Looking to buy a Casey's General Stores NNN property? 2 are observed for sale across 2 states, median asking cap rate 5.97%. View Casey's General Stores NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | Casey’s General Stores, Inc. (Nasdaq: CASY), Ankeny, Iowa |
| S&P / Moody’s | NR / no verified rating |
| Investment grade status | Not Yet Verified |
| Stores | 2,959 stores in 19 states (July 31, 2026), about half in Iowa, Missouri and Illinois |
| Recent acquisition | Fikes Wholesale (CEFCO convenience stores), closed November 1, 2024, during Casey’s fiscal 2025 |
| Median asking cap rate | See the live table below |
Casey's General Stores: no confirmed agency rating. No rating for Casey's General Stores has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Casey’s Business Overview
Casey’s operates convenience stores primarily in the Midwest. As of July 31, 2026, it operated 2,959 stores in 19 states under the Casey’s, GoodStop and CEFCO names, about half of them in Iowa, Missouri and Illinois. Its acquisition of Fikes Wholesale, the operator of CEFCO stores, closed on November 1, 2024, during Casey’s fiscal 2025, and added stores in Texas and other Southern states.
Casey’s Credit Profile
We have not verified a public long-term issuer rating for Casey’s from a primary source, so this page does not display one or label Casey’s investment grade. Casey’s privately placed senior notes require it to maintain a rating on those notes no lower than BBB‑/Baa3, or its equivalent, from at least one acceptable rating agency, and the note agreements contemplate that this rating may be private (note purchase agreements filed with Casey’s Form 8-K of October 9, 2024). Casey’s leased land and/or buildings at only 241 of its 2,944 store locations as of April 30, 2026 (fiscal 2026 Form 10-K). Confirm the tenant entity and whether Casey’s General Stores, Inc. guarantees the lease.
Ratings come from our tenant ratings database, which records the agency source and date for each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.
Casey’s NNN Cap Rates
Live asking cap rates for Casey’s and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Wawa | n/a / n/a | 5.00% | 4.65% to 5.15% | 55 | −24 bps |
| Murphy USA | BB+ / n/a | 5.00% | 4.85% to 5.00% | 9 | −24 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 5.00% to 5.50% | 169 | −9 bps |
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.22% | 5.00% to 5.75% | 36 | −2 bps |
| QuikTrip | n/a / n/a | 6.00% | 4.88% to 6.08% | 7 | +76 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 16, 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: Casey's General Stores.
Casey’s listings InvestmentGrade.com currently tracks that pass our net lease screen: 2. The live table shows a tenant only when at least three of its listings have a published asking cap rate. With few listings, one property can move the median, so compare a property with recent Casey’s sales and with other convenience store tenants of similar credit.
What to Check in a Casey’s Lease
- Tenant and guarantor: which entity signs the lease and whether a parent guarantees it.
- Term and rent increases: remaining term, renewal options and the rent schedule; increases vary by lease, so confirm the schedule.
- Ground lease or building lease: some fuel sites are ground leases; confirm whether the sale includes the building and who owns the improvements during the lease term.
- Environmental: underground storage tanks; review environmental reports and the lease’s environmental provisions.
- Site: traffic counts, access, corner position and fuel volume where available.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Large operator: 2,959 stores in 19 states at July 31, 2026 | Leases land and/or buildings at only 241 of its 2,944 store locations (April 30, 2026) |
| Large Midwest store base with prepared food sales | Exposure to fuel margins and rural economies |
| Public company with audited financial statements | Environmental issues at fuel sites |
Frequently Asked Questions
Is Casey’s investment grade?
We have not verified a public long-term issuer rating for Casey’s from a primary source, so we do not label it investment grade. Its privately placed senior notes require it to maintain a rating no lower than BBB‑/Baa3, or its equivalent, from at least one acceptable rating agency, and that rating may be private.
When did Casey’s acquire CEFCO?
Casey’s acquisition of Fikes Wholesale, which operated CEFCO convenience stores, closed on November 1, 2024, during its fiscal 2025.
How many stores does Casey’s operate?
Casey’s operated 2,959 stores in 19 states as of July 31, 2026.
Sources: Casey’s General Stores, Inc. Form 10‑Q for the quarter ended July 31, 2026; Casey’s announcement of the Fikes Wholesale closing (November 5, 2024).
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. Under IRC 168(k), as amended by Pub. L. 119-21, that property can qualify for 100% bonus depreciation if it was acquired after January 19, 2025, with no written binding contract for the acquisition entered into on or before that date, and meets the other requirements of section 168(k)(2), including the rules for used property; the deduction is taken for the taxable year the property is placed in service. How much qualifies varies widely by property and should be supported by a detailed, engineering-based study. If the investor owns only the land under a ground lease and the tenant owns the improvements, the investor has no building to depreciate, because land cannot be depreciated; equipment owned by the tenant is not the landlord’s to depreciate. Depreciation claimed on these components can be recaptured on a sale (IRC 1245 and 1250). A 1031 exchange can defer gain, but recapture can still apply if the replacement property does not include enough property of the same recapture type (IRC 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property as a retail motor fuels outlet under IRC 168(e)(3)(E)(iii), and therefore for bonus depreciation, if they meet IRS tests: under IRS Publication 946, the property must be used to a substantial extent in the retail marketing of petroleum or petroleum products and meet at least one of three tests (no larger than 1,400 square feet, at least 50% of gross revenues from petroleum sales, or at least 50% of floor space devoted to petroleum marketing sales); confirming this requires the operator’s sales data. Fuel tanks, dispensers and canopies may be owned by the operator or fuel supplier rather than the landlord; confirm ownership in the lease and purchase documents. See the Gas Station Bonus Depreciation guide.
Casey’s General Stores Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Casey’s General Stores 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.
Casey's General Stores NNN Properties Observed For Sale
2 active Casey's General Stores 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 | |
|---|---|---|---|---|---|
| Okmulgee, OK | $1,600,000 | 5.94% | 4,104 | n/a | View listing |
| Archbold, OH | $800,000 | 6.00% | 3,219 | n/a | View listing |
Search all 2 observed Casey's General Stores 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.
