Looking to buy an O'Reilly Auto Parts NNN property? 28 are observed for sale across 20 states, median asking cap rate 6.00%. View O'Reilly Auto Parts NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Parent Company | O’Reilly Automotive, Inc. |
| S&P (issuer) / Moody’s (senior notes) | BBB (Stable) / Baa1 (Stable) |
| Rated Entity | O’Reilly Automotive, Inc. |
| Rating Source | S&P Global Ratings BBB, Stable, as of August 10, 2026; Moody’s Baa1, Stable, as of August 10, 2026. Ratings checked October 8, 2026. |
| Sector | Auto Parts |
| U.S. and Puerto Rico Stores | 6,541 (June 30, 2026, second quarter 2026 earnings release) |
| Median asking cap rate | See the live table below |
| Lease Term | Original term of at least 10 years on leases with unaffiliated landlords (2025 Form 10-K); confirm in the lease |
| Guarantee Type | Varies; confirm the tenant entity and any parent guaranty in the lease |
| Stock Ticker | ORLY (NASDAQ) |
| Annual Revenue | $17.78B (2025, Form 10-K) |
| Typical Asking Price | $1.20M to $2.20M (middle half; median $1.82M) |
Bond vs NNN Comparison: See how O Reilly Auto Parts corporate bond yields compare to O Reilly Auto Parts NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. O Reilly Auto Parts Bonds vs NNN →
O’Reilly Auto Parts Business Overview & NNN Investment Profile
O’Reilly Automotive, Inc. is rated BBB (Stable) by S&P (issuer rating) and Baa1 (Stable) by Moody’s (senior notes). It operated 6,695 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada at June 30, 2026 (second quarter 2026 earnings release), serving professional service providers and do-it-yourself customers. The company maintains a robust supply chain, competitive pricing strategy, and extensive product selection that spans everything from engine components to maintenance supplies and electronics.
As an NNN tenant, O’Reilly gives net lease investors exposure to the automotive aftermarket. Its 10-K says its leases with unaffiliated landlords generally provide for a fixed base rent; in the listings we track, rent increase terms vary, including fixed increases every five years on some leases, so confirm the rent schedule in the lease. O’Reilly’s 10-K says its new stores are meant to increase penetration in existing markets and expand into new, contiguous markets.
The company opened 207 net new stores in 2025 and plans 225 to 235 net new stores in 2026 (2025 Form 10-K and second quarter 2026 earnings release), entering new markets while strengthening its presence in existing regions.
O’Reilly Auto Parts NNN Lease Structure
Lease terms vary by property, so confirm the primary term, remaining term, and renewal options in the lease. O’Reilly’s 10-K says its leases with unaffiliated landlords generally provide a fixed base rent, tenant payment of certain taxes, insurance, and maintenance, and an original term of at least 10 years with renewals at O’Reilly’s option. At December 31, 2025, O’Reilly owned 2,791 of its 6,585 stores and leased 3,728 from unaffiliated landlords. The median building in the O’Reilly listings we track is 7,120 square feet.
O’Reilly’s 10-K reports 6,585 stores that O’Reilly operated at December 31, 2025, and does not describe any franchised stores. Leases may be signed by an operating subsidiary, so confirm whether O’Reilly Automotive, Inc. is the tenant or guarantor of the specific lease. Rent increases vary by lease, so confirm the schedule in the lease. The listings we track include both NNN and NN leases, so roof, structure, and parking lot responsibility varies; read the lease.
Renewal options are exercisable at O’Reilly’s election, so long-term occupancy depends on how each store performs. Long remaining terms, strong store locations, and rent at or below market can reduce the risk of a non-renewal for buy-and-hold investors.
O’Reilly Auto Parts NNN Cap Rate & Pricing Trends
Live asking cap rates for O’Reilly Auto Parts and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| AutoZone | BBB / Baa1 | 5.35% | 4.95% to 5.80% | 27 | +11 bps |
| O'Reilly Auto Parts | BBB / Baa1 | 6.00% | 5.50% to 6.50% | 27 | +76 bps |
| NAPA Auto Parts (rated entity: Genuine Parts Company) | BBB- / Baa1 | 6.75% | 6.00% to 7.50% | 12 | +151 bps |
| Advance Auto Parts | BB / n/a | 7.25% | 6.44% to 8.00% | 72 | +201 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 12, 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.
Remaining term, location, and scheduled rent increases can move a property’s asking cap rate toward either end of the range. Asking cap rates are not closing cap rates.
