Not every net lease tenant draws the same buyer demand. Properties leased to the strongest, best-known tenants on long leases can often sell quietly to a known group of buyers; others benefit from broad marketing to find the right buyer. This page gives our assessment of buyer demand by tenant for owners weighing an off-market sale, with ratings from our database and live asking cap rates. For the full credit picture, see the investment grade tenant ratings database.
Demand groupings are InvestmentGrade.com’s judgment from market experience, not published statistics. Pricing for any property depends on its lease, location, and the market at the time of sale.
Live Asking Cap Rates for Frequently Traded Tenants
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| McDonald's | BBB+ / Baa1 | 4.00% | 3.75% to 4.18% | 47 | −124 bps |
| Chick-fil-A | NR / NR | 4.18% | 4.00% to 4.50% | 46 | −107 bps |
| Wawa | NR / NR | 5.00% | 4.51% to 5.18% | 59 | −24 bps |
| 7-Eleven | A- / Baa2 | 5.25% | 5.00% to 5.74% | 155 | +1 bps |
| Walmart | AA / Aa2 | 5.25% | 5.00% to 6.00% | 9 | +1 bps |
| Taco Bell (rated entity: Yum! Brands, Inc.) | BB+ / Ba2 | 5.50% | 5.00% to 5.86% | 64 | +26 bps |
| AutoZone | BBB / Baa1 | 5.50% | 5.00% to 6.00% | 33 | +26 bps |
| Starbucks | BBB+ / Baa1 | 5.75% | 5.35% to 6.24% | 137 | +51 bps |
| O'Reilly Auto Parts | BBB / Baa1 | 6.00% | 5.42% to 6.50% | 33 | +76 bps |
| Wendy's | B+ / n/a | 6.00% | 5.50% to 6.50% | 82 | +76 bps |
| Popeyes (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.00% | 5.50% to 6.25% | 78 | +76 bps |
| Tractor Supply | BBB / Baa1 | 6.05% | 6.00% to 6.33% | 42 | +81 bps |
| Burger King (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.25% | 6.00% to 6.75% | 72 | +101 bps |
| CVS | BBB / Baa3 | 6.50% | 6.00% to 7.25% | 168 | +126 bps |
| Dollar General | BBB / Baa3 | 7.00% | 6.65% to 7.95% | 572 | +176 bps |
| Dollar Tree | BBB / n/a | 7.25% | 6.75% to 8.00% | 108 | +201 bps |
| Walgreens | n/a / NR | 7.50% | 6.63% to 8.50% | 372 | +226 bps |
| Family Dollar | NR / NR | 8.31% | 7.75% to 8.91% | 212 | +307 bps |
Active listings InvestmentGrade.com tracks with a published asking cap rate, as of October 7, 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 corporate issuer ratings. Where the rated entity is a parent company, confirm whether it signs or guarantees the lease; franchisors usually do not guarantee franchisee leases. n/a means no verified rating is on file.
These are asking cap rates on active, publicly marketed listings InvestmentGrade.com tracks. We do not publish a measured premium for off-market sales; whether an off-market sale beats a broad marketing process depends on the property and the buyers in the market at the time.
Deepest Buyer Pools
McDonald’s (BBB+/Baa1)
Among the most sought-after net lease tenants, especially on ground leases, with demand from REITs, private funds, family offices, and 1031 buyers.
Chick-fil-A (no public credit rating)
Privately held and unrated, but its brand and unit performance attract strong demand, particularly from family offices and individual investors, mostly for ground leases. Underwrite the actual lease obligor, since many leases are signed by Chick-fil-A, Inc. but terms vary.
7-Eleven (A-/Baa2)
Broad institutional demand for properties leased to 7-Eleven, Inc. Fuel sites carry environmental considerations, and the company’s 2026 closure program makes store-level diligence more important.
Walmart (AA/Aa2), Home Depot (A/A2), Costco (AA/Aa3)
Very strong credits with limited leased inventory, since these companies own much of their real estate. When properties or ground leases come up, competition is strong.
Strong Buyer Pools
Dollar General (BBB/Baa3)
The most frequently listed tenant in our data, with steady demand from REITs, private buyers, and 1031 investors. Remaining lease term, location, and rent level drive pricing.
