Looking to buy a Murphy USA NNN property? 9 are observed for sale across 6 states, median asking cap rate 5.00%. View Murphy USA NNN properties for sale, cap rate bands and the 1031 buyer guide.
| S&P Rating / Outlook | BB+ |
| Moody’s Rating / Outlook | no verified rating |
| Investment Grade Status | Below Investment Grade |
| US Locations | 1,806 stores (June 30, 2026, Form 10-Q) |
| Annual Revenue | $19.4B total operating revenues in 2025, mostly petroleum product sales (Form 10-K) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; 73% of stores are on company-owned property (Form 10-K); confirm in the lease |
| Property Size | New builds: 1,400 SF raze-and-rebuilds and 2,800 SF or larger new stores (Form 10-K) |
| Lot Size | Varies; confirm for each site |
Murphy USA is not investment grade. Murphy USA Inc. carries issuer rating of BB+ from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Business Overview
Murphy USA operates retail gasoline and convenience stores under the Murphy USA, Murphy Express and QuickChek brands. It had 1,800 stores in 27 states at December 31, 2025 and total operating revenues of $19.4 billion in 2025 (Form 10-K), and 1,806 stores as of June 30, 2026 (Form 10-Q).
Most of Murphy USA’s stores are located near Walmart stores, and its Form 10-K says the company believes this proximity generates significant traffic. Sites the company bought from Walmart are subject to easements and covenants that restrict their use and that Walmart can enforce; certain transfers of these sites are subject to Walmart’s right of first refusal or right of first offer, and the company may not transfer them to a Walmart competitor, so review title and recorded covenants.
For investors evaluating NNN properties, understanding tenant creditworthiness and operational performance is essential. Our comprehensive NNN investing guide covers lease structures, tenant evaluation, and portfolio construction strategies for maximizing risk-adjusted returns.
Lease Structure
Murphy USA owns most of its store sites: 73% of its stores were on company-owned property at December 31, 2025 (Form 10-K). Where a Murphy USA property is leased to the company, check these terms in the lease:
- Lease Term: varies by lease
- Renewal Options: vary by lease
- Tenant Guarantee: confirm whether Murphy USA Inc. or a subsidiary signs or guarantees the lease
- Rent Increases: vary by lease
- Tenant Responsibilities: confirm who pays taxes, insurance, maintenance and capital repairs
An NNN lease can shift operating expenses and some management duties to the tenant; how much depends on the lease, so confirm which costs, repairs and replacements the landlord keeps. Confirm which Murphy USA entity signs the lease and whether any parent guarantees it.
Cap Rate & Pricing
Median asking cap rate for Murphy USA in the listings InvestmentGrade.com tracks, shown when at least three listings exist; these are asking figures, not closed sales:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Murphy USA | BB+ / n/a | 5.00% | 4.85% to 5.00% | 9 | −24 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.
Pricing for Murphy USA NNN properties depends on:
- Market Demand: varies with lease term, rent and location; see the live table
- Price Determinants: Location quality, lease term remaining, tenant strength, market conditions
Asking cap rates can vary with the tenant and any guarantor, the real estate, the lease and market conditions. For guidance on evaluating cap rates, pricing dynamics, and market trends, visit our investment grade guide.
Real Estate Footprint
Murphy USA operated 1,806 stores as of June 30, 2026 (Form 10-Q), the majority of them near Walmart stores (Form 10-K).
Typical Murphy USA property specifications include:
- Building Size: new builds are 1,400 square-foot raze-and-rebuilds and 2,800 square-foot or larger new stores; new QuickChek stores average 5,000 to 7,000 square feet (Form 10-K)
- Lot Size: varies; confirm for each site
- Location, access and parking: confirm for each site
Growth & Expansion
Murphy USA continues expanding through strategic growth initiatives:
Current Strategy: the company expects to build 45 to 55 new stores and up to 30 raze-and-rebuilds in 2026, and is moving all Murphy Express stores to the Murphy USA brand name (Form 10-K)
Pros & Cons
| Key Advantages | Investment Considerations |
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Comparable Tenants
| Tenant Name | Sector | Locations |
| Circle K | Convenience/Gas | 7,301 U.S. (parent Couche-Tard, company website, October 2026) |
| Casey’s | Convenience/Gas | 2,959 (July 31, 2026, Form 10-Q) |
| QuikTrip | Convenience/Gas | 1,250+ (company website, October 2026) |
Frequently Asked Questions
Is Murphy USA an investment-grade tenant?
