This page tracks Chipotle 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 Chipotle 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.
Chipotle is not rated. Chipotle carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the Chipotle credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
110 Chipotle NNN properties observed for sale across 34 states as of October 2, 2026. Median asking cap rate 5.00% (range 3.85% to 7.30%). Median asking price $3.72M. Average remaining lease term 13.4 years (among 44 listings that state a term). Median building 2,375 SF. Figures update automatically from listing broker materials.
Chipotle is not rated. Chipotle carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Chipotle NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant Chipotle 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 | |
|---|---|---|---|---|---|---|---|
| Owensboro, KY | $2,285,714 | 5.25% | $120,000 | n/a | 2018 | Not stated | Get full property data |
| New Albany, OH | $2,466,000 | 5.00% | $123,291 | n/a | 2024 | Not stated | Get full property data |
| Belleview, FL | $7,627,900 | 5.35% | $408,147 | n/a | 2025 | Not stated | Get full property data |
| Bellefonte, PA | $3,113,207 | 5.30% | n/a | n/a | 2026 | Not stated | Get full property data |
| Steubenville, OH | $3,454,000 | 5.15% | $177,863 | n/a | 2025 | Not stated | Get full property data |
| Woodbridge, VA | $3,323,918 | 4.85% | n/a | n/a | 2026 | Not stated | Get full property data |
| Lexington, VA | $3,398,000 | 5.15% | $175,000 | n/a | 2026 | Not stated | Get full property data |
| Madison Heights, VA | $3,204,000 | 5.15% | $165,000 | n/a | 2026 | Not stated | Get full property data |
| Killeen, TX | $3,632,000 | 4.75% | $172,500 | n/a | 2026 | Not stated | Get full property data |
| Midlothian, VA | $2,057,522 | 5.65% | $116,250 | n/a | 2025 | Not stated | Get full property data |
| Baytown, TX | $4,184,783 | 4.60% | $192,500 | n/a | 2021 | Not stated | Get full property data |
| Katy, TX | $4,000,000 | 4.50% | $180,000 | n/a | 2026 | Not stated | Get full property data |
Showing the 12 most recently listed of 110 observed listings; listings without a published asking price and cap rate are not shown here.
Search all 110 Chipotle 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 Chipotle listings in your cap rate band
New Chipotle net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Chipotle? 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 free valuation benchmark against the live Chipotle 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
Chipotle does not franchise. Every location in the United States is company-operated, which means every lease is a direct corporate obligation with no operator layer. Among restaurant net lease tenants this is unusual and is the reason Chipotle prices tighter than most of the restaurant category despite similar building economics.
Buildings run roughly 2,200 to 2,800 square feet, and new development is dominated by the drive-thru format the company calls a Chipotlane. Presence or absence of a drive-thru lane is a real pricing variable in the current inventory, both because of unit economics and because it affects which alternative restaurant users could occupy the box later.
Across the current inventory, roughly 83% of listings with a reported build year were delivered in the last four years, and about 8% 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.
Chipotle 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 |
|---|---|---|---|
| Under 5.00% | 39 | 35% | $4.08M |
| 5.00% to 5.49% | 47 | 43% | $3.45M |
| 5.50% to 5.99% | 11 | 10% | $2.93M |
| 6.00% to 6.49% | 9 | 8% | $5.65M |
| 6.50% to 6.99% | 3 | 3% | $5.81M |
| 7.00% and above | 1 | 1% | $4.49M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| $1.5M to $2.5M | 10 | 9% | 5.56% |
| $2.5M to $3.5M | 31 | 28% | 5.21% |
| $3.5M to $5M | 58 | 53% | 4.99% |
| $5M and above | 10 | 9% | 5.55% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| 5 to 10 years | 6 | 5.59% |
| 10 to 15 years | 28 | 4.93% |
| 15 years and longer | 10 | 4.85% |
| Lease Type (as marketed) | Listings |
|---|---|
| Not stated | 56 |
| Absolute NNN | 29 |
| NNN | 15 |
| NN | 7 |
| NN+ | 2 |
| Other lease types | 1 |
How to read the pricing
The spread inside the Chipotle inventory runs from 3.85% to 7.30%, against a median of 5.00%. 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 Chipotle NNN Properties Are For Sale
Current inventory spans 34 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 |
|---|---|---|---|
| FL | 19 | 4.67% | $4.73M |
| TX | 15 | 4.90% | $4.04M |
| GA | 8 | 5.16% | $3.92M |
| SC | 6 | 5.17% | $3.30M |
| CA | 5 | 5.58% | $3.81M |
| OH | 5 | 5.27% | $2.81M |
| VA | 5 | 5.23% | $2.95M |
| AZ | 4 | 4.79% | $4.16M |
| NY | 3 | 5.97% | $4.12M |
| CO | 3 | 5.37% | $3.00M |
| IL | 3 | 5.74% | $3.93M |
| NC | 3 | 5.05% | $3.34M |
Shows the 12 states with the most listings, out of 34 states with Chipotle listings. Search all listings for the rest.
Chipotle as a 1031 Exchange Replacement Property
The median asking price in the current Chipotle inventory is $3.72M, and about 37% of listings fall in the middle of the market 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.
- Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
- Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own 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, prioritize term and options over 25 basis points of cap rate.
- Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
Chipotle NNN Due Diligence Checklist
These are the items that change the value of a Chipotle listing and are rarely resolved by the offering memorandum.
- Drive-thru configuration. Confirm whether the unit has a Chipotlane, and whether stacking and site plan support it. This affects both tenant retention and resale.
- Term and escalations. Verify the exact remaining term, escalation schedule and number of options.
- Ground lease versus fee simple. Restaurant pads are frequently ground leased. Confirm what is owned and how that affects depreciation and financing.
- Reciprocal easement and pad restrictions. On outparcels, review the REA for use restrictions, parking ratios and any drive-thru prohibitions.
How Investment Grade Works With Chipotle 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 Chipotle 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 most transactions there is no separate fee to 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 Chipotle properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.
Frequently Asked Questions
How many Chipotle NNN properties are for sale right now?
As of October 2, 2026, 110 single-tenant Chipotle net lease properties are observed for sale across 34 states. The count updates automatically as listings are added and removed.
Is Chipotle investment grade?
Chipotle carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026. Chipotle does not franchise, so the lease is a direct corporate obligation; underwriting rests on that lease and the site.
What cap rate do Chipotle NNN properties sell at?
The current median asking cap rate is 5.00%, with the inventory ranging from 3.85% to 7.30%. Longer term, stronger markets and absolute NNN structures price at the tight end.
How much does a Chipotle NNN property cost?
The median asking price in the current inventory is $3.72M, with listings from $1.81M to $12.50M. About 37% fall between 1.5 and 3.5 million dollars.
Who signs the lease on a Chipotle property?
Chipotle does not franchise. Every location in the United States is company-operated, which means every lease is a direct corporate obligation with no operator layer. Among restaurant net lease tenants this is unusual and is the reason Chipotle prices tighter than most of the restaurant category despite similar building economics.
Is a Chipotle property a good 1031 exchange replacement?
It depends on your equity, your debt replacement requirement and your hold period. The median asking price is $3.72M and roughly 37% of inventory sits in the 1.5 to 3.5 million dollar range that suits a typical exchange. Term, lease structure and certainty of closing matter more than headline cap rate on a 45-day clock.
Working a Chipotle 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.
