Looking to buy an Amazon NNN property? 3 are observed for sale across 3 states, median asking cap rate 6.44%. View Amazon NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Value |
|---|---|
| Parent Company | Amazon.com, Inc. |
| Credit Ratings | S&P: AA / Moody’s: A1 / Fitch: AA- |
| Sector | Industrial/Logistics |
| US Locations | Not reported as a count; North America fulfillment, data center and other space was 474.1 million SF leased and 45.8 million SF owned (December 31, 2025, Form 10-K) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the tenant entity and any guaranty in the lease |
| Ticker | AMZN (NASDAQ) |
| Revenue | $716.9 billion net sales (FY2025, Form 10-K) |
Amazon Business Overview & NNN Investment Profile
Amazon.com, Inc. operates online and physical stores, a fulfillment network and Amazon Web Services (AWS), and reported $716.9 billion of net sales in 2025 (Form 10-K). When evaluating Amazon properties, weigh the company’s scale and credit ratings alongside each facility’s role in the logistics network. Lease terms and guarantees vary by property, so confirm whether Amazon.com, Inc. or a subsidiary is the tenant or guarantor before relying on the parent company’s credit.
For institutional and NNN investors seeking premium credit quality and logistics exposure, Amazon’s AA/A1 ratings are well above the BBB‑/Baa3 investment grade threshold. Amazon-leased properties vary widely in size: as of October 8, 2026, the Amazon listings InvestmentGrade.com tracks ranged from about 3,750 to 137,480 square feet of building on 0.33 to 29.4 acres.
Amazon Credit Rating Analysis
Amazon.com, Inc. is rated AA by S&P Global Ratings and A1 by Moody’s, well above the BBB‑/Baa3 threshold. For scale, Amazon reported $716.9 billion of net sales in 2025, and its AWS segment reported operating income of $45.6 billion (Form 10-K).
Source: S&P Global Ratings AA; Moody’s A1, as of February 15, 2025; Fitch Ratings AA-, as of March 10, 2026. Ratings checked September 27, 2026.
Amazon’s AWS segment reported operating income of $45.6 billion on net sales of $128.7 billion in 2025 (Form 10-K). The AA/A1 ratings are well above the investment grade threshold, but lease security also depends on the tenant entity, any guaranty and the real estate. However, risks include potential e-commerce market saturation, regional economic downturns affecting package volumes, and Amazon’s ability to vacate or consolidate large specialized facilities. For detailed analysis of credit ratings and what AA/A1 status means for NNN investors, explore how Amazon’s financial profile bears on lease security when Amazon.com, Inc. is the tenant or guarantor.
Amazon NNN Lease Structure
Amazon lease terms, rent increases, renewal options and guarantees vary by property; confirm them, and the tenant and guarantor entity, in the lease. As of October 8, 2026, the Amazon listings InvestmentGrade.com tracks that state a rent increase amount showed increases of 2% to 3%.
Amazon facilities vary widely in size, and larger fulfillment and sortation buildings have highly specialized use for fulfillment, sorting, and logistics operations. Under an NNN lease the tenant pays operating expenses, property taxes, insurance, and maintenance, but at least one Amazon lease we track is NN, so confirm landlord obligations in each lease. Large-format fulfillment centers require sophisticated property management, specialized equipment integration, and technological infrastructure to support Amazon’s logistics operations.
Amazon NNN Cap Rate & Pricing Trends
Live asking cap rates for Amazon and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| FedEx | BBB / Baa2 | 6.65% | 6.25% to 7.06% | 11 | +141 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 19, 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Amazon, UPS, XPO.
Compare any Amazon offering with the live asking cap rates above and with other logistics credits; asking cap rates are not closed-sale cap rates. For comprehensive guidance on evaluating cap rates and pricing across the premium-credit logistics sector, see the investment grade guide for analysis of large-format industrial NNN valuation.
Amazon Real Estate Footprint
At December 31, 2025, Amazon reported 474.1 million square feet of leased and 45.8 million square feet of owned fulfillment, data center and other space in North America, plus 615 North America physical stores (Form 10-K). It does not report a count of U.S. fulfillment and logistics facilities, so evaluate each site’s location and role in the network.
