| 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 |
| Marathon-branded US Sites | ~4,700 (dealer and jobber operated under Marathon supply agreements) |
| Cap Rate Range | 5.5–6.5% (corporate-guaranteed); 6.5–8.0%+ (dealer-operated) |
| Typical Lease Term | 10–20 years (NNN / Ground Lease) |
| Guarantee Type | Corporate (Marathon Petroleum Company LP) or Dealer |
| Annual Revenue | ~$147B (FY2024 est.) |
| Typical Price Range | $2,000,000–$6,000,000 |
Marathon Petroleum Business Overview & NNN Investment Profile
Marathon Petroleum Corporation is the largest US oil refiner by crude throughput capacity, operating 13 refineries with capacity of approximately 3.0 million barrels per day. The company also controls the MPLX LP midstream partnership and markets fuel under the Marathon brand through approximately 4,700 dealer and jobber operated retail sites. Marathon Petroleum carries BBB/Baa2 ratings from S&P and Moody’s, placing it in the lower medium investment grade tier.
Marathon Petroleum Credit Rating Analysis
Marathon Petroleum’s BBB/Baa2 investment grade ratings reflect its position as the dominant US independent refiner. The company’s large refining scale, Gulf Coast concentration that provides advantaged crude access, and midstream integration through MPLX create a diversified earnings base that supports stable credit metrics across commodity cycles. All three major agencies rate Marathon Petroleum, and the ratings shown on this page are pulled from the verified source-of-truth table below.
Source: S&P Global Ratings BBB, Stable, action June 30, 2026; Moody’s Baa2, Stable, action June 30, 2026; Fitch Ratings BBB, Stable, action June 30, 2026. Ratings checked September 27, 2026.
Marathon’s financial profile is distinguished by its aggressive shareholder return program, which has returned over $30 billion to shareholders since 2021 through dividends and buybacks, funded primarily by refining cash flows and the Speedway sale proceeds. Despite this significant capital return, the company has maintained investment grade leverage metrics, reflecting management’s stated commitment to an investment grade credit floor.
Investors evaluating Marathon-branded NNN properties should confirm the specific guarantee structure, as the majority of Marathon retail sites are dealer-operated and do not carry direct Marathon Petroleum Company LP corporate guarantees. Investment grade BBB/Baa2 ratings indicate adequate capacity to honor financial commitments, applicable only where the corporate guarantee is confirmed.
Marathon NNN Lease Structure
Marathon Petroleum corporate sale-leaseback NNN leases typically carry 10 to 20 year initial terms structured as NNN or absolute NNN with annual rent escalations of 1.5% to 2.0%. Most Marathon-branded retail sites are dealer-operated, meaning the lease guarantee comes from the individual dealer or jobber rather than Marathon Petroleum Company LP. Corporate-guaranteed Marathon NNN leases are less common than dealer-operated sites and command tighter cap rates when available.
Environmental compliance on Marathon fuel properties is handled by the tenant under standard NNN fuel lease structures. 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
Marathon Petroleum corporate-guaranteed NNN properties trade at cap rates between 5.5% and 6.5% as of Q1 2026, reflecting the BBB/Baa2 credit profile. This range places Marathon-backed fuel properties slightly wider than Chevron and ExxonMobil, which carry higher ratings and command tighter spreads. Dealer-operated Marathon-branded sites trade at higher cap rates (6.5–8.0%+) reflecting dealer credit rather than Marathon corporate credit.
Typical prices range from $2,000,000 to $6,000,000 for freestanding gas station and c-store formats. Marathon’s Gulf Coast and Midwest geographic concentration means most available properties are in those regions, which offer investors exposure to high-vehicle-traffic, lower-cost markets.
