Old Navy / Gap Credit Rating & NNN Cap Rate

Old Navy and Gap Business Overview

Gap Inc. owns Old Navy, Gap, Banana Republic and Athleta. As of August 1, 2026, it operated 2,471 stores: 1,241 Old Navy, 461 Gap and 349 Banana Republic stores in North America, 251 Athleta stores, and 169 Gap and Banana Republic stores in Asia. Franchise partners operated about 1,000 more. Gap Inc.’s shares trade on the NYSE under the ticker GAP, which replaced GPS on August 22, 2024.

Old Navy and Gap Credit Profile

Gap Inc.’s corporate credit ratings are BB+/Ba2 (S&P / Moody’s) in our database, below investment grade. It files audited financial statements with the SEC. The tenant on a lease may be an operating subsidiary rather than Gap Inc., so confirm the tenant entity and whether Gap Inc. guarantees the lease.

Ratings come from our tenant ratings database, with sources noted below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: S&P Global Ratings BB+, Stable, as of March 17, 2026; Moody’s Ba2, Positive, as of March 17, 2026. Ratings checked October 8, 2026.

Old Navy and Gap NNN Cap Rates

Live asking cap rates for Old Navy and Gap and comparable tenants:

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. Not shown because fewer than 3 active listings with a published cap rate were observed: Old Navy / Gap, T.J. Maxx, Burlington, Five Below.

Gap Inc. leases almost all of its stores (Form 10-K for fiscal 2025). The table shows a median for Old Navy and Gap only when we track at least three of their listings with a published cap rate, so compare a property with other apparel and off-price retailers.

What to Check in an Old Navy and Gap Lease

• Tenant and guarantor: which entity signs the lease and whether the parent guarantees it.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Co-tenancy: for shopping center locations, co-tenancy and go-dark provisions.
• Re-use: the size of the box and the pool of possible replacement tenants.
• Rent versus market: whether rent is at or below market rent.

Pros and Cons

Sources: Gap Inc. Form 10‑Q for the quarter ended August 1, 2026, Form 10‑K for fiscal 2025 and press release of August 8, 2024; listings we track (October 2026); ratings from InvestmentGrade.com’s ratings database.