| Rated entity | Capital One, N.A. (bank subsidiary); senior unsecured debt ratings |
| S&P Rating | BBB+ (Positive) |
| Moody’s Rating | A3 (Stable) |
| IG Status | Investment Grade |
| US Locations | Branches and cafés; no count stated in the 2025 Form 10-K |
| Annual Revenue | $53.4B total net revenue, 2025 (Form 10-K) |
| Median asking cap rate | Too few Capital One listings with an asking cap rate to report a median |
| Lease Term | Varies; confirm in the lease |
| Property Size | Varies by site |
| Lot Size | Varies by site |
Business Overview
Capital One Financial Corporation, headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. It delivers financial products and services through digital channels, branch locations, cafés and other channels, and it reported total net revenue of $53.4 billion for 2025 (Form 10-K), the year Discover Financial Services merged into Capital One (May 18, 2025).
Capital One, N.A. is rated investment grade in our ratings database; confirm which Capital One entity signs or guarantees each lease.
For investors evaluating NNN properties, understanding tenant creditworthiness and operational performance is essential. Our comprehensive NNN investing guide covers lease structures, tenant evaluation, and portfolio construction strategies for maximizing risk-adjusted returns.
Credit Rating
Capital One, N.A. credit ratings:
Source: S&P Global Ratings BBB+, Positive, as of June 30, 2026; Moody’s A3, Stable, as of June 30, 2026; Fitch Ratings A, Rating Watch Negative, as of June 30, 2026. Ratings checked October 8, 2026.
- S&P Rating: BBB+ (Positive)
- Moody’s Rating: A3 (Stable)
- Rated entity: Capital One, N.A., the bank subsidiary (senior unsecured debt); the holding company, Capital One Financial Corporation, is rated separately
Capital One, N.A. carries senior unsecured debt ratings of BBB+ (Positive outlook) from S&P Global Ratings, A3 (Stable outlook) from Moody’s and A (Rating Watch Negative outlook) from Fitch Ratings: all investment grade (BBB-/Baa3 or higher). Confirm whether Capital One, N.A., Capital One Financial Corporation or another entity signs or guarantees the lease.
Financial Performance & Operational Metrics
Capital One reported total net revenue of $53.4 billion for 2025 (Form 10-K), which shows its scale within banking and financial services. Capital One delivers a broad array of financial products and services to consumers, small businesses and commercial clients (Form 10-K for 2025).
For IG bank tenants like Capital One, understanding regulatory capital ratios, asset quality, deposit stability, and management quality supports credit assessment. Investors should review regulatory filings, quarterly earnings reports, and management commentary as part of due diligence. Our investment grade guide outlines key metrics for assessing tenant quality across all credit ratings.
NNN Property Details & Economics
Capital One NNN property details vary by site:
- Property Size: varies by site; confirm in the listing
- Lot Size: varies by site
- Lease Term: varies; confirm the initial term and renewal options in the lease
Rent increases and renewal terms vary by lease, so confirm them when evaluating Capital One properties.
Lease Structure & Tenant Obligations
Triple-Net (NNN) leases for Capital One properties allocate operating expenses, property taxes, and insurance to the tenant. The split of maintenance, repair and occupancy costs between landlord and tenant varies, so confirm it in each lease. Investors should review specific lease agreements to understand:
- Rent escalation clauses and frequency
- Property maintenance and repair obligations
- Property tax payment responsibility
- Insurance coverage requirements
- Lease renewal options and terms
- Default and remedies provisions
Lease terms vary, so review each lease on its own terms.
Geographic & Market Considerations
Capital One’s bank branch and café space is located primarily across New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia (Form 10-K for 2025). Property locations should be evaluated based on:
- Market demographics – population density, income levels, business activity
- Banking competition – proximity to other banks and financial institutions
- Economic trends – local business activity, employment stability, population trends
- Strategic positioning – visibility, accessibility, commercial area strength
Tenant credit does not replace market fundamentals, so evaluate each site on its own.
