Looking to buy an Office Depot NNN property? 4 are observed for sale across 4 states, median asking cap rate 7.68%. View Office Depot NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | The ODP Corporation |
| Brands | Office Depot, OfficeMax, Grand & Toy (Canada) |
| Credit Ratings | Not rated |
| Investment Grade Status | Not Rated |
| Sector | Office Products & Business Services Retail |
| US Store Count | 822 retail stores in the U.S., Puerto Rico and U.S. Virgin Islands (September 27, 2025, last Form 10-Q before going private) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies; confirm the term, renewal options and expense terms in the lease |
| Guarantee Type | Varies; confirm the tenant entity and any parent guarantee in the lease |
| Ownership Status | Private; ODP was delisted after its December 10, 2025 merger |
| Annual Revenue | $6.99B sales (fiscal 2024, ended December 28, 2024; last Form 10-K) |
| Store Size | Most retail stores are in leased facilities that average over 20,000 SF (fiscal 2024 Form 10-K) |
Office Depot is not rated. Our ratings database records no public rating for Office Depot from S&P Global Ratings, Moody’s or Fitch. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Office Depot / OfficeMax Business Overview & NNN Investment Profile
The ODP Corporation is the parent company of Office Depot and OfficeMax and became a wholly owned subsidiary of ACR Ocean Resources LLC when its take-private merger closed on December 10, 2025. As of September 27, 2025, in its last quarterly report before the merger, its Office Depot Division operated 822 retail stores in the United States, Puerto Rico and the U.S. Virgin Islands (Form 10-Q). Office Depot completed its merger with OfficeMax on November 5, 2013, after the FTC closed its investigation, and its North American Retail Division operated 1,912 stores at the end of 2013 (fiscal 2013 Form 10-K). ODP has been closing stores since, and its last filings said a restructuring plan running through 2028 would leave it with a significantly smaller retail footprint. Its 10-K lists competitors including office supply stores, warehouse clubs, discount stores, mass merchandisers and online retailers.
ODP Credit & Business Transformation
ODP has been executing a transformation from physical retail toward B2B (business-to-business) distribution and services under its ODP Business Solutions division. Its ODP Business Solutions Division had larger 2024 external sales than the Office Depot retail division ($3.58 billion vs. $3.36 billion), but B2B sales also fell, by 8% in 2024 (fiscal 2024 Form 10-K) and 7% in the first nine months of 2025 (Form 10-Q).
For NNN investors, the key question is whether the specific store will remain open through the lease term. Assess closure risk by asking for the store’s sales, checking nearby competitors and reviewing the remaining term and renewal options.
Office Depot NNN Lease Structure
Lease terms vary by location. ODP’s fiscal 2024 Form 10-K says its facility leases typically are for a fixed non-cancellable term with one or more renewal options, and that it pays costs such as real estate taxes, insurance and common-area maintenance on most facility leases. Confirm the remaining term, renewal options and expense structure in each lease. Its leased stores average over 20,000 square feet, a size that can suit a range of replacement users, though re-leasing depends on the building and market.
Office Depot NNN Cap Rate & Pricing Trends
Live asking cap rates for Office Depot / OfficeMax and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Office Depot | NR / n/a | 7.68% | 6.69% to 8.63% | 4 | +244 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 16, 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 varies with remaining lease term, rent level, location and the lack of a verified agency rating; compare a specific property with the live table.
Office Depot NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Mid-size boxes: leased stores average over 20,000 SF (fiscal 2024 Form 10-K) | No verified agency rating; privately owned since December 2025; Office Depot Division sales fell 14% in 2024 |
| B2B division had the larger share of 2024 external sales | Restructuring plan through 2028 targets a significantly smaller retail footprint: location-specific risk is high |
| Compare asking cap rates in the live table above | Remaining lease terms vary; confirm term and renewal options in the lease |
| Competes with online retailers, mass merchandisers, warehouse clubs and other office supply stores (fiscal 2024 Form 10-K) |
Is Office Depot investment grade?
Not that we can verify. Our ratings database has no verified current rating for The ODP Corporation from S&P, Moody’s or Fitch, so we do not show it as investment grade. The company has been privately owned since December 10, 2025, and its Office Depot Division has been closing stores.
Are Office Depot stores closing?
Yes. The Office Depot Division went from 1,038 stores at the beginning of 2022 to 869 at December 28, 2024 (fiscal 2024 Form 10-K) and 822 at September 27, 2025 (Form 10-Q). In its last public filings, ODP said it expected to close more stores under a plan running through 2028 and that closures generally approximate each store’s lease termination date. Investors should evaluate individual store locations against ODP’s strategic priorities.
Office Depot Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Office Depot 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
- Barnes & Noble
- Bed Bath & Beyond
- Best Buy
- Big Lots
- BJ’s Wholesale Club
- Burlington
- Costco
- Dick’s Sporting Goods
- Dillard’s
- DSW
- Dunham’s Sports
- Five Below
- Floor & Decor
- Harbor Freight
- Home Depot
- JCPenney
- Joann Fabric & Crafts
- Kirkland’s
- Kohl’s
- Lifetime Fitness
- Lowe’s
- Macy’s
- Michaels
- Nordstrom
- Old Navy / Gap
- Party City
- Petco
- PetSmart
- Planet Fitness
- Ross Dress For Less
- Staples
- The Container Store
- TJ Maxx / HomeGoods / Marshalls
- Tractor Supply Co.
- Ulta Beauty
- Ollie’s Bargain Outlet
- Target
- Walmart
- Sam’s Club
Office Depot NNN Properties Observed For Sale
4 active Office Depot 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 | |
|---|---|---|---|---|---|
| Spokane, WA | $3,650,000 | 6.85% | 22,750 | 10.4 yrs | View listing |
| ARVADA, CO | $4,000,000 | 6.22% | 21,238 | n/a | View listing |
| Mankato, MN | $3,127,700 | 9.02% | 23,503 | 2.3 yrs | View listing |
| El Paso, TX | $4,916,482 | 8.50% | 25,000 | 3.8 yrs | View listing |
Search all 4 observed Office Depot 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.
