Looking to buy a Dollar Tree NNN property? 89 are observed for sale across 34 states, median asking cap rate 7.34%. View Dollar Tree NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | Dollar Tree, Inc. |
| S&P/Moody’s Rating | S&P: BBB |
| Rated Entity | Dollar Tree, Inc. |
| Rating Source | S&P Global Ratings BBB, as of July 21, 2025. Ratings checked September 27, 2026. |
| Sector | Dollar/Discount |
| US Locations | 9,150 in 48 states and DC, plus about 285 in Canada (August 1, 2026, Form 10‑Q) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Generally 5 to 10 years initial, with options to extend (Form 10‑K) |
| Guarantee Type | Varies; confirm the tenant entity and any guaranty in each lease |
| Stock Ticker | DLTR (NASDAQ) |
| Annual Revenue | $19.4B (FY2025 (continuing operations, ended Jan 31, 2026)) |
Bond vs NNN Comparison: See how Dollar Tree corporate bond yields compare to Dollar Tree NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. Dollar Tree Bonds vs NNN →
Dollar Tree Business Overview & NNN Investment Grade Profile
Dollar Tree operates the Dollar Tree brand after completing the sale of Family Dollar on July 5, 2025 to 1959 Holdings, LLC, the buyer in the Brigade Capital Management and Macellum Capital Management transaction (Form 8-K). The company is expanding its multi-price offerings, operated 9,436 stores as of August 1, 2026 (Form 10‑Q), and reported a 5.3% comparable store net sales increase in fiscal 2025 (Form 10‑K).
Lease terms, rent increases and renewal options vary by property, so confirm them in each lease.
Investors evaluating Dollar Tree NNN properties should focus on location quality, lease terms, cap rate entry, and the tenant’s credit trajectory. This analysis examines Dollar Tree’s credit profile, lease structure, market positioning, and investment considerations.
Dollar Tree Credit Rating Analysis
Dollar Tree reported income from continuing operations of $1,225.3 million in fiscal 2025 (Form 10‑K).
Investors should monitor Dollar Tree’s quarterly earnings releases, cash flow generation, and any changes in credit outlook. A credit rating is an agency’s opinion of the company’s ability to repay its debt, not of any single store’s performance, so property location and lease terms remain critical evaluation factors.
Dollar Tree NNN Lease Structure
Dollar Tree says its leases typically have a short initial term, generally between five and ten years, with options to extend (Form 10‑K for fiscal 2025). In a triple net lease the tenant pays property taxes, insurance and maintenance, but expense terms vary by lease, so confirm what each lease requires.
Rent increases vary by lease. Dollar Tree says most of its leases include one or more renewal options, exercisable at its sole discretion (Form 10‑K).
Whether Dollar Tree, Inc. signs or guarantees the lease is a material factor in its creditworthiness; confirm the tenant entity and any guaranty, and what it covers, in each lease.
Dollar Tree NNN Cap Rate & Pricing Trends
Live asking cap rates for Dollar Tree and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +176 bps |
| Dollar Tree | BBB / n/a | 7.34% | 6.75% to 8.00% | 84 | +210 bps |
| Family Dollar | B / n/a | 8.50% | 8.00% to 9.00% | 176 | +326 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: Five Below.
Location and remaining lease term can affect a property’s asking cap rate and sale price; asking cap rates are not closed-sale cap rates.
The live figures come from listings our data maps to each tenant. Dual-brand Dollar Tree and Family Dollar combination stores can appear under either tenant, so confirm the tenant entity, any guarantor and the income on each offering.
Dollar Tree Real Estate Footprint
Dollar Tree operated 9,436 stores as of August 1, 2026: 9,150 across 48 states and the District of Columbia and approximately 285 across seven Canadian provinces (Form 10‑Q). It leases substantially all of its stores (Form 10‑K for fiscal 2025).
Dollar Tree Growth & Expansion Outlook
New store growth is part of the operating strategy Dollar Tree outlined at its October 2025 Investor Day (Form 10‑K). For fiscal 2026, management guided to approximately 400 new store openings and 75 closings, an outlook it repeated on August 27, 2026 (Form 8‑K).
In the 26 weeks ended August 1, 2026, Dollar Tree opened 188 stores and closed 34, ending the period with 9,436 stores (Form 10‑Q).
Dollar Tree NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Pure-play discount retailer after Family Dollar sale; rated BBB by S&P | Short initial lease terms, generally five to ten years (Form 10‑K) |
| Strong 5.3% comp sales growth (FY2025) | Tariff headwinds on merchandise |
| Gross profit margin up 60 basis points in FY2025 | Competition from other dollar stores and discount retailers |
| 9,436 stores as of August 1, 2026 | Economic sensitivity in weak consumer environments |
Comparable NNN Tenants
| Comparable Tenant | Rating | Investment Grade Status |
|---|---|---|
| Dollar General | BBB/Baa3 | Investment Grade |
| Family Dollar | B | Below Investment Grade |
| Five Below | no verified rating | Not Yet Verified |
Ratings shown come from our ratings database. Family Dollar rating source: S&P Global Ratings B, Stable, as of July 20, 2026. Ratings checked October 8, 2026. That rating applies to Family Dollar Stores LLC; Dollar Tree’s rating does not carry over to Family Dollar after the July 5, 2025 sale. We have not verified a Moody’s rating for Family Dollar from a primary source. “Not rated” means our database holds no agency rating for that tenant; it does not confirm that no agency rates it.
What is the credit rating of Dollar Tree?
Dollar Tree maintains a BBB credit rating from S&P. A rating is the agency’s opinion of Dollar Tree’s creditworthiness; see the rating source above.
What cap rates are Dollar Tree NNN properties asking?
Current median asking cap rates for Dollar Tree and comparable tenants 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 Dollar Tree a good NNN investment?
Dollar Tree, Inc. is rated BBB by S&P, but the strength of a specific property depends on who signs or guarantees the lease, the remaining term and the location. Careful property selection and location analysis remain critical.
What is the typical lease term for Dollar Tree NNN properties?
Dollar Tree says its leases typically have a short initial term, generally between five and ten years, with options to extend (Form 10‑K for fiscal 2025). Rent increases vary by lease, so confirm them in the lease.
Dollar Tree Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Dollar Tree 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
Dollar Tree NNN Properties Observed For Sale
89 active Dollar Tree 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 | |
|---|---|---|---|---|---|
| Stanley, ND | $1,760,063 | 8.00% | 10,500 | 7.8 yrs | View listing |
| Augusta, ME | $875,000 | n/a | 11,180 | 0.9 yrs | View listing |
| Meridian, ID | $2,800,000 | 5.00% | 10,000 | n/a | View listing |
| Athol, ID | $2,220,000 | 6.80% | 10,000 | n/a | View listing |
| Southbridge, MA | $1,916,000 | 7.50% | 12,240 | n/a | View listing |
| East Hartford, CT | $1,748,506 | 7.25% | 13,274 | n/a | View listing |
| Milton-Freewater, OR | $1,623,000 | 6.65% | n/a | 8.6 yrs | View listing |
| Baltimore, MD | $1,780,416 | 8.75% | 9,273 | 3.6 yrs | View listing |
Search all 89 observed Dollar Tree 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.
