Looking to buy a Marathon NNN property? 3 are observed for sale across 3 states, median asking cap rate 7.31%. View Marathon NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | Marathon Petroleum Corporation (NYSE: MPC) |
| Credit Ratings | S&P: BBB (Stable) / Moody’s: Baa2 (Stable) / Fitch: BBB (Stable) |
| Investment Grade Status | investment grade |
| Sector | Energy / Refining & Fuel Distribution |
| Speedway | Former MPC subsidiary, sold to 7-Eleven, Inc. in May 2021. Speedway is a separate tenant: see the Speedway credit rating and NNN cap rate page |
| Branded jobber outlets | 7,882 in 40 states, the District of Columbia and Mexico, primarily Marathon-branded and run by independent entrepreneurs (December 31, 2025, Form 10-K) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; Marathon-branded outlets are run by independent dealers and jobbers, so confirm the tenant and any guarantor in the lease |
| Annual Revenue | $135.2 billion total revenues and other income (2025, Form 10-K) |
Marathon Petroleum Business Overview & NNN Investment Profile
Marathon Petroleum Corporation operates one of the nation’s largest refining systems, according to its Form 10-K: its 13 refineries in the Gulf Coast, Mid-Continent and West Coast regions had crude oil refining capacity of 2,986,000 barrels per calendar day as of December 31, 2025 (Form 10-K for 2025). Its Midstream segment primarily reflects the results of MPLX LP, and the company sells fuel to independent entrepreneurs who maintain 7,882 brand jobber outlets, primarily Marathon-branded, in 40 states, the District of Columbia and Mexico (December 31, 2025, Form 10-K). Marathon Petroleum Corporation’s senior unsecured debt is rated BBB/Baa2 by S&P and Moody’s (Form 10-Q for the quarter ended June 30, 2026); a rating at or above BBB‑/Baa3 is investment grade.
Marathon Petroleum Credit Rating Analysis
Marathon Petroleum Corporation’s senior unsecured debt is rated BBB by S&P, Baa2 by Moody’s and BBB by Fitch. The company operates one of the nation’s largest refining systems, with refineries in the Gulf Coast, Mid-Continent and West Coast regions, and its Midstream segment primarily reflects the results of MPLX; its Form 10-K also notes that refined product margins have been volatile. The source and date of each rating are in the note below.
Source: S&P Global Ratings BBB, Stable, as of June 30, 2026; Moody’s Baa2, Stable, as of June 30, 2026; Fitch Ratings BBB, Stable, as of June 30, 2026. Ratings checked October 8, 2026.
Marathon’s financial profile includes a large shareholder return program: the company paid $11.57 billion, $9.08 billion and $3.40 billion for share repurchases in 2023, 2024 and 2025 and $1.26 billion, $1.15 billion and $1.14 billion of dividends in those years (Form 10-K for 2025). The same filing states that the company intends to maintain an investment-grade credit profile.
Investors evaluating Marathon-branded NNN properties should confirm the specific guarantee structure, because Marathon-branded outlets are maintained by independent entrepreneurs rather than by Marathon Petroleum (Form 10-K for 2025); the Marathon ratings on this page are for Marathon Petroleum Corporation’s senior unsecured debt, so they are relevant to a lease only when that company signs or guarantees it; a lease signed only by a subsidiary or a dealer rests on that party’s credit. Compare Marathon with other tenants in the credit tenant ratings table.
Marathon NNN Lease Structure
Lease terms, rent escalations and the NNN structure vary by property, so confirm them in the lease. Marathon-branded outlets are maintained by independent entrepreneurs (Form 10-K for 2025), so confirm in the lease who the tenant and any guarantor are and whether any Marathon entity guarantees it.
Responsibility for environmental compliance on fuel properties varies by lease, so confirm which party bears it. Investors should conduct a Phase I environmental assessment as part of due diligence on any fuel retail property, confirming no known contamination from underground storage tanks or prior fuel operations.
Marathon NNN Cap Rate & Pricing Trends
Live asking cap rates for Marathon and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| 7-Eleven | A- / Baa2 | 5.15% | 5.00% to 5.50% | 169 | −9 bps |
| Speedway (rated entity: 7-Eleven, Inc.) | A- / Baa2 | 5.50% | 5.19% to 6.31% | 12 | +26 bps |
| Chevron | AA- / Aa2 | 7.25% | 7.00% to 7.50% | 9 | +201 bps |
| Marathon (rated entity: Marathon Petroleum Corporation) | BBB / Baa2 | 7.31% | 6.70% to 7.41% | 3 | +207 bps |
| Valero | BBB / Baa2 | 7.38% | 7.05% to 7.63% | 4 | +214 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: BP.
Branded outlets supplied through Marathon’s jobbers, mainly under the Marathon and ARCO brands, are concentrated in the Midwest and Southeast: Ohio (944), Michigan (710), Indiana (682) and Florida (626) had the most as of December 31, 2025 (Form 10-K).
