| Metric | Details |
|---|---|
| Entity / Legal Name | Dunham’s Sports |
| Ownership | Privately held (family/management ownership) |
| S&P / Moody’s Rating | Not Rated (private company) |
| Investment Grade Status | Private / Not Rated |
| Sector | Sporting Goods & Outdoor Retail |
| US Store Count | ~250 |
| Cap Rate Range | 7.0–8.5% |
| Typical Lease Term | 10–15 years (NNN) |
| Guarantee Type | Corporate (Dunham’s Sports) or personal guarantee |
| Typical Building Size | 30,000–60,000 SF |
| Typical Price Range | $4,000,000–$10,000,000 |
Dunham’s Sports Business Overview & NNN Investment Profile
Dunham’s Sports is one of the largest privately held sporting goods retailers in the United States, operating approximately 250 stores across the Midwest and Southeast under a value-oriented, full-assortment format. Founded in 1937 in Michigan, Dunham’s has maintained its independence through generations of industry consolidation — surviving the bankruptcies of Sports Authority, Sport Chalet, MC Sports, and other regional chains that competed in the same markets. The company’s focus on value pricing, broad merchandise assortment, and underserved small and mid-sized markets has created a durable niche position that has proven recession-resilient.
Dunham’s Sports Credit Profile: Qualitative Assessment
Without public credit ratings, investors evaluating Dunham’s Sports NNN leases must rely on qualitative indicators and any available financial information. Key positive indicators include the company’s 85+ year operating history, its deliberate avoidance of the over-expansion strategies that collapsed competitors, its focus on value-oriented pricing that aligns with cost-conscious Midwest consumer demographics, and its privately held structure that eliminates the quarterly earnings pressure that drove destructive behavior at publicly traded peers.
Key risk indicators to evaluate include the company’s geographic concentration in Midwest and Southeast markets with limited Sun Belt exposure, the smaller-city and rural market focus that can limit alternative tenant demand if re-tenanting becomes necessary, and the absence of financial transparency that accompanies private ownership. Investors should request and review available financial statements through the deal process before committing capital.
Dunham’s Sports NNN Lease Structure
Dunham’s Sports operates in 30,000 to 60,000 square foot formats typically in power centers, strip malls, and freestanding buildings in smaller metropolitan and rural markets. The mid-sized format and market focus make these properties more typical targets for individual investors and regional family offices than institutional buyers. Lease terms generally run 10 to 15 years with NNN terms and periodic rent escalations.
The Midwest and Southeast concentration means many Dunham’s locations are in markets with strong vehicle-dependent shopping patterns, limited online fulfillment competition for bulky sporting goods, and demographics that prioritize value-priced outdoor and recreational equipment — all supportive of long-term tenant viability.
Dunham’s Sports NNN Cap Rate & Pricing Trends
Dunham’s Sports NNN properties trade at cap rates between 7.0% and 8.5% as of Q1 2026, reflecting the unrated private company credit and the mid-sized sporting goods format. Strong power center locations in growing Midwest markets with long remaining lease terms price at the tighter end. Smaller market locations with shorter remaining terms price at wider spreads to compensate for the higher rollover and credit uncertainty.
Dunham’s Sports NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| 85+ year operating history — survived every competitor bankruptcy | No public credit rating — requires independent financial evaluation |
| Value-oriented model aligned with Midwest consumer preferences | Midwest/Southeast concentration — limited Sun Belt exposure |
| Private ownership = long-term stability orientation | Small and mid-sized market focus limits alternative tenant pool |
| Accessible price point ($4M–$10M) for individual investors | No financial transparency without specific deal-level disclosure |
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Dick’s Sporting Goods | BBB / Baa2 | 6.0–7.0% |
| Big Lots | Bankrupt | N/A |
| Tractor Supply | BBB / Baa1 | 5.5–6.5% |
Is Dunham’s Sports publicly traded?
No. Dunham’s Sports is a privately held company and does not trade on any public exchange. The company does not publish financial statements publicly and does not carry S&P or Moody’s credit ratings. NNN investors evaluating Dunham’s leases must conduct independent financial due diligence.
What cap rates are Dunham’s Sports NNN properties trading at?
Dunham’s Sports NNN properties trade at 7.0% to 8.5% as of Q1 2026, reflecting the unrated private company credit and the mid-sized sporting goods retail format in Midwest and Southeast markets.
The Only Dunham’s Sports NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission. That means you get a dedicated advisor handling sourcing, underwriting, financing, and closing — and on the majority of transactions, there is no separate fee to you as the buyer.
Find It — Dunham’s Sports NNN properties in Midwest and Southeast markets sourced with market analysis and lease term evaluation before you commit.
Fund It — Unrated private retailer requires the right lender match. We have the relationships to find competitive terms for this asset type.
Exit It — Selling a Dunham’s asset? We know the regional buyer pool for mid-sized sporting goods retail NNN.
Not committed to Dunham’s? Tell us your criteria. The tenant is a variable. Your criteria is the constant.
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Own a Dunham's Sports Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Dunham's Sports NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Dunham's Sports NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