No. In our ratings database, S&P Global Ratings rates Murphy USA Inc. BB+, below the BBB-/Baa3 investment-grade threshold, so it is classified as a non-investment-grade (high-yield) credit. Moody’s: no verified rating. Rating dates and sources: S&P Global Ratings BB+, as of November 20, 2025. Ratings checked October 8, 2026. Pricing for a specific property depends on the lease, the guarantor and the real estate; see the live table for current asking cap rates.
What cap rates do Murphy USA NNN properties offer?
The current median asking cap rate for Murphy USA in the listings InvestmentGrade.com tracks is shown in the live table on this page when at least three listings exist. 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.
What is the typical lease term for Murphy USA properties?
Lease terms, renewal options and rent increases vary by lease, so confirm them in each lease. Murphy USA owns most of its store sites; 73% of its stores were on company-owned property at December 31, 2025 (Form 10-K).
How many locations does Murphy USA operate?
Murphy USA operated 1,806 stores as of June 30, 2026 (Form 10-Q). It had 1,800 stores in 27 states at December 31, 2025 and expects to build 45 to 55 new stores in 2026 (Form 10-K).
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. Qualified property, generally tangible property with a MACRS recovery period of 20 years or less (new or certain used property), that is acquired and placed in service after January 19, 2025 is eligible for a 100% special depreciation allowance unless the taxpayer elects out or another exception applies (IRC 168(k) as amended by Pub. L. 119-21; IRS Publication 946). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation recapture under IRC sections 1245 and 1250 can treat part of the gain, up to the amount of the gain, as ordinary income, depending on the type of property and the depreciation taken (IRS Publication 544). A 1031 exchange can defer gain on real property, but depreciation recapture can still apply, for example where section 1245 property is exchanged for real property (IRC 1245(b)(4), 1250(d)(4)). A gas station or convenience store building can be 15-year property as a retail motor fuels outlet if it is used to a substantial extent in the retail marketing of petroleum or petroleum products and meets any one of three tests: it is not larger than 1,400 square feet, 50% or more of its gross revenues come from petroleum sales, or 50% or more of its floor space is devoted to petroleum marketing sales (IRS Publication 946). Building plans and measurements, as well as the operator’s sales records, can help show which test is met. Verify who owns fuel tanks, dispensers and canopies, because equipment owned by the operator or fuel supplier is not the landlord’s to depreciate. This is general information, not tax advice; consult a tax professional. See the Gas Station Bonus Depreciation guide.
Murphy USA Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Murphy USA 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
Murphy USA NNN Properties Observed For Sale
9 active Murphy USA 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 | |
|---|---|---|---|---|---|
| DENVER, CO | $2,475,000 | 4.85% | 2,824 | 19.8 yrs | View listing |
| Murfreesboro, TN | $4,000,000 | 5.00% | 2,824 | n/a | View listing |
| WILSON, NC | $3,428,571 | 5.25% | n/a | 20.3 yrs | View listing |
| Dalton, GA | $2,995,000 | 5.00% | 2,880 | n/a | View listing |
| Davenport, FL | $4,950,000 | 4.85% | 2,824 | n/a | View listing |
| Katy, TX | $2,948,000 | 4.75% | 13,500 | n/a | View listing |
| Fort Worth, TX | $3,560,000 | 5.00% | n/a | n/a | View listing |
| Port Saint Lucie, FL | $4,360,000 | 5.00% | 2,824 | n/a | View listing |
Search all 9 observed Murphy USA 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.