Amazon’s 2025 Form 10-K says that failures to adequately predict customer demand or to optimize and operate its fulfillment network and data centers can result in excess or insufficient capacity, increased costs and impairment charges. Because Amazon can change how it uses a facility, a strong credit rating does not remove exit risk for NNN investors.
Amazon Growth & Expansion Outlook
Amazon’s cash capital expenditures rose to $128.3 billion in 2025 from $77.7 billion in 2024, primarily for technology infrastructure, the majority to support AWS, and for additional fulfillment network capacity (Form 10-K). Amazon says it expects investment in both technology infrastructure and fulfillment network capacity to increase in 2026 (Form 10-K).
Company-wide capital spending does not show how a particular facility will be used, so evaluate each site’s role in the network, its location and its reuse value.
Amazon NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Strong Credit Ratings: AA/A1 ratings are well above the BBB‑/Baa3 investment grade threshold. | Large Format Risk: big fulfillment facilities can pose extreme repurposing challenges and vacate risk. |
| $716.9B Revenue Scale (2025): net sales, with AWS operating income of $45.6 billion (Form 10-K); this supports a lease where Amazon.com, Inc. is the tenant or guarantor. | Operational Volatility: Amazon can rapidly vacate, consolidate, or repurpose facilities based on efficiency optimization. |
| Network Investment: Amazon expects its investment in additional fulfillment network capacity to increase in 2026 (Form 10-K). | Sublease Risk: Amazon may sublease large portions of facilities, potentially exposing investors to third-party credit. |
| Public Disclosure: Amazon.com, Inc. files audited annual financial statements with the SEC (Form 10-K). | Fixed Escalations: stated increases of 2% to 3% in the Amazon listings we tracked as of October 8, 2026 can lag inflation. |
Comparable NNN Tenants
| Tenant | Rating | Sector |
|---|---|---|
| FedEx | BBB/Baa2 | Logistics |
| UPS | A | Logistics |
| XPO Logistics | BB+ | Logistics |
Frequently Asked Questions About Amazon NNN Investments
A: Large-format Amazon fulfillment centers can pose specialization and exit risk that offsets part of the credit quality advantage. Investors may demand cap rate compensation for facility size, specialization, and Amazon’s flexibility to vacate or repurpose. Credit quality alone doesn’t overcome the structural challenges of massive single-tenant properties.
A: Amazon may sublease large portions of facilities to third-party logistics providers or other tenants. Investors should carefully review lease terms regarding Amazon’s sublease rights and require that subleases maintain corporate guarantee protection. Sublease arrangements can expose investors to third-party credit risk, so confirm whether Amazon remains liable under the lease.
A: Amazon’s cash capital expenditures were $128.3 billion in 2025, primarily for technology infrastructure, the majority to support AWS, and for additional fulfillment network capacity (Form 10-K). Amazon also says that failing to predict demand can leave it with excess or insufficient fulfillment capacity, so investors should underwrite each facility’s role in the network and its reuse value.
A: Amazon’s AA/A1 ratings can meet an investment grade requirement when Amazon.com, Inc. or a rated Amazon entity is the tenant or guarantor; confirm both in the lease. Credit is only part of the answer: facility size, specialization and reuse value also need careful evaluation.
Amazon Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Amazon 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.
Related NNN Tenants
1031 buyer screen: Amazon credit is not the whole underwriting answer
Amazon’s AA/A1 credit profile can belong on an investment-grade NNN tenant shortlist for 1031 exchanges, but a 1031 buyer still has to underwrite building size, reuse depth, lease control, and exit liquidity. A premium tenant does not automatically make a million-square-foot facility a low-risk replacement property.
Benchmark the offered yield against the 2026 NNN cap-rate framework, then compare Amazon with sibling logistics credits including UPS and FedEx before identifying the asset.
Amazon NNN Properties Observed For Sale
3 active Amazon net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Dubuque, IA | $13,230,000 | n/a | 120,800 | 5.0 yrs | View listing |
| Corpus Christi, TX | $16,476,000 | 6.45% | 137,480 | 4.8 yrs | View listing |
| Missoula, MT | $17,990,000 | 6.43% | 70,928 | 7.0 yrs | View listing |
Search all 3 observed Amazon 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.
