A newly built drive-thru, steakhouse or convenience store often has more of its primary lease term remaining than an older property, a building no one has worn out yet, and a tenant that recently committed to the location. This page tracks the active new construction NNN listings in our database, shows what sellers are asking, explains what to check before you buy, and shows how to hear about properties before they are publicly listed.
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772 new construction NNN properties are on the market across 43 states, as of October 19, 2026. Among the 756 that state a cap rate, the median asking cap rate is 5.50%, against 6.50% for listings built before 2026, a gap of 100 basis points. 40% are identified as ground leases in listing materials. Among the listings that state a remaining lease term, the average is 15.6 years.
New construction on this page means a listing whose stated year built is 2026 or later, as published in listing materials; the window moves forward each January. Figures are live asking-market observations from the active net lease listings InvestmentGrade.com tracks, not closed sales.
Latest New Construction NNN Listings
The most recently listed new construction properties with a published price and cap rate. Open any listing and register for full property data, including the address, location map and, where available, an IG summary with due diligence questions.
| Tenant | Location | Asking Price | Cap Rate | Term Left | Built | |
|---|---|---|---|---|---|---|
| Take 5 | Lake Jackson, TX (ground lease) | $1.91M | 5.75% | n/a | 2026 | Get full property data |
| Dutch Bros | Peoria, IL | $2.82M | 5.85% | n/a | 2026 | Get full property data |
| JPMorgan Chase | Palm Bay, FL (ground lease) | $3.10M | 4.15% | n/a | 2027 | Get full property data |
| Caliber Collision | Kuna, ID | $7.46M | 6.00% | n/a | 2026 | Get full property data |
| Caliber Collision | Chelsea, AL | $6.65M | 6.25% | n/a | 2026 | Get full property data |
| Wawa | Fleming Island, FL (ground lease) | $4.70M | 4.65% | n/a | 2026 | Get full property data |
| Dollar Tree | Fort Myers, FL | $3.68M | 6.25% | n/a | 2026 | Get full property data |
| Black Rock Coffee | Colorado Springs, CO | $3.58M | 5.25% | n/a | 2026 | Get full property data |
| Starbucks | Clearfield, PA | $2.97M | 6.40% | n/a | 2026 | Get full property data |
| Chick-fil-A | Azle, TX (ground lease) | $3.47M | 3.75% | n/a | 2026 | Get full property data |
| Chevron | Houston, TX | $5.87M | 7.75% | n/a | 2026 | Get full property data |
| 7 Brew | Lawton, OK (ground lease) | $1.71M | 6.00% | n/a | 2026 | Get full property data |
The 12 most recently listed of 772 new construction listings; listings without a published asking price and cap rate are not shown. Active net lease listings InvestmentGrade.com tracks whose stated year built is 2026 or later, as of October 19, 2026. Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking figures as published by the listing party, not closed sales. Verify all figures before relying on them. Search all listings.
Which Tenants Are Building
The table ranks tenants by the number of new construction listings on the market right now, with the median asking cap rate where at least three listings state one. A tenant near the top of this list has many newly built locations on the market at the same time, which gives a buyer more to compare.
| Tenant | New listings | Median asking cap rate | Ground leases | |
|---|---|---|---|---|
| Dollar General | 68 | 6.50% | 0 | All listings |
| Dutch Bros | 58 | 5.50% | 15 | All listings |
| Chipotle | 48 | 4.85% | 3 | All listings |
| 7 Brew | 45 | 6.00% | 38 | |
| Wawa | 32 | 5.00% | 32 | All listings |
| Take 5 Oil Change | 25 | 5.75% | 9 | |
| Starbucks | 24 | 5.50% | 3 | All listings |
| 7-Eleven | 22 | 5.00% | 0 | All listings |
| Chick-fil-A | 22 | 4.18% | 19 | All listings |
| Tractor Supply | 18 | 6.10% | 0 | All listings |
| McDonald's | 16 | 3.85% | 15 | All listings |
| Valvoline | 15 | 5.25% | 14 | All listings |
| Heartland Dental | 13 | 5.45% | 0 | All listings |
| The Learning Experience | 13 | 6.75% | 0 | |
| Take 5 | 12 | 5.75% | 6 |
Active net lease listings InvestmentGrade.com tracks whose stated year built is 2026 or later, as of October 19, 2026. Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking figures as published by the listing party, not closed sales. Verify all figures before relying on them. Median shown only where at least three listings state a cap rate.
The name on the building is not the credit on the lease. A new quick service restaurant may be leased to a franchisee rather than the brand’s parent company, and two buildings with the same logo can carry very different credit. Check each tenant against our tenant credit ratings index, and confirm the tenant entity and any guarantor in the lease itself. If credit ratings are new to you, our investment grade guide explains where the investment grade line sits and why it matters to a landlord.
Where New Construction Is Being Built
| State | New listings | Median asking cap rate |
|---|---|---|
| TX | 114 | 5.50% |
| FL | 101 | 5.25% |
| CA | 41 | 5.00% |
| GA | 38 | 5.75% |
| SC | 36 | 5.43% |
| OH | 35 | 6.00% |
| IN | 33 | 5.60% |
| NC | 31 | 5.45% |
| IL | 30 | 5.56% |
| TN | 24 | 5.00% |
The 10 states with the most new construction listings, out of 43. Active net lease listings InvestmentGrade.com tracks whose stated year built is 2026 or later, as of October 19, 2026. Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking figures as published by the listing party, not closed sales. Verify all figures before relying on them.
Why New Construction Prices Differ
In our data, the median asking cap rate for new construction is 5.50%, against 6.50% for older listings. A lower cap rate means a higher price for each dollar of rent. The listings do not say why, but these are the trade-offs a buyer is pricing:
- Term. A newly built property often has more of its primary term remaining than an older one, so the buyer owns more years of contracted rent before the first renewal decision. Among new construction listings that state a remaining term, the average is 15.6 years. Confirm the start date and the expiration in the lease, not the listing summary.
- Condition. A new building is less likely to need a new roof or parking lot soon, but who pays when it does depends on the lease. Read the maintenance and replacement clauses rather than assuming a new building means no landlord costs.
- Track record. An older store has years of sales history at that location; a new one has none. The tenant committed to the location, but you are underwriting a site that has not proven itself yet.
- Ground lease or fee simple. 40% of the new construction listings we track are identified as ground leases in listing materials, where you buy the land and the tenant owns the building. Land is not depreciable (Treas. Reg. 1.167(a)-2), so a ground lease buyer generally acquires little or no depreciable basis, and no basis is allocated to the lease itself (Internal Revenue Code section 167(c)(2)). Confirm the property rights in each offering and talk to your tax advisor about depreciation.
What to Check Before You Buy New Construction
- Has rent started? Confirm the rent commencement date and whether the tenant is open and paying. A property can be offered before the store opens.
- Who signed the lease? Identify the tenant entity and any guarantor: corporate, a subsidiary, or a franchisee.
- Rent increases and options. Increase schedules vary by lease. Confirm the amount and timing of each increase and how many renewal options the tenant holds.
- Construction close-out. Ask for the certificate of occupancy, the lien waivers from the general contractor and subcontractors, and which warranties transfer to you.
- Tenant estoppel. A signed tenant estoppel is the tenant’s written statement of the lease terms, the rent and whether there are any defaults or open landlord obligations.
- Pricing. Compare the asking cap rate with the live figures on this page and on the tenant’s own for-sale page, where one exists.
New Construction in a 1031 Exchange
New construction can work well as a replacement property, but the exchange deadlines do not move for a construction schedule. Under Internal Revenue Code section 1031(a)(3), you must identify replacement property within 45 days after you transfer your relinquished property and receive it within 180 days, or by the due date (with extensions) of your tax return for that year if earlier. If the property you want will still be under construction when you need to close, the regulations have specific rules for replacement property that is being built (Treas. Reg. 1.1031(k)-1(e)), so plan the structure with your qualified intermediary and tax advisor before you sign. This is general information, not tax advice. Our 1031 exchange guide covers more of the rules.
Darden New Construction: Olive Garden, LongHorn and More
Darden Restaurants, the company behind Olive Garden and LongHorn Steakhouse, expects 75 to 80 new restaurant openings in fiscal 2027 (Form 10-Q for the quarter ended August 30, 2026). In its fiscal 2026 Form 10-K, Darden bases its new-restaurant capital investment estimates for Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen and Chuy’s on land-only leases, where Darden owns the building and the landlord owns the land. Live Olive Garden and LongHorn listings are on the Olive Garden NNN for sale and LongHorn Steakhouse NNN for sale pages.
Frequently Asked Questions
What counts as new construction NNN on this page?
A net lease listing whose stated year built is 2026 or later, as published in the listing materials InvestmentGrade.com tracks. The window moves forward each January, so the page keeps showing the newest buildings on the market.
What cap rates are sellers asking for new construction NNN?
As of October 19, 2026, the median asking cap rate among the 756 new construction listings that state one is 5.50%, against 6.50% for listings built earlier. These are asking cap rates, not closed sales, and pricing on a specific property depends on the tenant, the guarantor, the lease term, rent increases and location.
Are new construction NNN properties ground leases?
Some are. 40% of the new construction listings we track are identified as ground leases in listing materials, where you buy the land and the tenant owns the building. Confirm the property rights in each offering and lease.
Can I buy new construction in a 1031 exchange?
You can. The same deadlines apply: identify it within 45 days after transferring your relinquished property and receive it within 180 days, or by your tax return due date (with extensions) if earlier (Internal Revenue Code section 1031(a)(3)). Property still under construction is covered by specific rules in Treas. Reg. 1.1031(k)-1(e). This is general information; plan the exchange with your qualified intermediary and tax advisor.
How do I hear about new construction before it is listed?
Join the waitlist on this page. We hear about some newly built properties before they are publicly marketed, and we reach out directly when one fits what you want.
Related Research
- Investment Grade Tenant Credit Ratings Index
- Investment Grade 1031 Exchange Guide
- Olive Garden NNN Properties For Sale
- LongHorn Steakhouse NNN Properties For Sale
- Dutch Bros NNN Properties For Sale
- Chipotle NNN Properties For Sale
- Darden Restaurants Credit Rating and NNN Cap Rate
Developers, Family Offices and Private Equity: Line Up Buyers Before You List
Selling newly built or off-market net lease properties, or have a pipeline on the way? Tell us about it below.
For developers, family offices and private equity
Have off-market or new construction NNN inventory? Line up buyers before you list
We work with developers, family offices and real estate private equity on their off-market and new construction net lease inventory. Tell us what you have or what is coming, and we can plan a quiet, off-market sale or a full marketing campaign, your choice. Nothing goes to any buyer without your written permission.
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Sources. Live listing figures: active net lease listings InvestmentGrade.com tracks, refreshed from listing broker materials; asking figures, not closed sales. Exchange deadlines: Internal Revenue Code section 1031(a)(3); property being produced: Treas. Reg. 1.1031(k)-1(e); land not depreciable: Treas. Reg. 1.167(a)-2; no basis allocated to the lease: Internal Revenue Code section 167(c)(2). Darden openings and lease basis: Darden Form 10-Q for the quarter ended August 30, 2026 and Darden Form 10-K for fiscal 2026. Information only; not investment, tax or legal advice. Last reviewed October 22, 2026.
