209 NNN properties are observed for sale in Tennessee across 115 tenants and 89 cities as of October 23, 2026, at a median asking cap rate of 6.25%, 10 basis points below the national median of 6.35%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks every tenant against the investment grade threshold, and publishes the observations here: which tenants and cities carry the inventory, what it is asking, how Tennessee prices against the national market, and how an acquisition or 1031 exchange buyer should work through it.
Asking cap rates in Tennessee run from 3.90% to 9.75%, with the middle half of listings between 5.67% and 7.00%. Median asking price $2.80M (median $606 per SF). Average remaining lease term 11.5 years among 78 listings that state a term. 26 listings report a 2026 build year. 100 listings came to market and 80 left the market in the last 90 days. Figures update automatically across publicly marketed offerings and broker materials.
Key findings, as of October 23, 2026
- 209 NNN listings are observed in Tennessee, the 11th largest inventory of the 50 states with listings.
- The median asking cap rate of 6.25% is 10 basis points below the national median, the 34th widest gap from the national median among the 50 states.
- Comparing the same tenants, Tennessee listings ask 19 basis points tighter than those tenants elsewhere (19 tenants, 89 Tennessee listings), so part of the gap above reflects location and part reflects which tenants are on the market.
- The median Tennessee listing has been on the market 91 days; 100 came to market and 80 left the market in the last 90 days.
NNN Properties For Sale in Tennessee: Latest Listings
Up to twenty-four single-tenant net lease properties in Tennessee with published pricing, the newest from each tenant first so the table reflects the whole Tennessee market rather than one or two active tenants. Below the table, the full listing browser carries every observed Tennessee listing with tenant, city, 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 | City | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|---|
| Ruby Tuesday | Athens | $1,964,285 | 7.00% | $137,500 | n/a | 2004 | Not stated | Get full property data |
| Dollar Tree | Johnson City | $2,596,000 | 6.75% | $175,199 | n/a | 2026 | Not stated | Get full property data |
| Whistle Express | Lebanon | $6,794,809 | 6.50% | $441,662 | n/a | 2016 | Not stated | Get full property data |
| 7Brew | Memphis | $1,308,333 | 6.00% | $78,500 | n/a | 2026 | Not stated | Get full property data |
| Zips Car Wash | Alcoa | $3,604,400 | 6.75% | $243,297 | n/a | 1993 | Not stated | Get full property data |
| Red Lobster | Cookeville | $2,600,000 | 5.68% | $147,697 | n/a | 1995 | Not stated | Get full property data |
| Tidal Wave Auto Spa | Pulaski | $5,195,680 | 7.50% | $389,676 | n/a | 2023 | Not stated | Get full property data |
| Dollar General | Chattanooga | $1,402,666 | 6.75% | $94,680 | n/a | 2012 | Not stated | Get full property data |
| Tractor Supply | Ardmore | $6,422,764 | 6.15% | n/a | n/a | 2026 | Not stated | Get full property data |
| Swig | Knoxville | $2,109,000 | 6.35% | $133,953 | n/a | 2026 | Not stated | Get full property data |
| Red Owl Coffee | Chattanooga | $650,000 | 7.38% | $48,000 | n/a | 2003 | Not stated | Get full property data |
| Ashley Homestore | Cookeville | $4,240,032 | 6.50% | $275,602 | n/a | 2004 | Not stated | Get full property data |
| RipTide Car Wash | Nashville | $5,375,000 | 6.50% | $349,404 | n/a | 2021 | Not stated | Get full property data |
| Mister Car Wash | Columbia | $3,330,861 | 6.50% | $216,504 | n/a | 2007 | Not stated | Get full property data |
| EV Auto | Brentwood | $7,198,356 | 6.75% | $485,889 | n/a | 2009 | Not stated | Get full property data |
| Vanterra | Knoxville | $4,639,779 | 7.25% | $336,384 | n/a | 1975 | Not stated | Get full property data |
| Kroger | Maryville | $2,500,000 | 4.00% | $100,000 | n/a | 2014 | Not stated | Get full property data |
| Cracker Barrel | Ooltewah | $3,002,070 | 5.75% | $172,619 | n/a | n/a | Not stated | Get full property data |
| KinderCare | Collierville | $3,484,490 | 7.00% | $243,914 | n/a | 1999 | Not stated | Get full property data |
| JPMorgan Chase | Clarksville | $1,888,888 | 4.50% | $85,000 | n/a | 2026 | 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 |
| Club Car Wash | Nashville | $5,340,000 | 5.65% | $302,000 | n/a | 2023 | Not stated | Get full property data |
| Fast Pace Urgent Care | Knoxville | $2,630,000 | 6.25% | $164,300 | n/a | 2022 | Not stated | Get full property data |
| Jack's | Jackson | $2,320,000 | 5.50% | $127,600 | n/a | 2017 | Not stated | Get full property data |
Showing 24 of 209 observed Tennessee 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.
