Looking to buy a Circle K NNN property? 37 are observed for sale across 16 states, median asking cap rate 5.22%. View Circle K NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent | Alimentation Couche-Tard Inc. (TSX: ATD), Laval, Quebec |
| S&P / Moody’s | BBB+ (Stable) / Baa1 (Stable) |
| Investment grade status | Parent Rated Investment Grade (Alimentation Couche-Tard Inc.); confirm the lease guarantor |
| Stores | 7,301 in the U.S. and 2,055 in Canada (April 26, 2026, 2026 Annual Information Form); total network of 17,220 sites worldwide, including 2,711 licensed Circle K sites (July 19, 2026), per Couche-Tard |
| Parent revenue | US$76.5 billion, fiscal year ended April 26, 2026 |
| Median asking cap rate | See the live table below |
Circle K Business Overview
Circle K is the main convenience store and fuel brand of Alimentation Couche-Tard. Couche-Tard reported 7,301 stores in the U.S. and 2,055 in Canada at April 26, 2026 (2026 Annual Information Form), and a total network of 17,220 sites worldwide, including 2,711 licensed Circle K sites, at July 19, 2026. It describes itself as one of the largest independent convenience store operators in the U.S. Its revenue was US$76.5 billion in the fiscal year ended April 26, 2026.
Circle K is not the largest convenience store chain in the U.S. and Canada by store count: 7-Eleven, Inc. says it operates, franchises and/or licenses more than 13,000 stores in the U.S. and Canada (7-Eleven corporate website, accessed October 2026).
Circle K Credit Profile
Couche-Tard is rated BBB+/Baa1 in our database, investment grade. That rating belongs to the parent. A Circle K lease may be signed by a U.S. operating subsidiary rather than the parent, and the guarantor varies, so confirm the named tenant and guarantor on each property. See why parent company credit and lease obligor risk are separate questions.
Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings BBB+, Stable, as of April 26, 2026; Moody’s Baa1, Stable, as of April 26, 2026. Ratings checked October 8, 2026.
Circle K NNN Cap Rates
Live asking cap rates for Circle K 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 |
| Sheetz | n/a / n/a | 5.28% | 5.00% to 5.50% | 12 | +4 bps |
| Speedway (rated entity: 7-Eleven, Inc.) | A- / Baa2 | 5.50% | 5.19% to 6.31% | 12 | +26 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.
Pricing varies with the location, remaining term, lease structure and whether the rated parent guarantees the lease.
What to Check in a Circle K Lease
- Tenant and guarantor: whether Couche-Tard, a rated entity or a U.S. subsidiary signs or guarantees the lease.
- Term and rent increases: remaining term, renewal options and the rent schedule, which vary by lease.
- Ground lease or building lease: whether the landlord owns only the land or also the building, which affects pricing and depreciation.
- 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 |
|---|---|
| Investment grade rated parent | Parent rating applies only if the parent signs or guarantees |
| Large U.S. network with many listings to compare | Older and smaller stores vary in quality |
| Fuel and convenience sales drive frequent visits | Environmental issues at fuel sites |
Frequently Asked Questions
Is Circle K investment grade?
Its parent, Alimentation Couche-Tard, is rated BBB+/Baa1 in our ratings database. Confirm the named tenant and guarantor on each lease.
Is Circle K the largest convenience store chain in the U.S. and Canada?
No. Couche-Tard says its network of more than 7,301 U.S. stores makes it the second largest player in the U.S. (2026 Annual Information Form), and 7-Eleven, Inc. says it operates, franchises and/or licenses more than 13,000 stores in the U.S. and Canada (7-Eleven corporate website, accessed October 2026).
How many Circle K stores are there?
Couche-Tard reported 7,301 stores in the U.S. and 2,055 in Canada at April 26, 2026 (2026 Annual Information Form), and a total network of 17,220 sites worldwide, including 2,711 licensed Circle K sites, at July 19, 2026.
Sources: Alimentation Couche-Tard fiscal 2026 fourth quarter results (June 22, 2026), its first quarter fiscal 2027 report (period ended July 19, 2026), its 2026 Annual Information Form (April 26, 2026) and corporate website (corpo.couche-tard.com), accessed October 2026; ratings from InvestmentGrade.com’s ratings database.
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. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025 (IRS Notice 2026‑11). 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 (Treasury Regulation section 1.167(a)‑2), and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally recaptured as ordinary income on a taxable sale (Internal Revenue Code sections 1245 and 1250); a 1031 exchange can defer it, subject to the limits in sections 1245(b)(4) and 1250(d)(4). Some gas station and convenience store buildings can qualify as 15-year property, and therefore for bonus depreciation, as retail motor fuels outlets under Internal Revenue Code section 168(e)(3)(E)(iii) if they meet the IRS tests for that category; 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 in the lease. This is general information, not tax advice; consult a tax professional. See the Gas Station Bonus Depreciation guide.
Circle K Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Circle K 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.
Circle K NNN Properties Observed For Sale
37 active Circle K 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 | |
|---|---|---|---|---|---|
| Umatilla, OR | $3,215,000 | 5.04% | 4,255 | 15.2 yrs | View listing |
| Las Vegas, NV | $4,470,000 | 4.25% | 5,187 | 19.0 yrs | View listing |
| Augusta, KS | $1,928,000 | 7.50% | 2,640 | 5.3 yrs | View listing |
| Gadsden, AL | $2,333,000 | 6.75% | 2,733 | 3.8 yrs | View listing |
| Sauk Rapids, MN | $2,796,377 | 6.10% | 5,254 | 6.6 yrs | View listing |
| Dardenne Prairie, MO | $3,283,000 | 5.30% | 5,200 | 14.4 yrs | View listing |
| Phoenix, AZ | $2,275,000 | 4.63% | 3,025 | 3.0 yrs | View listing |
| Tucson, AZ | $3,700,000 | 5.00% | 5,000 | n/a | View listing |
Search all 37 observed Circle K 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.