CVS Health (BBB/Baa3)
Investment grade with active buyers, though store closures have made remaining term and store performance central to pricing.
Starbucks (BBB+/Baa1)
Investment grade with strong demand, especially for drive-thru locations. Many Starbucks leases are double net, leaving roof and structure with the landlord, which affects pricing.
AutoZone (BBB/Baa1) and O’Reilly (BBB/Baa1)
Steady demand for auto parts tenants with long leases; ground leases trade tighter.
Tractor Supply (BBB/Baa1)
Investment grade with active buyers, including family offices interested in rural and small-market real estate.
Selective Buyer Pools
Walgreens (no current public rating)
Walgreens lost its investment grade ratings in 2024 and was taken private by Sycamore Partners in August 2025; our ratings database shows no current public rating. Buyers apply more scrutiny to store performance and remaining term, and asking cap rates are well above CVS’s.
Family Dollar (no public rating)
Independently owned since Dollar Tree sold it in July 2025. Underwrite the actual tenant entity and check for any remaining Dollar Tree guaranty on the specific lease; do not rely on Dollar Tree’s rating.
Franchised quick-service restaurants
Taco Bell, Wendy’s, Burger King, and Popeyes are often leased to franchisees, and their parents are rated below investment grade. A lease signed by the brand’s corporate entity trades very differently from one signed by a franchisee, whose financial strength becomes the credit.
Private convenience operators
Wawa, QuikTrip, and RaceTrac are privately held and unrated but attract strong demand, particularly from family offices, often for ground leases.
Who Buys Below-Investment-Grade and Unrated Tenants
Buyer preferences vary. Some net lease REITs emphasize investment grade tenants, while others actively buy unrated or below-investment-grade operators after their own underwriting. Family offices, private funds, and individual investors are also active in these credits. Public marketing often reaches more of these buyers, though an off-market process can still make sense for confidentiality or speed.
Major public net lease REITs include Realty Income (which acquired Spirit Realty in January 2024), Agree Realty, NNN REIT, and W. P. Carey; each describes its strategy and tenant mix in its SEC filings. Strategies change, so check current filings before targeting a buyer.
Choosing a Sale Path for Your Property
Our pre-listing review looks at which buyers have recently closed similar properties, which are active now, and how the lease, tenant, and location compare with current listings. That review informs whether an off-market, public, or hybrid process fits your goals. For the broader framework, see our guide to off-market commercial real estate sales.
Discuss Your Tenant and Property
Email team@investmentgrade.com, call 312.433.9300 x20, or contact Investment Grade.
Frequently Asked Questions
Which NNN tenants draw the deepest off-market buyer demand?
In our experience, properties leased to the strongest, best-known tenants on long leases, such as McDonald’s, 7-Eleven, Walmart, Home Depot, Costco, and Chick-fil-A, draw the deepest buyer pools. This is our assessment, not a published statistic.
What cap rates do these tenants trade at?
See the live table on this page for current median asking cap rates by tenant from active listings InvestmentGrade.com tracks. Pricing for a specific property depends on its lease term, rent, location, and building.
Do net lease REITs only buy investment grade tenants?
No. Preferences vary: some emphasize investment grade tenants, while others actively buy unrated or below-investment-grade operators after underwriting.
Is Family Dollar still backed by Dollar Tree?
Not generally. Dollar Tree sold Family Dollar in July 2025. Dollar Tree reported limited guarantees on certain Family Dollar store leases, so check each lease rather than relying on Dollar Tree’s rating.
Is Spirit Realty still an independent buyer?
No. Realty Income completed its acquisition of Spirit Realty in January 2024.
Educational content only. InvestmentGrade.com is a commercial real estate brokerage and educational publisher. We do not sell, broker, underwrite, or solicit any bonds, securities, or investment products. Yields, ratings, and prices referenced fluctuate continuously and are sourced from public market data as of the date noted. Nothing on this page constitutes investment advice, an offer to sell, or a solicitation to buy any security. Consult a licensed broker-dealer, registered investment advisor, or tax professional before making any investment decision. For SEC investor education, visit investor.gov.
