| Metric | Details |
|---|---|
| Entity / Legal Name | The ODP Corporation |
| Brands | Office Depot, OfficeMax, Grand & Toy (Canada) |
| S&P / Moody’s Rating | Not Rated / B2 |
| Investment Grade Status | Non-Investment Grade (where rated) |
| Sector | Office Products & Business Services Retail |
| US Store Count | ~900 (declining rapidly) |
| Cap Rate Range | 7.5–9.5% |
| Typical Lease Term | 5–10 years (NNN or Gross) |
| Guarantee Type | Corporate (The ODP Corporation) |
| Stock Ticker | ODP (NASDAQ) |
| Annual Revenue | ~$6.8B (FY2024) |
| Typical Building Size | 15,000–25,000 SF |
| Typical Price Range | $2,000,000–$5,000,000 |
Office Depot / OfficeMax Business Overview & NNN Investment Profile
The ODP Corporation (NASDAQ: ODP) is the parent company of Office Depot and OfficeMax, operating approximately 900 retail locations across the United States. The two chains merged in 2013 following regulatory approval, creating the largest office products retailer in the US after Staples. ODP has been aggressively rationalizing its physical store count — from a peak of over 1,400 locations — as the office supplies category has largely migrated online. Amazon, Walmart, Costco, and direct business services providers have collectively captured significant share from physical office supply superstores.
ODP Credit & Business Transformation
ODP has been executing a transformation from physical retail toward B2B (business-to-business) distribution and services under its ODP Business Solutions division. The company serves millions of business customers through direct delivery and online channels — a segment that is growing even as the retail division contracts. This transformation creates a divergent credit picture: the retail segment is in structural decline while the B2B segment provides an improving revenue foundation.
For NNN investors, the B2B transformation is largely irrelevant — what matters is whether the specific store will remain occupied through the lease term. Investors should assess store closure risk by examining the location’s sales productivity, proximity to similar format competitors, and ODP’s publicly stated closure priorities. Stores in strong suburban markets with long-established customer bases and limited nearby competition are more defensible than secondary market locations with weaker traffic.
Office Depot NNN Lease Structure
Office Depot and OfficeMax leases carry shorter terms than many NNN tenants — typically 5 to 10 year initial terms reflecting the company’s strategic uncertainty about its physical store footprint. Some locations operate under NNN terms while others are gross or modified gross. The 15,000 to 25,000 SF format is highly re-tenantable, absorbing a wide range of replacement concepts including fitness, healthcare, education, specialty retail, and food and beverage. The re-tenanting optionality is a meaningful mitigant for the credit risk.
Office Depot NNN Cap Rate & Pricing Trends
Office Depot / OfficeMax NNN properties trade at cap rates between 7.5% and 9.5% as of Q1 2026. The B2 non-IG rating, shorter lease terms, and structural format decline command wide spreads. Strong locations with longer remaining terms and demonstrated sales productivity price at the tighter end. Locations with near-term lease expirations or weaker trade areas require significant discount to compensate for the elevated rollover and credit risk.
Office Depot NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| 15–25K SF highly re-tenantable format | B2 non-IG; physical office supply format in structural decline |
| Accessible price point ($2M–$5M) | Aggressive store closure program — location-specific risk is high |
| B2B transformation provides some operating stability | Shorter lease terms (5–10 years) vs. other NNN tenants |
| 7.5–9.5% yields compensate for the risk profile | Amazon and Walmart have fundamentally disrupted the category |
Is Office Depot investment grade?
No. ODP Corporation carries B2 from Moody’s — non-investment grade. S&P does not publicly rate the company. The B2 rating reflects the structural challenges of the physical office supply superstore format and the company’s ongoing store rationalization program.
Are Office Depot stores closing?
Yes. ODP has been aggressively closing physical locations, reducing from a peak of over 1,400 US stores. The company does not publish a specific closure list but continues to rationalize underperforming stores as leases expire or early termination options become available. Investors should evaluate individual store locations against ODP’s strategic priorities.
The Only Office Depot NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — We assess Office Depot location-specific closure risk and lease structure before you commit due diligence costs.
Fund It — Non-IG declining format requires the right lender. We match you with lenders who price this asset type and risk profile competitively.
Exit It / 1031 — Selling an Office Depot asset and looking to exchange into investment-grade NNN? We source replacement assets and manage the full timeline.
Talk to a Retail NNN Specialist →
In a 1031 exchange? Tell us your timeline — we move faster.
Related NNN Tenants
- Barnes & Noble
- Bed Bath & Beyond
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- BJ’s Wholesale Club
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- DSW
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- Macy’s
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- Ross Dress For Less
- Staples
- The Container Store
- TJ Maxx / HomeGoods / Marshalls
- Tractor Supply Co.
- Ulta Beauty
- Ollie’s Bargain Outlet
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- Walmart
- Sam’s Club
Own a Office Depot / OfficeMax 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 Office Depot / OfficeMax 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 Office Depot / OfficeMax NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Office Depot / OfficeMax properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Office Depot / OfficeMax portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Office Depot / OfficeMax buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