Tennessee NNN Properties by Tenant
Listing count, median asking cap rate and cap range by tenant. Tenants with a linked page have a full credit rating, cap rate and inventory profile; the rest are tracked here at the state level until they earn a page of their own.
| Tenant | Listings | Median Cap | Cap Range | Median Price | |
|---|---|---|---|---|---|
| Walgreens | 16 | 6.65% | 5.42% to 8.75% | $3.99M | Walgreens NNN for sale |
| Dollar General | 10 | 6.63% | 6.00% to 8.00% | $1.37M | Dollar General NNN for sale |
| Family Dollar | 6 | 8.83% | 6.70% to 9.25% | $1.41M | Family Dollar NNN for sale |
| Fast Pace Urgent Care | 5 | 6.00% | 5.75% to 8.00% | $3.64M | Fast Pace Urgent Care NNN for sale |
| Whistle Express | 5 | 6.25% | 6.00% to 6.50% | $4.55M | |
| Zips Car Wash | 5 | 7.15% | 6.75% to 7.15% | $3.06M | |
| Dollar Tree | 4 | 8.00% | 6.75% to 8.01% | $1.47M | Dollar Tree NNN for sale |
| Dutch Bros | 4 | 5.50% | 5.35% to 5.65% | $2.89M | Dutch Bros NNN for sale |
| Mister Car Wash | 4 | 5.75% | 5.75% to 6.50% | $3.42M | Mister Car Wash NNN for sale |
| RipTide Car Wash | 4 | 6.50% | 6.50% to 6.50% | $6.19M | |
| Scooter's Coffee | 4 | 6.18% | 5.85% to 6.65% | $1.50M | |
| Starbucks | 4 | 6.12% | 5.25% to 6.24% | $1.80M | Starbucks NNN for sale |
| Ashley Homestore | 3 | 6.50% | 6.50% to 6.50% | $8.10M | |
| Cracker Barrel | 3 | 5.75% | 5.75% to 5.83% | $3.00M | |
| Heartland Dental | 3 | 6.25% | 5.25% to 7.50% | $1.55M | Heartland Dental NNN for sale |
| Popeyes | 3 | 6.00% | 5.50% to 6.31% | $1.31M | Popeyes NNN for sale |
| Sonic Drive-In | 3 | 6.50% | 5.20% to 7.50% | $1.41M | Sonic Drive-In NNN for sale |
| Tidal Wave Auto Spa | 3 | 6.75% | 6.75% to 7.50% | $5.47M | |
| Valvoline | 3 | 5.00% | 5.00% to 5.50% | $1.90M | Valvoline NNN for sale |
| Wendy's | 3 | 5.50% | 5.50% to 6.00% | $2.52M | Wendy's NNN for sale |
| 7-Eleven | 2 | 5.08% | 5.00% to 5.15% | $12.30M | 7-Eleven NNN for sale |
| Advance Financial 24/7 | 2 | 7.77% | 7.25% to 8.28% | $1.91M | |
| Arby's | 2 | 5.88% | 5.75% to 6.00% | $3.53M | Arby's NNN for sale |
| Bank of America | 2 | 5.00% | 5.00% to 5.00% | $2.55M | Bank of America NNN for sale |
| Bojangles | 2 | 5.75% | 5.50% to 6.00% | $2.16M | |
| Burger King | 2 | 5.74% | 5.48% to 6.00% | $2.30M | Burger King NNN for sale |
| JPMorgan Chase | 2 | 4.88% | 4.50% to 5.25% | $3.07M | JPMorgan Chase NNN for sale |
| Chick-fil-A | 2 | 4.08% | 4.00% to 4.15% | $3.22M | Chick-fil-A NNN for sale |
| Chipotle | 2 | 5.00% | 5.00% to 5.00% | $4.33M | Chipotle NNN for sale |
| Fifth Third Bank | 2 | 4.63% | 4.50% to 4.75% | $2.96M | Fifth Third Bank NNN for sale |
| Firestone | 2 | 5.13% | 4.85% to 5.40% | $3.45M | Firestone NNN for sale |
