Looking to buy a KeyBank NNN property? 5 are observed for sale across 4 states, median asking cap rate 6.30%. View KeyBank NNN properties for sale, cap rate bands and the 1031 buyer guide.
KeyBank is the banking subsidiary of KeyCorp (NYSE: KEY), headquartered in Cleveland, Ohio. For net lease investors, a KeyBank branch lease is backed by a regulated bank only when KeyBank National Association signs or guarantees it, so confirm the tenant entity; the tenant’s credit, the lease terms and the branch’s location drive value.
| Metric | Details |
|---|---|
| Parent company | KeyCorp (NYSE: KEY), Cleveland, Ohio |
| Bank subsidiary | KeyBank National Association |
| S&P / Moody’s (KeyBank senior long-term debt) | BBB+ (Positive) / no verified rating |
| Investment grade status | Investment Grade |
| Branches | 940 full-service branches and 1,120 ATMs in 15 states (December 31, 2025) |
| Footprint | Washington, Oregon and Alaska, the Rocky Mountains, Indiana and Michigan, Ohio, western Pennsylvania, New York, New England and the Atlantic region |
| Total assets | About $191.3 billion, KeyCorp consolidated (June 30, 2026) |
| Branch real estate | 408 branches owned and 532 leased; branch lease terms range from month-to-month to 99 years |
| Median asking cap rate | See the live table below |
KeyBank Credit Profile
Ratings shown here come from our tenant ratings database, with sources noted below. For KeyBank National Association’s senior long-term debt: S&P BBB+ (Positive) and Moody’s no verified rating. Moody’s upgraded the long-term ratings of KeyCorp and its subsidiaries on July 15, 2026 (KeyCorp Form 10‑Q for June 30, 2026), so confirm KeyBank’s current Moody’s rating before relying on it. A rating at or above BBB‑/Baa3 is investment grade. KeyCorp, the holding company, and KeyBank, the bank subsidiary, carry separate ratings (KeyCorp Form 10‑Q for June 30, 2026), and the tenant on a branch lease is often the bank, so confirm the named tenant and which rating applies to it. For how the scale works, see the investment grade guide.
Source: S&P Global Ratings BBB+, Positive, as of June 30, 2026; Fitch Ratings A-, Stable, as of June 30, 2026. Ratings checked October 8, 2026.
Branch Network
KeyBank operates 940 full-service branches and 1,120 ATMs in 15 states (December 31, 2025). Its footprint covers Washington, Oregon and Alaska, the Rocky Mountains, Indiana and Michigan, Ohio, western Pennsylvania, New York, New England and the Atlantic region.
KeyCorp reports that KeyBank owned 408 branches and leased 532 at the end of 2025, with branch lease terms ranging from month-to-month to 99 years. That range is a reminder to read each lease: a KeyBank branch with a long remaining term and fixed rent increases is a very different investment from one on a short renewal.
KeyBank NNN Cap Rates
Live asking cap rates for KeyBank and other bank tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fifth Third Bank | A- / A3 | 4.50% | 4.50% to 5.00% | 17 | −74 bps |
| JPMorgan Chase | AA- / Aa2 | 5.00% | 4.65% to 5.25% | 37 | −24 bps |
| PNC Bank | A / A2 | 5.10% | 4.75% to 6.25% | 21 | −14 bps |
| Wells Fargo | A+ / Aa2 | 5.15% | 5.06% to 5.83% | 7 | −9 bps |
| Bank of America | A+ / Aa2 | 5.25% | 5.00% to 6.10% | 21 | +1 bps |
| U.S. Bank | A / A3 | 5.59% | 5.19% to 6.00% | 8 | +35 bps |
| Truist | A / A3 | 6.21% | 5.68% to 6.56% | 4 | +97 bps |
| KeyBank | BBB+ / n/a | 6.30% | 6.00% to 6.50% | 5 | +106 bps |
| Citizens Bank | A- / A3 | 6.50% | 6.44% to 6.75% | 4 | +126 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Regions Bank, Huntington Bank.