Marathon vs. Speedway: Two Different Credits
Before May 2021, Speedway was Marathon Petroleum’s company-owned and operated retail business, and older Speedway leases may name Speedway LLC or a Marathon Petroleum entity as tenant or guarantor. 7-Eleven, Inc. bought Speedway, LLC from Marathon Petroleum on May 14, 2021 (Form 10-K for 2025); 7-Eleven, Inc. carries A-/Baa2 ratings against Marathon Petroleum’s BBB/Baa2. A lease marketed as “Marathon” that turns out to be a Speedway store is therefore a different credit and a different corporate parent, so compare its pricing with Speedway listings. Confirm the guarantor entity in the current lease documents, and underwrite Speedway stores from the Speedway page.
Marathon Petroleum NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Senior unsecured debt rated BBB/Baa2 by S&P and Moody’s, and also rated by Fitch | Marathon-branded outlets are run by independent dealers and jobbers; confirm any corporate guarantee |
| One of the nation’s largest refining systems, about 3.0 million barrels per day of capacity | Speedway sold to 7-Eleven; the company-operated retail arm is no longer Marathon-backed |
| States an intention to maintain an investment-grade credit profile (Form 10-K for 2025) | Dealer-operated sites require independent dealer credit evaluation |
| Midstream segment, which primarily reflects the results of MPLX, alongside refining | Standard fuel property environmental due diligence required |
1031 buyer benchmark: Marathon versus other fuel NNN tenants
For a 1031 buyer, Marathon underwriting starts with entity confirmation. Marathon branded fuel, a dealer or jobber operator, and the current lease guarantor can point to different credit outcomes, so the cap rate only means something after the guarantee is verified.
Use Marathon as a guarantor-diligence screen against Valero, Phillips 66, Exxon / Mobil, Chevron and Speedway. Then benchmark the quoted yield against the 2026 NNN cap-rate framework and the 1031 investment-grade tenant shortlist.
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Chevron | AA-/Aa2 |
| BP / AMOCO | A-/A1 |
| Valero | BBB/Baa2 |
| Speedway (7-Eleven, Inc.) | A-/Baa2 |
What is Marathon Petroleum’s credit rating?
Marathon Petroleum Corporation’s senior unsecured debt is rated BBB by S&P, Baa2 by Moody’s and BBB by Fitch (Form 10-Q for the quarter ended June 30, 2026), which is investment grade. The company operates one of the nation’s largest refining systems (Form 10-K for 2025).
Is Marathon the same tenant as Speedway?
No. Speedway was sold by Marathon Petroleum to 7-Eleven, Inc. in a transaction that closed on May 14, 2021. Speedway-branded locations are now operated by 7-Eleven, Inc. Legacy Speedway leases may name Speedway LLC as tenant, with or without a 7-Eleven, Inc. guarantee, so confirm the obligor before relying on 7-Eleven, Inc.’s A-/Baa2 ratings. Marathon-branded stations are dealer and jobber operated under Marathon Petroleum supply agreements. The two brands are covered on separate pages on this site.
What are the asking cap rates for Marathon NNN properties?
Current median asking cap rates for Marathon and comparable tenants are shown in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Is Marathon Petroleum a good NNN tenant?
Marathon Petroleum Corporation’s senior unsecured debt is rated BBB/Baa2, and the company operates one of the nation’s largest refining systems. The primary due diligence step is confirming whether any Marathon Petroleum entity guarantees the lease on the specific property, because Marathon-branded outlets are run by independent dealers and jobbers (Form 10-K for 2025).
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. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property bought under a written binding contract entered into on or before January 19, 2025 is not treated as acquired after that date (Public Law 119-21, section 70301; IRS Notice 2026‑11). How much qualifies varies widely by property and must be supported by an engineering-based study. If the investor owns only the land, as under a ground lease where the tenant owns the improvements, the land cannot be depreciated (IRS Publication 946), and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally subject to recapture on a taxable sale: as ordinary income for section 1245 property, and as ordinary income to the extent it exceeds straight-line depreciation for section 1250 property (Internal Revenue Code sections 1245 and 1250); a 1031 exchange can defer gain, but recapture can still apply depending on the replacement property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property, and therefore for bonus depreciation, if they are used to a substantial extent in retail fuel sales and meet one of three IRS tests: at least half of gross revenue from petroleum sales, at least half of floor space devoted to petroleum marketing sales, or a building of 1,400 square feet or less (IRS Publication 946); the revenue test requires the operator’s sales data. Fuel tanks, dispensers and canopies may be owned by the operator or fuel supplier rather than the landlord, so confirm ownership in the lease. See the Gas Station Bonus Depreciation guide.
Marathon Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Marathon 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
Marathon NNN Properties Observed For Sale
3 active Marathon 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 | |
|---|---|---|---|---|---|
| McIntosh, AL | $1,835,773 | 7.50% | 1,739 | n/a | View listing |
| Cleveland, OH | $1,988,200 | 6.09% | 3,030 | 2.4 yrs | View listing |
| Dade City, FL | $2,100,000 | 7.31% | 1,856 | 20.0 yrs | View listing |
Search all 3 observed Marathon 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.