| First Watch | 2 | 5.00% | 5.00% to 5.00% | $4.49M | |
| KinderCare | 2 | 6.88% | 6.75% to 7.00% | $3.10M | |
| Krystal | 2 | 6.38% | 5.75% to 7.00% | $1.06M | |
| Planet Fitness | 2 | 6.63% | 6.50% to 6.75% | $5.92M | Planet Fitness NNN for sale |
| Red Lobster | 2 | 6.22% | 5.68% to 6.75% | $3.53M | |
| Sherwin-Williams | 2 | 6.20% | 6.10% to 6.30% | $3.63M | Sherwin-Williams NNN for sale |
| Tractor Supply | 2 | 6.15% | 6.15% to 6.15% | $6.54M | Tractor Supply NNN for sale |
| Wawa | 2 | 4.78% | 4.65% to 4.90% | $6.44M | Wawa NNN for sale |
| 7Brew | 1 | 6.00% | 6.00% to 6.00% | $1.31M |
Tenants with the most Tennessee listings observed (top 40 of 115). Tenants with a linked page have a full credit and inventory profile; 110 of the 209 listings belong to tenants with a profile page.
Tennessee NNN Properties by Category
- QSR NNN properties for sale (25 in Tennessee across 9 tenants)
- Dollar Store NNN properties for sale (20 in Tennessee across 3 tenants)
- Pharmacy NNN properties for sale (16 in Tennessee across 1 tenants)
- Healthcare NNN properties for sale (8 in Tennessee across 2 tenants)
- Bank Branch NNN properties for sale (6 in Tennessee across 3 tenants)
- Auto Parts and Service NNN properties for sale (5 in Tennessee across 2 tenants)
- Gas Station and C-Store NNN properties for sale (4 in Tennessee across 2 tenants)
- Car Wash NNN properties for sale (4 in Tennessee across 1 tenants)
Counts cover tenants with a profile page; the category pages aggregate the same tenants nationally.
Tennessee NNN Properties by City
The cities with the most observed Tennessee listings are Memphis (19), Knoxville (16), Chattanooga (9). Tap any city in the table to filter the full listing browser to that city.
| City | Listings | Median Cap | Avg Asking Price |
|---|---|---|---|
| Memphis | 19 | 7.00% | $2.46M |
| Knoxville | 16 | 6.35% | $4.54M |
| Chattanooga | 9 | 6.63% | $2.99M |
| Clarksville | 9 | 5.45% | $3.53M |
| Murfreesboro | 9 | 5.13% | $3.38M |
| Kingsport | 8 | 6.23% | $2.01M |
| Cookeville | 7 | 5.68% | $2.96M |
| Nashville | 7 | 5.50% | $22.30M |
| Johnson City | 6 | 6.13% | $3.65M |
| Columbia | 5 | 6.38% | $2.82M |
| Franklin | 4 | 6.50% | $6.03M |
| Greeneville | 4 | 6.63% | $3.99M |
| Jackson | 4 | 6.00% | $3.50M |
| Madisonville | 4 | 6.50% | $2.29M |
| Millington | 4 | 6.26% | $2.95M |
| Cleveland | 3 | 6.18% | $2.93M |
| Collierville | 3 | 6.88% | $2.76M |
| Dyersburg | 3 | 7.00% | $2.45M |
| Hendersonville | 3 | 5.30% | $3.53M |
| Maryville | 3 | 5.75% | $2.20M |
Cities with the most Tennessee listings observed (top 20 of 89). Tap a city to filter the full listing browser.
