Looking to buy a Pep Boys NNN property? 7 are observed for sale across 6 states, median asking cap rate 6.38%. View Pep Boys NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | Mavis Tire Express Services Corp.; its subsidiary Mavis Tire Supply, LLC acquired Pep Boys from an Icahn Enterprises subsidiary on August 20, 2026 |
| Credit Ratings | S&P: B- / Fitch: B- |
| Investment Grade Status | Parent Rated Below Investment Grade (Mavis Tire Express Services Corp.); confirm the lease guarantor |
| Sector | Auto Service / Tire Retail |
| Locations | Nearly 800 in the U.S. and Puerto Rico (Mavis and Icahn Enterprises press release, August 20, 2026) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; legacy leases may name Pep Boys or former Icahn entities, so confirm the guarantor after the Mavis acquisition |
| Stock Ticker | None; Mavis is privately held (Pep Boys was formerly part of IEP) |
| Annual Revenue | Not separately disclosed since the Mavis acquisition |
Pep Boys Business Overview & NNN Investment Profile
Pep Boys is a century-old automotive aftermarket chain with nearly 800 locations, offering tires, repairs, oil changes, and maintenance services. Founded in 1921, Pep Boys was acquired by Icahn Enterprises L.P. in 2016 and sold to Mavis Tire Supply, LLC, a subsidiary of Mavis Tire Express Services Corp., for about $700 million in cash in a deal completed August 20, 2026 (Icahn Enterprises Form 8-K, August 20, 2026). Icahn Enterprises kept the owned real estate previously transferred to it from Pep Boys, as well as AAMCO and Precision Tune Auto Care.
Pep Boys Credit Rating Analysis
Pep Boys is not investment grade. The ratings shown for Pep Boys are credit ratings of its parent company, Mavis Tire Express Services Corp.: B- from S&P Global Ratings and B- from Fitch Ratings; all below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
The ratings shown are those of Mavis Tire Express Services, which acquired Pep Boys on August 20, 2026: B- from S&P, B- from Fitch and no verified rating from Moody’s. Our ratings database does not list separate ratings for Pep Boys.
Source: S&P Global Ratings B-, as of July 21, 2026; Fitch Ratings B-, as of September 10, 2026. Ratings checked October 8, 2026.
Lease guarantees vary. Legacy leases may be guaranteed by a Pep Boys entity or by Icahn Automotive Group LLC; after the sale to Mavis, confirm which entity is the tenant and guarantor and whether any Icahn guarantee still applies. Investors should obtain and review the specific guarantee document to confirm the guarantor entity and evaluate the credit support chain. Understanding the full credit rating spectrum is essential when evaluating non-investment grade NNN tenants.
Pep Boys NNN Lease Structure
Initial terms and renewal options on Pep Boys NNN leases vary; confirm them in the lease. Properties are auto service centers; building sizes vary, so confirm them for each property. Under NNN terms the tenant generally handles operating expenses; confirm the expense and repair terms in the lease. The specialized service center format limits alternative use and should be evaluated as part of the underwriting process, confirming the location’s viability for re-tenanting if needed.
Pep Boys NNN Cap Rate & Pricing Trends
Live asking cap rates for Pep Boys 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 |
| Valvoline | BB / n/a | 5.50% | 5.25% to 5.70% | 47 | +26 bps |
| Firestone (rated entity: Bridgestone Corporation) | A / A1 | 5.63% | 5.19% to 6.00% | 20 | +39 bps |
| Big O Tires | n/a / n/a | 6.00% | 5.81% to 6.00% | 6 | +76 bps |
| Pep Boys (rated entity: Mavis Tire Express Services Corp.) | B- / n/a | 6.38% | 5.88% to 6.88% | 6 | +114 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.
Investors comfortable with the Mavis credit profile should still underwrite each location and compare its cap rate with the live table.
Pep Boys NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Brand founded in 1921, with nearly 800 locations in the U.S. and Puerto Rico | Non-IG parent: Mavis is rated B- |
| Asking cap rates can be compared with rated auto tenants in the live table | 2026 ownership change requires confirming each lease’s guarantor |
| Essential auto service model with recurring customer demand | Specialized format limits re-tenanting optionality |
| Integration risk as Mavis absorbs nearly 800 stores |
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Bridgestone / Firestone | A/A1 |
| Big O Tires | no verified rating |
| Valvoline | BB |
What is Pep Boys’ credit rating?
Pep Boys has been owned by Mavis Tire Express Services since August 20, 2026. Mavis is rated B- by S&P, no verified rating by Moody’s and B- by Fitch; our ratings database classifies Mavis as not investment grade. Confirm the tenant and guarantor on each lease, because some legacy leases were guaranteed by Icahn entities.
What asking cap rates do Pep Boys NNN listings show?
Current median asking cap rates for Pep Boys and comparable tenants are shown in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Is Pep Boys investment grade?
No. Pep Boys’ parent, Mavis Tire Express Services, is rated B-. For auto service tenants with higher-rated parents, compare the Bridgestone/Firestone, AutoZone, O’Reilly and NAPA pages, and confirm in each lease whether the rated company is the tenant or guarantor; for NAPA, that means Genuine Parts Company rather than an independent owner.
Pep Boys Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Pep Boys 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
Pep Boys NNN Properties Observed For Sale
7 active Pep Boys 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 | |
|---|---|---|---|---|---|
| Las Vegas, NV | $3,500,000 | n/a | 20,944 | 7.0 yrs | View listing |
| West Seneca, NY | $1,425,000 | 6.50% | 6,928 | 5.0 yrs | View listing |
| Raleigh, NC | $1,939,000 | 6.25% | 5,546 | n/a | View listing |
| Chico, CA | $2,425,000 | 7.11% | 18,196 | 5.4 yrs | View listing |
| Clearwater, FL | $2,114,170 | 4.50% | 4,384 | 6.4 yrs | View listing |
| Sugar Land, TX | $5,026,000 | 7.00% | 14,380 | n/a | View listing |
| Fort Worth, TX | $2,547,500 | 5.75% | 4,080 | n/a | View listing |
Search all 7 observed Pep Boys 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.