Marathon vs. Speedway: Two Different Credits
Before May 2021, Speedway was Marathon Petroleum’s company-operated retail arm, and older Speedway leases showed Marathon Petroleum or Speedway LLC as the tenant or guarantor. Since the sale, roughly 3,800 Speedway stores have been operated under 7-Eleven, Inc., which 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, a different corporate parent and a different cap rate. Always 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 |
|---|---|
| BBB/Baa2 investment grade, lower medium grade credit rated by all three agencies | Most Marathon sites are dealer-operated, not corporate guarantee |
| Largest US refiner by capacity, durable business position | Speedway sold to 7-Eleven; the company-operated retail arm is no longer Marathon-backed |
| Strong shareholder return program signals financial confidence | Dealer-operated sites require independent dealer credit evaluation |
| Gulf Coast refining concentration provides structural cost advantage | 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 | Cap Rate Range |
|---|---|---|
| Chevron | AA-/Aa2 | 5.0–6.0% |
| BP / AMOCO | A-/A1 | 5.0–6.5% |
| Valero | BBB/Baa2 | 5.5–6.5% |
| Speedway (7-Eleven, Inc.) | A-/Baa2 | 5.0–6.0% |
What is Marathon Petroleum’s credit rating?
Marathon Petroleum Corporation is rated BBB by S&P, Baa2 by Moody’s and BBB by Fitch. These ratings represent lower medium investment grade quality and reflect the company’s position as the largest US independent refiner.
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 and guaranteed by 7-Eleven, Inc., a subsidiary of Seven & i Holdings, and are underwritten on 7-Eleven’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 cap rates are Marathon NNN properties trading at?
Marathon Petroleum corporate-guaranteed NNN properties trade between 5.5% and 6.5% as of Q1 2026. Dealer-operated Marathon-branded sites trade at wider spreads (6.5–8.0%+) reflecting dealer credit rather than a Marathon corporate guarantee.
Is Marathon Petroleum a good NNN tenant?
Marathon Petroleum offers BBB/Baa2 investment grade credit backed by its position as the dominant US independent refiner. The primary due diligence step is confirming whether the specific property carries a direct Marathon Petroleum Company LP corporate guarantee versus a dealer guarantee, as most Marathon-branded sites are dealer-operated.
Convenience store and fuel station properties carry significant accelerated depreciation potential. Under IRS rules, qualifying gas station and c-store buildings can be classified as 15-year property rather than 39-year, making the entire structure eligible for 100% bonus depreciation in Year 1. Underground storage tanks, fuel dispensing systems, canopy structures, and refrigeration equipment add further reclassification value. See our full analysis: Gas Station and C-Store NNN Bonus Depreciation Guide.
The Only Marathon NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission. That means you get a dedicated advisor handling sourcing, underwriting, financing, and closing, and on the majority of transactions there is no separate fee to you as the buyer.
Find It: Corporate-guaranteed Marathon NNN leases sourced and verified, with dealer sites and former Speedway stores correctly identified before you proceed.
Fund It: 150+ lender relationships. Investment grade energy credit gets strong institutional lender attention. Best terms, not first approval.
Exit It: Selling a Marathon asset through a 1031? Our Capital Markets desk connects you with the right buyers.
Not committed to Marathon? Tell us your criteria. The tenant is a variable; your criteria is the constant.
Get Your Free Marathon NNN Consultation →
In a 1031 exchange with a deadline? Tell us your timeline and we move faster.
Related NNN Tenants
Own a Marathon Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Marathon NNN transactions, whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Marathon NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Marathon properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Marathon portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Fuel and convenience buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
Marathon NNN Properties Observed For Sale
7 active Marathon net lease listings observed across public listing sources, most recently Sep 28, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Rice Lake, WI | $3,677,419 | 8.00% | 7,874 | n/a | View listing |
| Cleveland, OH | $1,988,200 | 6.00% | 3,030 | n/a | View listing |
| Mikana, WI | $3,677,419 | 7.75% | n/a | 14.9 yrs | View listing |
| TONAWANDA, NY | $795,000 | n/a | 1,497 | n/a | View listing |
| Detroit, MI | $1,250,000 | n/a | 1,500 | 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 7 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.
