Kohl’s NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks Kohl’s 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 Kohl’s 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.

Kohl’s NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Kohl’s 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 10 most recently listed of 11 observed listings; listings without a published asking price and cap rate are not shown here.

Search all 11 Kohls 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

Kohl’s does not franchise; every store is operated by Kohl’s Corporation or an operating subsidiary, and the lease is signed at that level. There is no operator variable, so underwriting is a direct read on corporate credit, shown live above, and on the store’s own sales, because Kohl’s has been closing underperforming locations and the remaining lease term matters less than whether this store survives the next round of closures. Kohl’s owns about a third of its stores, leases close to half and holds roughly one in five on ground leases, so many single-tenant Kohl’s listings are ground leases or long-dated store leases written during the chain’s expansion years, with rent set by what a new store was expected to produce then rather than by what a replacement tenant would pay today.

The building is a freestanding or pad department store box of roughly 55,000 to 90,000 square feet, usually on a large parcel at a power center or a mall outparcel, and many stores now carry a Sephora shop-in-shop and an Amazon returns counter. Initial terms ran long, commonly twenty years or more, with options that extend for decades, and rent is often flat within the term with bumps only at option exercise. Ground leases are common, with Kohl’s owning the improvements. Leases are generally NNN with the tenant handling roof and structure, though older leases vary, and assignment and go-dark provisions are frequently tenant-favorable.

Across the current inventory, roughly 0% of listings with a reported build year were delivered in the last four years, and about 18% 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.

Kohl’s 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 Kohl’s inventory runs from 6.00% to 8.00%, against a median of 7.63%. 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 Kohl’s NNN Properties Are For Sale

Current inventory spans 10 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.

Kohl’s as a 1031 Exchange Replacement Property

The median asking price in the current Kohl’s inventory is $8.32M, and about 18% 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.

Kohl’s NNN Due Diligence Checklist

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

• Store closure exposure. Request store-level sales and compare against the chain average, review the last several closure rounds for the market, and check whether the store is on any announced list. Lease term is not protection if the store is unprofitable.
• Go-dark, assignment and subletting rights. Kohl’s leases often allow the tenant to close and keep paying, assign without consent, or sublet portions of the box. Confirm whether the landlord has recapture rights and what a dark store does to the rest of the center.
• Ground lease versus fee simple. Many listings are ground leases with Kohl’s owning the building. Confirm what reverts at expiration, whether the tenant may demolish or alter, and how a land-only position is financed and valued against a fee simple comparable.
• Backfill and demising for the box. Model the cost and downtime to demise an 80,000-square-foot box into two or three junior anchors, and compare current rent to what those users pay in the market. Rent above market is the real risk on this tenant.

How Investment Grade Works With Kohl’s 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 Kohl’s 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 Kohl’s 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

• Kohl’s 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