| Metric | Details |
|---|---|
| Company | Apple Inc. (Nasdaq: AAPL), Cupertino, California |
| S&P / Moody’s | AA+ (Stable) / Aaa |
| Investment grade status | Investment Grade |
| Net sales | US$416.2 billion, fiscal year ended September 27, 2025 |
| U.S. Apple Stores | 269, per Apple’s store list (accessed October 4, 2026) |
| Median asking cap rate | Too few current Apple listings for a median; see peer tenants in the live table below |
Apple Business Overview
Apple designs and sells the iPhone, Mac, iPad, wearables and related services. Its net sales were US$416.2 billion in the fiscal year ended September 27, 2025, up from US$391.0 billion in fiscal 2024.
Apple’s store list showed 269 Apple Stores in the United States on October 4, 2026. Before buying an Apple-leased property, confirm the property type (a single-tenant building or a space in a larger center), any co-tenancy terms and the lease structure. As of October 8, 2026, the active listings InvestmentGrade.com tracks included no single-tenant net lease property leased to Apple.
Apple Credit Profile
Apple Inc. carries credit ratings of AA+ (Stable outlook) from S&P Global Ratings and Aaa from Moody’s: all investment grade (BBB-/Baa3 or higher). Confirm which Apple entity signs the lease and whether Apple Inc. guarantees it.
Ratings come from our tenant ratings database; the source and date of each rating are listed below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings AA+, Stable, as of May 5, 2025; Moody’s Aaa, as of December 15, 2021. Ratings checked October 8, 2026.
Apple NNN Cap Rates
Live asking cap rates for Apple and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Verizon | BBB+ / Baa1 | 6.50% | 6.03% to 7.49% | 27 | +126 bps |
| Best Buy | BBB+ / A3 | 6.58% | 6.10% to 7.31% | 6 | +134 bps |
| AT&T | n/a / n/a | 7.00% | 6.43% to 7.16% | 11 | +176 bps |
| T-Mobile | BBB+ / n/a | 7.25% | 6.50% to 7.75% | 9 | +201 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 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Apple, Microsoft.
When our data has too few Apple listings for a reliable median, the table shows the peers that have enough listings. Pricing for an Apple property depends on the location, the lease structure and the remaining term.
What to Check in an Apple Lease
- Tenant and guarantor: which entity signs the lease and whether a parent guarantees it.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Co-tenancy: for shopping center locations, co-tenancy and go-dark provisions.
- Re-use: the size of the space and the pool of possible replacement tenants.
- Rent versus market: whether rent is at or below market rent.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Rated AA+/Aaa (S&P/Moody’s) | No active single-tenant Apple listings in the listings InvestmentGrade.com tracks, as of October 8, 2026 |
| Fiscal 2025 net sales of US$416.2 billion (Form 10‑K) | Pricing depends on the location, rent level and remaining term |
| Public company with audited financial statements | Mall and multi-tenant settings bring co-tenancy and center-level risks |
Frequently Asked Questions
Is Apple investment grade?
Yes. Apple Inc. carries credit ratings of AA+ (Stable outlook) from S&P Global Ratings and Aaa from Moody’s: all investment grade (BBB-/Baa3 or higher).
What were Apple’s sales in fiscal 2025?
Apple reported net sales of US$416.2 billion for the fiscal year ended September 27, 2025, compared with US$391.0 billion in fiscal 2024 and US$383.3 billion in fiscal 2023.
Can I buy an Apple Store net lease property?
The active listings InvestmentGrade.com tracks included no single-tenant net lease property leased to Apple as of October 8, 2026. When one does come to market, confirm the tenant entity, any guarantee and the remaining term; the price depends on the location, rent level and remaining term.
Sources: Apple Inc. Form 10‑K for the fiscal year ended September 27, 2025; Apple retail store list (apple.com), accessed October 2026.
Apple Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Apple 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.