Investment Grade Credit Rating Standards
Investment-grade status requires S&P ratings of BBB- or higher, or Moody’s ratings of Baa3 or higher. The ratings shown on this page are for Capital One, N.A.; the holding company is rated separately. A rating above the threshold can matter to lenders and buyers who screen for investment grade tenants, but it does not by itself set a property’s cap rate, resale price or financing terms, which also depend on the lease, the guarantor and the real estate.
Risk Assessment & Due Diligence
IG bank tenants warrant appropriate due diligence. Key areas to investigate include:
- Regulatory standing – capital ratios, stress test results, regulatory ratings
- Asset quality – loan loss provisions, non-performing assets, credit metrics
- Deposit trends – customer deposit growth, deposit mix stability
- Net interest margin – NIM trends, rate environment sensitivity
- Business diversification – revenue mix across banking, auto finance, credit products
- Management quality – leadership track record, strategic direction
- Lease quality – property condition, market position, lease enforceability
- Environmental & legal – Phase I ESA, title insurance, encumbrances
An investment grade rating does not replace property-level due diligence.
Comparison to Investment-Grade Alternatives
For investors comparing Capital One to other IG bank tenants, evaluating business diversification, geographic footprint, and credit rating helps optimize selections. Other bank tenants we cover include Truist (A/A3), PNC Bank (A/A2), TD Bank (A+/Aa1), and US Bank (A/A3).
Our tenant rating directory lists credit ratings for the NNN tenants we cover side by side.
Capital One NNN Cap Rates
Live asking cap rates for comparable bank tenants; a tenant, including Capital One, appears in the table once we track at least three of its listings with a published asking cap rate:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| TD Bank | A+ / Aa1 | 5.00% | 5.00% to 5.25% | 5 | −24 bps |
| PNC Bank | A / A2 | 5.08% | 4.75% to 6.06% | 20 | −17 bps |
| U.S. Bank | A / A3 | 5.50% | 5.13% to 5.84% | 7 | +26 bps |
| Truist | A / A3 | 6.25% | 6.16% to 7.00% | 5 | +101 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: Capital One.
Frequently Asked Questions
Is Capital One investment-grade?
Yes. The senior unsecured debt of Capital One, N.A., the bank subsidiary, is rated A3 (Stable) by Moody’s and A (Rating Watch Negative) by Fitch in our ratings database; the investment-grade minimums are Baa3 at Moody’s and BBB- at Fitch. The holding company, Capital One Financial Corporation, is rated separately, so confirm which entity signs or guarantees the lease.
What cap rates do Capital One NNN properties offer?
We do not currently track enough active Capital One listings with an asking cap rate to report a median. Median asking cap rates for comparable bank tenants are in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
How many Capital One locations exist?
Capital One does not state a branch count in its 2025 Form 10-K; it reports about 1.9 million square feet of bank branch and café space, located primarily across New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia.
What is the typical lease term for Capital One NNN properties?
Initial terms and renewal options vary by lease. Specific lease terms should be verified in individual lease agreements.
What due diligence should I conduct on Capital One properties?
Review Capital One’s regulatory filings and capital ratios, verify lease terms, commission Phase I environmental assessments, analyze property condition and market position, and consider consultation with commercial real estate professionals.
Contact & Resources
For questions about Capital One NNN properties or investment-grade tenant evaluation, contact our team. We also provide resources on 1031 exchange planning and portfolio construction strategies.
Capital One Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Capital One 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
Capital One in a 1031 exchange: do not price every bank branch the same
The ratings shown above are for Capital One, N.A. A 1031 buyer should compare the lease guarantor’s credit, market concentration, lease control, and real estate reusability before treating the cap rate as interchangeable with other bank tenants.
Use this page with the best investment-grade NNN tenants for a 1031 exchange shortlist and the 2026 NNN cap-rate framework to decide whether Capital One belongs in the buyer’s bank-branch bucket.
Deadline buyer note: compare Capital One against Chase, Bank of America, Wells Fargo, TD Bank, US Bank, PNC, and Truist before accepting a bank-branch replacement property.