Bank branch listings include ground leases, where the bank owns the building and leases the land, and building leases, where the landlord owns both. The two structures carry different risks and can price differently, so compare a specific branch with listings of the same structure and similar remaining term.
What to Check in a KeyBank Branch Lease
- Tenant entity: whether the lease is signed by KeyBank National Association or another entity, and any guarantee.
- Ground lease or building lease: who owns the improvements and who pays for roof, structure and parking lot.
- Term and options: remaining term, renewal options and the rent schedule for each option.
- Early termination rights: some bank leases allow the bank to close the branch and end the lease early.
- Branch deposits: deposit levels at the branch, which are published annually in the FDIC Summary of Deposits, can help gauge the branch’s role in the bank’s network.
- Consolidation risk: banks can close overlapping branches, including after mergers; check for other branches of the same bank nearby.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Regulated bank tenant when KeyBank National Association signs the lease; see its ratings above | Banks can close or consolidate branches, including overlapping ones |
| Branch buildings can suit other users; check the site and zoning | On a ground lease where the bank owns the building, the investor owns only land, which is not depreciable (Treas. Reg. 1.167(a)‑2) |
| Some branch leases run long: terms range from month-to-month to 99 years from inception (KeyCorp Form 10‑K for 2025); confirm the term and rent increases | Some leases include early termination rights |
Comparable Bank Tenants
Compare KeyBank with other bank tenants such as PNC Bank, Truist, U.S. Bank and JPMorgan Chase, all shown in the live table above.
Frequently Asked Questions
What is KeyBank’s credit rating?
For KeyBank National Association’s senior long-term debt, our ratings database shows S&P BBB+ (Positive) and Moody’s no verified rating. Moody’s upgraded the long-term ratings of KeyCorp and its subsidiaries on July 15, 2026 (KeyCorp Form 10‑Q for June 30, 2026). Check which entity, the holding company or the bank, is the tenant on a specific lease.
How many branches does KeyBank have?
KeyCorp reported 940 full-service KeyBank branches and 1,120 ATMs in 15 states at December 31, 2025. KeyBank owned 408 of those branches and leased 532.
What asking cap rates are KeyBank branches listed at?
The live table on this page shows the current median asking cap rate for KeyBank branches when at least three listings with a published cap rate are available. Ground leases and building leases can price differently, and asking cap rates are not closed-sale cap rates.
What is a triple net (NNN) lease?
In a triple net lease the tenant pays property taxes, insurance and maintenance in addition to rent. Some bank leases leave roof, structure or parking lot costs with the landlord, so read the lease.
Sources: KeyCorp Form 10‑K for 2025 and Form 10‑Q for the quarter ended June 30, 2026.
KeyBank Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market KeyBank 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
1031 bank-branch benchmark: compare credit first, then cap rate
For a 1031 buyer comparing bank-branch NNN properties, the first screen is not the highest advertised yield. Start with the tenant entity and any guarantor named in the lease, the agency ratings for that entity, deposit-market exposure, remaining lease term, branch real estate quality, and whether the cap-rate spread is enough compensation for the credit and location risk.
Use this page alongside the best investment-grade NNN tenants for a 1031 exchange shortlist and the 2026 NNN cap-rate framework to compare bank credit against QSR, pharmacy, convenience, industrial, and medical tenants.
Deadline buyer note: if your 45-day identification window is open, compare bank branches by credit tier, lease control, real estate reusability, and financing certainty before chasing a few extra basis points of cap rate.
KeyBank NNN Properties Observed For Sale
5 active KeyBank 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 | |
|---|---|---|---|---|---|
| STAMFORD, CT | $6,349,206 | 6.30% | 3,224 | n/a | View listing |
| Layton, UT | $3,587,913 | 5.75% | 3,550 | n/a | View listing |
| Fort Collins, CO | $1,895,000 | 7.02% | 6,200 | n/a | View listing |
| Malvern, PA | $2,916,666 | 6.00% | 7,651 | 4.6 yrs | View listing |
| Dresher, PA | $1,769,230 | 6.50% | 2,500 | n/a | View listing |
Search all 5 observed KeyBank 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.
