This page tracks Casey’s General Stores net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Casey’s General Stores credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
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. Ratings change; confirm before relying on any figure here. See the Casey's General Stores credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
2 Casey's General Stores NNN properties observed for sale across 2 states as of October 2, 2026. Median asking cap rate 5.97% (range 5.94% to 6.00%). Median asking price $1.20M. Most listings do not state a remaining term. Median building 3,662 SF. Figures update automatically from listing broker materials.
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 General Stores NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant Casey’s General Stores properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Archbold, OH | $800,000 | 6.00% | $48,000 | n/a | 2026 | Not stated | Get full property data |
| Okmulgee, OK | $1,600,000 | 5.94% | $94,978 | n/a | n/a | Not stated | Get full property data |
Search all 2 Casey's General Stores properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Get new Casey's General Stores listings in your cap rate band
New Casey's General Stores net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Casey's General Stores? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a valuation benchmark against the live Casey's General Stores listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
Casey’s General Stores, Inc. operated 2,944 convenience stores in 19 states, primarily in the Midwest, at April 30, 2026, and says many of its stores are located in smaller communities, often with populations of less than 20,000 (Casey’s Form 10-K for the fiscal year ended April 30, 2026). At that date it leased land, building or both at 241 store locations and owned the land and building at all of its other store locations.
Casey’s says most of those leases provide for a fixed rent plus property taxes, insurance and maintenance costs, and that the leases are generally for terms of ten to twenty years with options to renew for additional periods or options to purchase the leased premises at the end of the lease period. Because Casey’s owns the real estate at most of its stores, leased Casey’s sites are a minority of the network, and any purchase option in the lease affects what you are buying.
Across the current inventory, 100% of listings with a reported build year were delivered in the last four years, and 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
Casey’s General Stores Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| 5.50% to 5.99% | 1 | 50% | $1.60M |
| 6.00% to 6.49% | 1 | 50% | $0.80M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 1 | 50% | 6.00% |
| $1.5M to $2.5M | 1 | 50% | 5.94% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|
| Lease Type (as marketed) | Listings |
|---|---|
| Not stated | 2 |
How to read the pricing
The spread inside the Casey’s General Stores inventory runs from 5.94% to 6.00%, against a median of 5.97%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where Casey’s General Stores NNN Properties Are For Sale
Current inventory spans 2 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| OH | 1 | 6.00% | $0.80M |
| OK | 1 | 5.94% | $1.60M |
Casey’s General Stores as a 1031 Exchange Replacement Property
The median asking price in the current Casey’s General Stores inventory is $1.20M, and about 50% of listings fall between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace. The points below are general information, not tax or legal advice; confirm your own situation with your qualified intermediary and tax advisor.
- Identify from the live list, not a stale one. Listings move. Replacement property must be identified within 45 days of the sale of the relinquished property (Internal Revenue Code section 1031(a)(3)), and the three-property rule in Treasury Regulation section 1.1031(k)-1(c)(4) lets you identify up to three properties regardless of value, so keep a backup that is realistically still available.
- Debt replacement matters. Liabilities on the relinquished property that the other party assumes, or that the property is transferred subject to, are treated as money received, and they can be offset by liabilities on the replacement property and by cash the taxpayer adds (Treasury Regulation section 1.1031(d)-2). Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage, so run your debt numbers before you identify.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, weigh remaining term and options alongside cap rate.
- Certainty of closing matters. The replacement property must be received within 180 days of the sale, or by the due date, including any extension, of the tax return for the year of the sale if that comes first (Internal Revenue Code section 1031(a)(3)). A clean estoppel, a current lease and no pending relocation reduce closing risk.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
Casey’s General Stores NNN Due Diligence Checklist
These are the items that change the value of a Casey’s listing and are rarely resolved by the offering memorandum.
- Tenant entity and guaranty. Identify the exact Casey’s entity on the lease and any guaranty from Casey’s General Stores, Inc.
- Purchase options and rights of first refusal. Casey’s describes its leases as generally carrying options to renew or options to purchase the leased premises at the end of the lease period. Read any purchase option or right of first refusal, its price formula and when it can be exercised.
- Underground storage tanks and environmental status. Obtain a current Phase I, tank age and testing records, and confirm which party carries remediation, tank replacement and closure.
- Ground lease or fee ownership. Determine whether you are buying land under a ground lease or land and building, and who owns the store, canopy and tanks during the term and at expiration.
How Investment Grade Works With Casey’s General Stores Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Casey’s acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On the majority of transactions, there is no separate fee to you as the buyer, because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing Casey’s General Stores properties can use this page as a valuation benchmark. If you are weighing a sale, we can discuss an off-market sale to a qualified 1031 buyer as well as a broad marketing process.
Frequently Asked Questions
How many Casey’s General Stores NNN properties are for sale right now?
As of October 2, 2026, 2 single-tenant Casey’s General Stores net lease properties are observed for sale across 2 states. The count updates automatically as listings are added and removed.
Is Casey’s General Stores investment grade?
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. 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).
What cap rate do Casey’s General Stores NNN properties sell at?
The current median asking cap rate is 5.97%, with the inventory ranging from 5.94% to 6.00%. Longer term, stronger markets and absolute NNN structures generally ask cap rates at the lower end of the range.
How much does a Casey’s NNN property cost?
The median asking price in the current inventory is $1.20M, with listings from $0.80M to $1.60M. About 50% fall between 1.5 and 3.5 million dollars.
Who signs the lease on a Casey’s property?
Casey’s operates its own stores, and it leased land, building or both at 241 of its 2,944 store locations at April 30, 2026 (Form 10-K for the fiscal year ended April 30, 2026). The tenant is the Casey’s entity named in the lease, so confirm the signatory and whether Casey’s General Stores, Inc. guarantees it.
Is a Casey’s property a good 1031 exchange replacement?
It depends on your equity, your debt replacement requirement and your hold period. The median asking price is $1.20M and about 50% of inventory sits between 1.5 and 3.5 million dollars. Term, lease structure and certainty of closing matter as much as the headline cap rate within the 45-day identification period.
Working a Casey’s acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
