| Metric | Details |
|---|---|
| Company | GameStop Corp. (NYSE: GME), Grapevine, Texas |
| S&P / Moody’s | NR / NR |
| Investment grade status | Not Rated |
| Stores | 2,206 stores worldwide, all leased (January 31, 2026) |
| Recent changes | Closed 727 U.S. stores in fiscal 2025 and has exited several international markets |
| Median asking cap rate | See the live table below |
GameStop: no public rating from S&P Global Ratings, Moody’s or Fitch in our ratings database. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
GameStop Business Overview
GameStop sells video games, consoles, collectibles and related products. It operated 2,206 stores worldwide as of January 31, 2026, all leased. It closed 727 U.S. stores in fiscal 2025 and has exited operations in several countries in recent years, but said in its latest 10‑Q that it does not expect to close a significant number of stores in fiscal 2026.
GameStop Credit Profile
GameStop is not investment grade in the ratings sense. As a public company it files audited financial statements with the SEC, which investors can review. Its store base has been shrinking, so the key questions for a landlord are whether a given store is likely to stay open and what the space would lease for if it closed.
Ratings come from our tenant ratings database, which records the source of each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: Our ratings database, checked September 27, 2026.
GameStop NNN Cap Rates
Live asking cap rates for GameStop and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Best Buy | BBB+ / A3 | 6.58% | 6.10% to 7.31% | 6 | +134 bps |
| Michaels | B- / n/a | 7.00% | 6.63% to 7.50% | 3 | +176 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 19, 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: GameStop, Five Below, Barnes & Noble, Guitar Center.
GameStop stores are generally located in strip centers, shopping malls and pedestrian areas (Form 10-K). GameStop listings InvestmentGrade.com currently tracks: ; the live table shows a median only when at least three have a published asking cap rate. Price a GameStop-leased space mainly on the shopping center, the rent compared with market rent and the remaining term.
What to Check in a GameStop Lease
- Store status: whether the store has been on recent closure lists and how its lease term compares with GameStop’s closure pattern.
- Tenant and guarantor: which GameStop entity signs the lease.
- Term and options: many GameStop leases are short; confirm the remaining term and options.
- Re-use: how readily the inline space could be re-leased to another tenant in that center.
- Rent versus market: whether rent is at or below market.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Public company with audited financial statements | No rating in our ratings database |
| Inline shop spaces can have many potential replacement tenants | Store count has been falling |
| Short lease terms are common |
Comparing GameStop With Other Replacement Properties
For a 1031 buyer, a GameStop-leased property is usually a shopping center or small-shop investment rather than a long-term credit lease. Compare it with investment grade NNN tenants for 1031 exchanges and current NNN cap rates.
Frequently Asked Questions
Is GameStop investment grade?
No. GameStop has no public credit rating in our database. It does file audited financial statements with the SEC.
How many stores does GameStop have?
GameStop operated 2,206 stores worldwide as of January 31, 2026, after closing 727 U.S. stores in fiscal 2025.
Is GameStop closing more stores?
In its latest 10‑Q, GameStop said it does not expect to close a significant number of stores in fiscal 2026. Check whether a specific store has appeared on closure lists.
Sources: GameStop Corp. Form 10‑K for the year ended January 31, 2026 and Form 10‑Q for the quarter ended August 1, 2026.
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. Under Internal Revenue Code section 168(k), that property can qualify for 100% bonus depreciation if it is acquired after January 19, 2025 and placed in service after that date; property is not treated as acquired after the date a written binding contract for it is entered into (IRS Notice 2026‑11), and used property must also meet the acquisition rules of section 168(k)(2)(E), such as not having been used by the buyer before. How much qualifies varies widely by property and must be supported by an engineering-based study. If the investor owns only the land under a ground lease and the tenant owns the building, the investor has no building to depreciate, because land cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Depreciation on the reclassified property, including bonus depreciation, can be recaptured on a sale: under section 1245 for personal property, as ordinary income, and under section 1250 for real property. A 1031 exchange can defer gain, but recapture can still apply in an exchange depending on the replacement property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. See the Depreciation by NNN Property Type.
Related: Gas Station Bonus Depreciation
GameStop Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market GameStop 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.
