, or by the due date of the tax return (including extensions) if earlier (26 U.S.C. 1031(a)). This is general information, not tax advice.

We have identified no suitable publicly rated Wawa bond to use as a benchmark against a Wawa cap rate; that is not evidence about whether Wawa has debt. For the full framework on comparing corporate bond yields with net lease cap rates on the same credit, see the investment grade bonds hub.

Which NNN Investment Wins in 2026?

Consider 7-Eleven if you want an agency-rated, investment grade tenant and, as of October 2026, a larger pool of listings across more states to compare in the data we track. An agency rating may help meet lender or investment-mandate requirements that a tenant without an agency rating may not, provided 7-Eleven, Inc. is the tenant or guarantor on the lease.

Consider Wawa if you prioritize land ownership and a long remaining term, and you are comfortable underwriting a privately held company for which we have identified no public rating or public financial statements. As of October 8, 2026, the Wawa listings we track were ground leases, recently built sites were often marketed with about 20 years of remaining term, and the median parcel was larger than the median 7-Eleven listing.

The choice often comes down to buyer profile. A buyer who needs an agency rating looks at 7-Eleven and confirms the tenant entity. A buyer who wants the land and the term looks at Wawa and accepts underwriting without a public rating.