Asking prices cluster between about $1.20M and $2.20M, with a median near $1.82M, depending on rent, term, and location. O’Reilly reported its 33rd consecutive year of comparable store sales growth in 2025. For portfolio construction details, see our investment grade guide for cap rate methodology and market trends analysis.
O’Reilly Auto Parts Real Estate Footprint
O’Reilly operated 6,541 stores in the U.S. and Puerto Rico at June 30, 2026 (6,695 including Mexico and Canada), according to its second quarter 2026 earnings release. The O’Reilly listings we track span 20 states.
O’Reilly Auto Parts Growth Strategy
O’Reilly opened 207 net new stores in 2025 and plans 225 to 235 in 2026 (2025 Form 10-K and second quarter 2026 earnings release), entering new geographic markets while increasing penetration in established regions.
Comparable store sales were positive for 33 consecutive years through 2025 (2025 Form 10-K) and rose 6.0% in the second quarter of 2026 (second quarter 2026 earnings release).
O’Reilly Auto Parts Investment Pros & Cons
| Pros | Cons |
|---|---|
| BBB/Baa1 rated (S&P issuer / Moody’s senior notes) | Long-term EV transition headwind |
| 207 net new stores in 2025; 225 to 235 planned for 2026 | Competitive intensity from online retailers |
| Needs-based repair demand and same-day or overnight parts availability | Economic sensitivity in recession scenario |
| Strong market leadership and brand recognition | Commodity pricing pressure |
| Rated parent, O’Reilly Automotive, Inc.; confirm whether it is the tenant or guarantor |
Comparable O’Reilly Auto Parts NNN Tenants
| Tenant | Rating | Sector |
|---|---|---|
| AutoZone | BBB/Baa1 | Auto Parts |
| Advance Auto Parts | BB | Auto Parts |
| NAPA (Genuine Parts) | BBB-/Baa1 | Auto Parts Distributor |
Frequently Asked Questions: O’Reilly Auto Parts NNN Investments
How strong is O’Reilly’s credit?
O’Reilly Automotive, Inc. is rated BBB (Stable) by S&P (issuer rating) and Baa1 (Stable) by Moody’s (senior notes). Source: S&P Global Ratings BBB, Stable, as of August 10, 2026; Moody’s Baa1, Stable, as of August 10, 2026. Ratings checked October 8, 2026.. Confirm whether O’Reilly Automotive, Inc. is the tenant or guarantor of a specific lease.
What lease terms do O’Reilly properties have?
Lease terms vary by property. O’Reilly’s 10-K says its leases with unaffiliated landlords generally have an original term of at least 10 years, with renewals at O’Reilly’s option.
How does electric vehicle adoption affect O’Reilly’s long-term viability?
O’Reilly’s 2025 Form 10-K says changes in vehicle technology, including electric, hybrid, and internal combustion engines, may result in less frequent repairs, parts lasting longer, or elimination of certain repairs. The 10-K also says the annual changes to the vehicle population from new vehicle sales and scrappage represent a small percentage of the total light vehicle population and have a muted short-term impact on the number and average age of vehicles on the road. How fast EV adoption changes parts demand is uncertain.
What size are O’Reilly properties?
The median building in the O’Reilly listings we track is 7,120 square feet. Building and lot sizes vary by property, so confirm them in the offering materials and survey.
O’Reilly Auto Parts Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market O’Reilly Auto Parts 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
O'Reilly Auto Parts NNN Properties Observed For Sale
28 active O'Reilly Auto Parts net lease listings observed across public listing sources, most recently Oct 12, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Daphne, AL | $1,511,000 | 7.00% | 6,800 | n/a | View listing |
| Oldtown, ID | $1,765,000 | 6.00% | 6,750 | n/a | View listing |
| Winston, OR | $2,157,120 | 5.50% | 7,225 | n/a | View listing |
| Carson City, NV | $3,360,000 | 5.00% | 15,755 | n/a | View listing |
| Salyersville, KY | $1,842,000 | 5.75% | 7,225 | n/a | View listing |
| Centennial, CO | $2,805,000 | 5.25% | 8,486 | n/a | View listing |
| Milwaukee, WI | $1,732,000 | 6.15% | 6,500 | 8.4 yrs | View listing |
| St. Peters, MO | $1,129,846 | 6.50% | 5,976 | n/a | View listing |
Search all 28 observed O'Reilly Auto Parts 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.