How Tennessee Prices Against the National NNN Market
The Tennessee median asking cap rate of 6.25% sits 10 bps below the national median of 6.35%. A state median reflects both location and which tenants happen to be on the market, which is why the key findings above compare the same tenants inside and outside Tennessee. Compare any listing with its tenant’s national cap rate bands on the tenant page before reading the state spread as a discount or a premium; the investment grade guide explains how tenant credit sets the floor under those bands.
Tennessee Taxes and the 1031 Exchange Buyer
General information, not tax or legal advice. State income tax, real estate transfer tax and property tax assessment rules differ by state, and sometimes by county or city, and they affect both your exchange and what a replacement tenant could afford in rent. Confirm the rules that apply to your property with your CPA, tax attorney and qualified intermediary before you rely on them. Replacement property must be identified within 45 days after the sale of the relinquished property and received by the earlier of 180 days after that sale or the due date, including extensions, of your tax return for that year (Internal Revenue Code Section 1031(a)(3); Treasury Regulation 1.1031(k)-1(b)(2)). Ask your qualified intermediary to confirm your exact dates, and use the full listing browser above to filter Tennessee inventory by tenant and city, or each tenant page for national inventory on the same credit.
How These Figures Are Calculated
Figures cover single-tenant net lease properties observed for sale in Tennessee across publicly marketed offerings and broker materials, and refresh automatically with each Investment Grade Research update. A listing counts while it is actively marketed; listings marked under contract, pending or closed are excluded, as are listings priced under $150,000. Medians use published asking figures only, so they describe what sellers are asking, not closed sale prices. The same-tenant comparison takes each tenant’s median asking cap rate in Tennessee and compares it with that tenant’s median in other states, for tenants with at least three Tennessee listings and five listings elsewhere, weighted by Tennessee listing count. Days on market are measured from the date a listing was first observed.
Frequently Asked Questions: NNN Properties For Sale in Tennessee
How many NNN properties are for sale in Tennessee right now?
As of October 23, 2026, 209 single-tenant net lease properties are observed for sale in Tennessee across 115 tenants and 89 cities. The count updates automatically as listings are added and withdrawn.
What cap rates are Tennessee NNN properties asking?
The median asking cap rate across observed Tennessee listings is 6.25%, with the middle half of listings between 5.67% and 7.00%. That median is 10 bps below the national median of 6.35%. Cap rates vary by tenant, guarantee, remaining term and location; confirm the lease before relying on any single figure.
Which tenants have the most NNN listings in Tennessee?
The tenants with the most observed Tennessee listings right now are Walgreens (16), Dollar General (10), Family Dollar (6). The tenant table above lists the top 40.
Which Tennessee cities have the most NNN properties for sale?
The cities with the most observed listings are Memphis (19), Knoxville (16), Chattanooga (9). The city table above lists the top 20 and filters the full listing browser.
Are these listings offered by Investment Grade?
No. These are market observations aggregated from publicly marketed offerings and broker materials, not offerings by Investment Grade Income Property, LP. Registering for full property data connects you with our team for buyer representation and due diligence; the listing broker remains the listing broker.
NNN Properties For Sale in Other States
- NNN properties for sale in Arizona (160 listings)
- NNN properties for sale in California (444 listings)
- NNN properties for sale in Florida (678 listings)
- NNN properties for sale in Georgia (314 listings)
- NNN properties for sale in Illinois (337 listings)
- NNN properties for sale in Maryland (54 listings)
- NNN properties for sale in New Jersey (74 listings)
- NNN properties for sale in New York (185 listings)
- NNN properties for sale in North Carolina (288 listings)
- NNN properties for sale in Texas (915 listings)
- NNN properties for sale in Utah (53 listings)
