Looking to buy a Chevron NNN property? 8 are observed for sale across 3 states, median asking cap rate 7.25%. View Chevron NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | Chevron Corporation |
| Credit Ratings | S&P: AA- / Moody’s: Aa2 |
| Investment Grade Status | Investment Grade |
| Sector | Energy / Convenience & Gas |
| US Branded Sites | Approximately 8,600 Chevron- and Texaco-branded service stations, about 380 company-owned or company-leased (year-end 2025, Form 10-K) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; confirm the original and remaining term in each lease |
| Tenant / guarantor | Identify the legal tenant and any guarantor (for example Chevron U.S.A. Inc., Chevron Corporation, or a dealer or distributor entity) from the executed lease and guaranty; the brand establishes neither |
| Stock Ticker | CVX (NYSE) |
| Annual Revenue | $189.0B total revenues and other income (FY2025, Form 10-K) |
Chevron Business Overview & NNN Investment Profile
Chevron Corporation is an integrated energy company, operating across upstream oil and gas production, refining, chemicals, and fuel marketing. In the United States, Chevron supplied, directly or through retailers and marketers, approximately 8,600 Chevron- and Texaco-branded service stations at year-end 2025, about 380 of them company-owned or company-leased (Form 10-K). Chevron’s Form 10-Q for the quarter ended June 30, 2026 states S&P and Moody’s ratings for securities that are the obligations of, or guaranteed by, Chevron Corporation; our ratings database shows them as AA- from S&P and Aa2 from Moody’s and classifies them as investment grade. See our ratings table.
For NNN investors, a verified lease obligation or guarantee of Chevron Corporation can provide its credit support, within the terms of that lease or guarantee; the property and lease risks still need to be evaluated separately. Only about 380 of the roughly 8,600 U.S. Chevron- and Texaco-branded stations were company-owned or company-leased at year-end 2025 (Form 10-K). The ratings shown apply to securities that are the obligations of, or guaranteed by, Chevron Corporation, so for a lease signed by Chevron U.S.A. Inc. confirm whether Chevron Corporation also guarantees it and on what terms, and evaluate independently operated dealer or distributor tenants on their own credit. A Texaco-branded site is no different: the brand does not establish who is obligated on the lease.
Chevron Credit Rating Analysis
Source: S&P Global Ratings AA-, as of August 6, 2026; Moody’s Aa2, as of August 6, 2026. Ratings checked October 8, 2026.
Chevron describes itself as one of the largest producers in the Permian Basin, where it holds more than 1,750,000 net acres and production reached one million barrels of net oil-equivalent per day in 2025 (Form 10-K). Chevron raised its annual per-share dividend for the 38th consecutive year in 2025 (Form 10-K).
For NNN investors, Chevron Corporation’s ratings are relevant to a lease only where Chevron Corporation is the tenant, or has guaranteed the lease of the subsidiary that signs it.
Chevron NNN Lease Structure
Lease terms and renewal options on Chevron-branded sites vary, and only about 380 of the roughly 8,600 U.S. Chevron- and Texaco-branded stations were company-owned or company-leased at year-end 2025 (Form 10-K), so confirm the term, options and tenant entity in each lease. A ground lease may leave the improvements with the tenant and assign specified environmental obligations to it, subject to its terms and applicable law, including where Chevron U.S.A. Inc. is the ground tenant. A lease allocates responsibility between the parties but does not make a landowner immune from statutory or third-party environmental liability for underground storage tanks or contamination, so confirm the lease obligations and complete environmental due diligence.
Rent escalations vary by lease and are stated inconsistently in the listing data we track, so take the escalation schedule from the executed lease rather than from marketing materials. Confirm whether a lease is absolute NNN, NNN or a ground lease and which repair, replacement and environmental obligations the landlord keeps. Identifying the legal tenant and any guarantor, whether Chevron U.S.A. Inc., Chevron Corporation or a dealer or distributor entity, is a primary due diligence step.
Chevron NNN Cap Rate & Pricing Trends
Median asking cap rates in the listings InvestmentGrade.com tracks, for Chevron and, where at least three listings exist, other fuel and convenience brands. These are asking figures, not closed sales. Cap rates are as stated in, or calculated from the price and income stated in, each offering, and a listing grouped under a brand still needs its tenant, guarantor and the interest being sold confirmed.
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.12% | 5.00% to 5.50% | 36 | −13 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 4.93% to 5.50% | 147 | −9 bps |
| Chevron | AA- / Aa2 | 7.25% | 6.38% to 7.38% | 7 | +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: BP.
Chevron Real Estate Footprint
Chevron supplied approximately 8,600 Chevron- and Texaco-branded U.S. service stations at year-end 2025, primarily in the southern and western states (Form 10-K). Whether a listed Chevron-branded property includes a convenience store, and who operates it, varies; confirm it from the offering and the lease.
Chevron Growth & Expansion Outlook
Most of Chevron’s U.S. branded network is not company-owned or company-leased: about 380 of roughly 8,600 Chevron- and Texaco-branded stations were at year-end 2025 (Form 10-K), so identify the operator, the tenant and any guarantor of a specific site before relying on Chevron’s corporate credit.
