Home Depot NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks Home Depot 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 Home Depot 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.

Home Depot NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Home Depot 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.

Search all 7 Home Depot 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.

What You Are Actually Buying

Every US Home Depot is company-operated, and the tenant on a leased store is typically Home Depot U.S.A., Inc., the wholly owned operating subsidiary, with the parent behind it. There is no franchisee or dealer layer, so operator risk is effectively removed, which is why Home Depot trades at some of the lowest cap rates in net lease. The complication is inventory. Home Depot owns the large majority of its stores, so what reaches the market is mostly ground leases under Home Depot-built boxes plus a few leased big boxes. The pricing bands here reflect that: you are usually buying land and a credit rent stream, not a building.

The prototype is a very large box, on average roughly 105,000 square feet of enclosed store plus a garden center near 24,000 square feet, often a lumber yard, on ten acres or more. Ground leases are the common form: Home Depot builds and owns the improvements and pays ground rent for an initial twenty years with several five-year to ten-year options. Leases are usually absolute NNN, the tenant handling roof, structure and parking. Escalations are modest and periodic, fixed bumps at set intervals rather than annual increases. The chain has not shifted formats, so relocation risk is low, but the box has almost no alternative single-tenant use.

Across the current inventory, roughly 0% of listings with a reported build year were delivered in the last four years, and about 14% 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.

Home Depot 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.

How to read the pricing

The spread inside the Home Depot inventory runs from 5.24% to 7.00%, against a median of 5.65%. 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 Home Depot NNN Properties Are For Sale

Current inventory spans 5 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.

Home Depot as a 1031 Exchange Replacement Property

The median asking price in the current Home Depot inventory is $13.99M, and about 14% 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.

Home Depot NNN Due Diligence Checklist

These are the items that change the value of a Home Depot listing and are rarely resolved by the offering memorandum.

• Ground lease reversion and improvements ownership. Most Home Depot listings are ground leases, so confirm who owns the building at expiration and whether the tenant may remove improvements. Reversion of a purpose-built box to the landowner is worth less than the rent stream suggests.
• Option count and escalation timing. Twenty-year primary terms often come with five or more renewal options. Check whether rent steps occur during the primary term or only at option exercise, because a fully flat twenty years is common on older ground leases.
• Alternative use and exit liquidity. A box of more than 100,000 square feet with a garden center and lumber yard has few single-tenant replacements. Treat the land as the real collateral and expect a thin, large-check buyer pool when you sell.
• Reciprocal easements and outparcel rights. Home Depot often anchors a larger power center under a reciprocal easement agreement. Confirm the tenant’s approval rights over outparcels, signage and parking changes, since those can block value-add plans on land you also own.

How Investment Grade Works With Home Depot 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 Home Depot 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 Home Depot 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

• Home Depot Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings