Home › NNN Properties For Sale › Tennessee › Shelby County
36 NNN properties are observed for sale in Shelby County, Tennessee across 25 tenants and 6 towns as of November 9, 2026, at a median asking cap rate of 6.50%, 22 basis points above the Tennessee median of 6.28%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, places each listing in its county from its mapped location, checks rated tenants against the investment grade threshold, and publishes the observations here: which tenants and towns carry the inventory, what it is asking, how Shelby County prices against Tennessee and the national market, and how an acquisition or 1031 exchange buyer should work through it.
Asking cap rates in Shelby County run from 5.50% to 8.70%, with the middle half of listings between 6.00% and 7.15%. Median asking price $2.61M (median $348 per SF). Average remaining lease term 19.3 years among 8 listings that state a term. 3 listings report a 2026 build year. 17 listings were first observed and 9 dropped off active tracking in the last 90 days. Figures update automatically across publicly marketed offerings and broker materials.
Shelby County vs Tennessee and the National NNN Market
| Measure | Shelby County | Tennessee | United States |
|---|---|---|---|
| Observed listings | 36 | 221 | 7,398 |
| Median asking cap rate | 6.50% | 6.28% | 6.35% |
| Middle half of asking cap rates | 6.00% to 7.15% | 5.75% to 7.00% | 5.70% to 7.15% |
| Median asking price | $2.61M | $2.67M | $2.77M |
| Average remaining lease term (listings stating a term) | 19.3 yrs | 11.4 yrs | 10.1 yrs |
| Listings with an investment grade rated tenant brand or parent company | 11% | 19% | 25% |
All three columns use the same listing rules. A county median reflects both location and which tenants are on the market, so compare any listing with its tenant’s cap rate range before reading a gap as a discount or a premium.
NNN Properties For Sale in Shelby County: Latest Listings
Up to twenty-four single-tenant net lease properties in Shelby County with published pricing, the newest from each tenant first. Below the table, the full listing browser carries every observed Shelby County listing with tenant, town, cap rate, price and term filters. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Tenant | Town | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|---|
| Tractor Supply | Memphis | $8,465,000 | 6.15% | $520,723 | n/a | 2026 | Not stated | Get full property data |
| Whistle Express Car Wash | Collierville | $6,601,033 | 6.00% | $396,062 | n/a | 1991 | Not stated | Get full property data |
| Not stated | Memphis | $5,722,000 | 6.00% | $343,328 | n/a | 2003 | Not stated | Get full property data |
| Burger King | Memphis | $2,150,000 | 6.24% | $134,122 | n/a | 2015 | Not stated | Get full property data |
| QXO | Memphis | $5,405,081 | 6.75% | $364,843 | n/a | 1973 | Not stated | Get full property data |
| 7 Brew | Memphis | $1,308,333 | 6.00% | $78,500 | n/a | 2026 | Not stated | Get full property data |
| Zips Car Wash | Memphis | $2,411,151 | 7.15% | $172,397 | n/a | 2006 | Not stated | Get full property data |
| KinderCare | Collierville | $3,484,490 | 7.00% | $243,914 | n/a | 1999 | Not stated | Get full property data |
| Heartland Dental | Memphis | $1,552,000 | 6.25% | $96,978 | n/a | 2016 | Not stated | Get full property data |
| Bioventus | Cordova | $15,250,000 | 8.70% | $1,329,302 | n/a | 1997 | Not stated | Get full property data |
| Foot Locker | Memphis | $3,250,000 | 8.00% | $260,000 | n/a | 2024 | Not stated | Get full property data |
| La Fitness | Bartlett | $10,640,000 | 8.25% | $877,800 | n/a | 2017 | Not stated | Get full property data |
| Dollar Tree | Memphis | $1,193,000 | 8.25% | n/a | n/a | 2010 | Not stated | Get full property data |
| Bojangles | Memphis | $1,965,000 | 5.50% | $108,024 | n/a | 2022 | Not stated | Get full property data |
| Dutch Bros | Memphis | $2,872,914 | 5.80% | $166,629 | n/a | 2026 | Not stated | Get full property data |
| DaVita | Memphis | $1,950,975 | 8.00% | $156,078 | 6.0 yrs | 2010 | NN+ | Get full property data |
| Smokeology | Memphis | $799,000 | 8.35% | n/a | n/a | 1955 | NNN | Get full property data |
| Walgreens | Memphis | $4,760,000 | 6.50% | $309,480 | 48.2 yrs | 1995 | Absolute NNN | Get full property data |
| Scooter's Coffee | Arlington | $1,923,138 | 6.50% | $125,004 | 13.3 yrs | 2023 | Absolute NNN | Get full property data |
| Wendy's | Memphis | $2,515,105 | 5.50% | $138,331 | n/a | 1979 | NNN | Get full property data |
| Fun City Adventure Park | Memphis | $5,716,000 | 8.50% | $485,944 | 14.4 yrs | 2007 | Net | Get full property data |
| Social Security Administration | Memphis | $5,253,000 | 8.50% | $446,522 | n/a | 1940 | Not stated | Get full property data |
| Dollar General | Millington | $1,350,000 | 6.26% | $84,443 | n/a | 2013 | NN | Get full property data |
| Family Dollar | Memphis | $1,514,330 | 7.00% | n/a | n/a | 2017 | Not stated | Get full property data |
Showing 24 of 36 observed Shelby County listings: the newest from each tenant first, then each tenant’s next newest. Listings without a published asking price and cap rate are not shown here.
Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Shelby County NNN Properties by Tenant
Listing count, median asking cap rate and cap range by tenant. Tenants with a linked page have a profile covering credit rating status, cap rates and inventory.
| Tenant | Listings | Median Cap | Cap Range | Median Price | |
|---|---|---|---|---|---|
| Whistle Express Car Wash | 4 | 6.00% | 6.00% | $4.55M | |
| 7 Brew | 2 | 6.00% | 6.00% | $1.35M | |
| Dollar General | 2 | 6.38% | 6.26% to 6.50% | $1.37M | Dollar General NNN for sale |
| KinderCare | 2 | 6.88% | 6.75% to 7.00% | $3.10M | |
| Scooter's Coffee | 2 | 6.58% | 6.50% to 6.65% | $1.86M | |
| Walgreens | 2 | 6.38% | 6.25% to 6.50% | $4.64M | Walgreens NNN for sale |
| Zips Car Wash | 2 | 7.15% | 7.15% | $2.76M | |
| Bioventus | 1 | n/a | 8.70% | $15.25M | |
| Bojangles | 1 | n/a | 5.50% | $1.97M | |
| Burger King | 1 | n/a | 6.24% | $2.15M | Burger King NNN for sale |
| DaVita | 1 | n/a | 8.00% | $1.95M | DaVita NNN for sale |
| Dollar Tree | 1 | n/a | 8.25% | $1.19M | Dollar Tree NNN for sale |
| Don's South Memphis Market | 1 | n/a | n/a | $0.38M | |
| Dutch Bros | 1 | n/a | 5.80% | $2.87M | Dutch Bros NNN for sale |
| Family Dollar | 1 | n/a | 7.00% | $1.51M | Family Dollar NNN for sale |
| Foot Locker | 1 | n/a | 8.00% | $3.25M | |
| Fun City Adventure Park | 1 | n/a | 8.50% | $5.72M | |
| Heartland Dental | 1 | n/a | 6.25% | $1.55M | Heartland Dental NNN for sale |
| Jared Jewelers | 1 | n/a | n/a | $2.10M | |
| La Fitness | 1 | n/a | 8.25% | $10.64M | |
| QXO | 1 | n/a | 6.75% | $5.41M | |
| Smokeology | 1 | n/a | 8.35% | $0.80M | |
| Social Security Administration | 1 | n/a | 8.50% | $5.25M | |
| Tractor Supply | 1 | n/a | 6.15% | $8.47M | Tractor Supply NNN for sale |
| Wendy's | 1 | n/a | 5.50% | $2.52M | Wendy's NNN for sale |
Tenants with the most Shelby County listings observed (all 25).
Tenant Credit in Shelby County
4 of 36 observed Shelby County listings (11%) are leased to tenant brands whose own or parent company’s verified S&P, Moody’s or Fitch rating is investment grade (BBB‑ or Baa3 and above) in the Investment Grade ratings database, compared with 19% across Tennessee and 25% nationally. Brands not yet in the ratings database count as not rated, so the share is a floor. A franchised location may be leased to a franchisee rather than the rated company, so confirm the tenant and any guarantee in the lease. Ratings and outlooks by tenant are on the investment grade credit tenant ratings page.
Shelby County NNN Properties by Town
The towns with the most observed Shelby County listings are Memphis (23), Collierville (4) and Millington (4). Tap any town in the table to filter the full listing browser to that town.
| Town | Listings | Median Cap | Avg Asking Price |
|---|---|---|---|
| Memphis | 23 | 6.65% | $2.98M |
| Collierville | 4 | 6.75% | $3.72M |
| Millington | 4 | 6.26% | $2.95M |
| Bartlett | 2 | 7.13% | $6.02M |
| Cordova | 2 | 7.35% | $9.90M |
| Arlington | 1 | n/a | $1.92M |
Towns as named in each listing (all 6).
Shelby County Economy at a Glance
| Measure | Value | Period | Source |
|---|---|---|---|
| Resident population | 910,226 (−2.1% since 2020) | 2025 | FRED TNSHPOP, U.S. Census Bureau |
| Unemployment rate (not seasonally adjusted) | 4.4% | September 2026 | FRED TNSHURN, U.S. Bureau of Labor Statistics |
| Per capita personal income | $65,448 | 2024 | FRED PCPI47157, U.S. Bureau of Economic Analysis |
Latest published figures from FRED, Federal Reserve Bank of St. Louis, with the original publisher named. Each figure shows its own period and refreshes automatically when a new period is published.
NNN Properties in Counties Bordering Shelby County
- DeSoto County, Mississippi (8 listings; see the Mississippi page)
- NNN properties for sale in Tipton County, Tennessee (2 listings)
- Marshall County, Mississippi (1 listing; see the Mississippi page)
Counties that share a land border with Shelby County, by observed listings with a confirmed county. Bordering counties with no observed listings are not shown, and counties without their own page yet are listed for reference.
How These Figures Are Calculated
Figures cover single-tenant net lease properties observed for sale in Shelby County, Tennessee across publicly marketed offerings and broker materials, and refresh automatically with each Investment Grade Research update. Each listing is placed in its county from its mapped location using U.S. Census Bureau county boundaries and, where possible, confirmed against its street address through the Census Bureau geocoder or the county named in the listing; a listing whose county cannot be confirmed is left off this page but stays on the Tennessee page. A listing counts while it is actively marketed; listings marked under contract, pending, on hold or closed are excluded, as are listings priced under $150,000. Medians use published asking prices and published cap rates; listings without a published cap rate are left out of cap rate figures. These figures describe what sellers are asking, not closed sale prices, and an auction listing may show its starting bid as the asking price. The Tennessee and national comparisons use the same rules. Tenant credit uses verified ratings in the Investment Grade ratings database.
Frequently Asked Questions: NNN Properties For Sale in Shelby County
How many NNN properties are for sale in Shelby County, Tennessee?
As of November 9, 2026, 36 single-tenant net lease properties are observed for sale in Shelby County across 25 tenants and 6 towns. The count updates automatically as listings are added and withdrawn.
What cap rates are Shelby County NNN properties asking?
The median asking cap rate is 6.50%, with the middle half of listings between 6.00% and 7.15%. Asking cap rates describe what sellers are asking, not closed sale prices.
How does Shelby County compare with the rest of Tennessee?
The Shelby County median asking cap rate of 6.50% sits 22 basis points above the Tennessee median of 6.28%. A county median reflects both location and which tenants are on the market, so compare a listing with its tenant’s cap rate range before reading the gap as a discount or a premium.
Which tenants have the most Shelby County NNN listings?
The tenants with the most observed listings are Whistle Express Car Wash (4), then several tenants tied at 2 listings each.
Which towns in Shelby County have the most NNN listings?
The towns with the most observed listings are Memphis (23), Collierville (4) and Millington (4). Tap a town in the town table to filter the listing browser.
More NNN Markets
- NNN properties for sale in Tennessee, with Tennessee transfer and property tax notes
- All NNN properties for sale by tenant
- 1031 exchange rules and replacement property strategy
- What a cap rate is and how to read one
Buying With 1031 Exchange Proceeds?
Compare this inventory with all 7,398 NNN properties observed for sale nationally on the 1031 exchange properties page, sorted by price band, tenant credit, remaining lease term and state. Then check your 1031 exchange deadlines: 45 days to identify replacement property and 180 days to close, or your tax return due date (including extensions) if that comes first (IRC 1031(a)(3); Treas. Reg. 1.1031(k)-1(b)(2)). General information, not tax or legal advice.