Chevron NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| AA-/Aa2 ratings on securities obligated or guaranteed by Chevron Corporation | Corporate vs. dealer guarantee distinction is critical |
| Integrated energy and chemicals operations (Form 10-K) | Environmental liability risk requires careful due diligence |
| A lease may limit specified landlord obligations, subject to its terms and applicable law | Long-term EV transition adds secular demand uncertainty |
| Convenience store sales can add operator revenue, which is separate from the landlord’s rent | Pricing varies with the tenant and guarantor; compare with listings for the same tenant and lease structure |
1031 buyer benchmark: Chevron versus other fuel NNN tenants
For a 1031 buyer, Chevron Corporation’s ratings matter only where Chevron Corporation is obligated on the lease; pricing also depends on the lease structure, guarantor, environmental obligations and site-level residual value.
Compare Chevron against Exxon / Mobil, Phillips 66, Valero, and Marathon. Then benchmark the quoted yield against the 2026 NNN cap-rate framework and the 1031 investment-grade tenant shortlist.
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| BP / AMOCO | A-/A1 |
| 7-Eleven | A-/Baa2 |
| Circle K (Couche-Tard) | BBB+/Baa1 |
What is Chevron’s credit rating?
Chevron’s Form 10-Q for the quarter ended June 30, 2026 states S&P and Moody’s ratings for securities that are the obligations of, or guaranteed by, Chevron Corporation; our ratings database shows AA- from S&P and Aa2 from Moody’s. Rating dates and sources: S&P Global Ratings AA-, as of August 6, 2026; Moody’s Aa2, as of August 6, 2026. Ratings checked October 8, 2026. These ratings apply to a lease only if Chevron Corporation is the tenant or has guaranteed it.
What cap rates are Chevron NNN properties asking?
Current median asking cap rates for Chevron and, where enough listings exist, other fuel brands, from the listings InvestmentGrade.com tracks, are shown 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.
Is Chevron a good NNN investment?
It depends on the lease and the investor. A lease that Chevron Corporation signs or guarantees relies on Chevron Corporation’s credit (AA-/Aa2) within the scope of that obligation; a lease signed by Chevron U.S.A. Inc. without a Chevron Corporation guarantee, or by a dealer or distributor, needs its own credit review. Confirm which obligations the landlord keeps, including repairs, replacements and environmental matters; a lease can assign environmental compliance to the tenant but does not settle every statutory environmental duty, so complete environmental due diligence. Whether the asset fits depends on the buyer’s goals and the price.
What is the difference between Chevron and Texaco NNN properties?
Chevron and Texaco are Chevron’s principal U.S. brands, and Chevron U.S.A. Inc. and its subsidiaries manage and operate most of Chevron’s U.S. businesses (2025 Form 10-K). The brand does not determine lease credit: name the actual obligor on each lease and compare the specific guarantees, since the same guarantor can give guarantees with different scope, duration, release terms and remedies, and each property carries its own risks. Chevron Corporation’s ratings do not automatically apply to Chevron U.S.A. Inc. Only about 380 of the roughly 8,600 U.S. Chevron- and Texaco-branded stations were company-owned or company-leased at year-end 2025 (Form 10-K), so check who signs the lease.
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. Qualified property, generally tangible property with a MACRS recovery period of 20 years or less (new or certain used property), that is acquired and placed in service after January 19, 2025 is eligible for a 100% special depreciation allowance unless the taxpayer elects out or another exception applies (IRC 168(k) as amended by Pub. L. 119-21; IRS Publication 946). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation recapture under IRC sections 1245 and 1250 can treat part of the gain, up to the amount of the gain, as ordinary income, depending on the type of property and the depreciation taken (IRS Publication 544). A 1031 exchange can defer gain on real property, but depreciation recapture can still apply, for example where section 1245 property is exchanged for real property (IRC 1245(b)(4), 1250(d)(4)). A gas station or convenience store building can be 15-year property as a retail motor fuels outlet if it is used to a substantial extent in the retail marketing of petroleum or petroleum products and meets any one of three tests: it is not larger than 1,400 square feet, 50% or more of its gross revenues come from petroleum sales, or 50% or more of its floor space is devoted to petroleum marketing sales (IRS Publication 946). Building plans and measurements, as well as the operator’s sales records, can help show which test is met. Verify who owns fuel tanks, dispensers and canopies, because equipment owned by the operator or fuel supplier is not the landlord’s to depreciate. This is general information, not tax advice; consult a tax professional. See the Gas Station and C-Store NNN Depreciation Guide.
Chevron Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Chevron 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
Chevron NNN Properties Observed For Sale
8 active Chevron net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Thomson, GA | $2,950,000 | n/a | 2,400 | n/a | View listing |
| Orlando, FL | $5,962,000 | 5.75% | 3,686 | n/a | View listing |
| Zephyrhills, FL | $3,300,000 | 7.50% | 2,400 | n/a | View listing |
| New Smyrna Beach, FL | $2,500,000 | 7.00% | 3,495 | n/a | View listing |
| Austin, TX | $3,200,000 | 5.62% | 2,012 | n/a | View listing |
| Magnolia, TX | $4,445,795 | 7.25% | 5,500 | n/a | View listing |
| Porter, TX | $6,204,880 | 7.50% | 3,960 | n/a | View listing |
| KILGORE, TX | $5,448,276 | 7.25% | 4,198 | 20.0 yrs | View listing |
Search all 8 observed Chevron 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.
