Ollie’s Bargain Outlet Credit Rating & NNN Cap Rate

Ollie’s Bargain Outlet Business Overview

Ollie’s sells closeout and overstock merchandise at discount prices. As of August 1, 2026, it operated 686 stores in 36 states. In recent years it has also added stores by acquiring former locations of bankrupt retailers through the bankruptcy auction process; 63 of the 86 stores it opened in fiscal 2025 (the year ended January 31, 2026) were bankruptcy acquired leases (Form 10-K).

Ollie’s Bargain Outlet Credit Profile

Ollie’s is not investment grade in the ratings sense. It is a public company that files audited financial statements with the SEC, which buyers can use to assess its credit. Confirm the tenant entity and any guarantee.

Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: Our ratings database, checked September 27, 2026.

Ollie’s Bargain Outlet NNN Cap Rates

Live asking cap rates for comparable discount retailers (Ollie’s appears when we track enough current listings):

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 26, 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: Ollie's Bargain Outlet, Five Below, Burlington, T.J. Maxx, Big Lots.

Ollie’s often takes second-generation boxes, including former locations of other retailers, so pricing can depend heavily on the building and rent level. Compare a property with other discount retailers.

What to Check in an Ollie’s Bargain Outlet 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: Ollie’s Bargain Outlet Holdings, Inc. Form 10‑Q for the quarter ended August 1, 2026, and Form 10‑K for the fiscal year ended January 31, 2026.