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

This page tracks KeyBank 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 KeyBank 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.

KeyBank NNN Properties For Sale: Latest Listings

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

Showing the 6 most recently listed of 8 observed listings; listings without a published asking price and cap rate are not shown here.

Search all 8 Keybank 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

KeyBank does not franchise. The tenant on a branch lease is normally KeyBank National Association, the operating bank under KeyCorp, so the landlord contracts directly with the rated institution and there is no operator to underwrite. What buyers should underwrite is the branch itself. KeyBank has a long history of network rationalization, including consolidations after its First Niagara acquisition, and bank branch leases commonly include early termination or non-renewal rights that store leases do not. The parent’s credit supports rent while the branch is open; it does not prevent the bank from choosing to leave at the first opportunity the lease allows.

The typical freestanding KeyBank branch is roughly 3,000 to 4,500 square feet on a half acre to one acre, usually a pad at a shopping center or a corner site with a drive-up lane, concentrated in the Northeast, Ohio, the Mountain West and the Pacific Northwest. Initial terms on recent deals run around fifteen years, while older sale-leaseback branches often have shorter remaining terms and shorter option periods. Escalations are usually periodic, commonly every five years, rather than flat. Structure is generally NNN with the bank responsible for taxes, insurance and maintenance, and ground leases are common where the pad sits inside a larger center.

Across the current inventory, roughly 0% of listings with a reported build year were delivered in the last four years, and about 13% 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.

KeyBank 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 KeyBank inventory runs from 5.75% to 7.72%, against a median of 6.50%. 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 KeyBank 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.

KeyBank as a 1031 Exchange Replacement Property

The median asking price in the current KeyBank inventory is $2.51M, and about 63% 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.

KeyBank NNN Due Diligence Checklist

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

• Termination clause and notice status. Confirm whether the lease grants an early termination right, the earliest exercise date and the fee. KeyBank has closed branches steadily in mature markets, so an unexercised right is a live risk.
• Network overlap and deposit trend. Pull the branch’s deposit history from public federal data and map nearby KeyBank locations. Declining deposits plus a sister branch within a few miles is the standard consolidation profile.
• Ground lease versus fee simple. Establish whether you are buying land only under a bank-owned building. Residual value differs sharply, and lenders treat the two structures differently at the loan level.
• Exit liquidity of the building. A former bank branch with a vault and drive-up lanes re-leases to a narrow tenant pool. Underwrite the downside as land value plus conversion cost, not as a generic retail pad.

How Investment Grade Works With KeyBank 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 KeyBank 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 KeyBank 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

• KeyBank 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