Looking to buy a QuikTrip NNN property? 7 are observed for sale across 4 states, median asking cap rate 6.00%. View QuikTrip NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | QuikTrip Corporation, Tulsa, Oklahoma; privately held, founded 1958 |
| S&P / Moody’s | no verified rating / no verified rating |
| Investment grade status | Not Yet Verified |
| Stores | More than 1,250 stores in 23 states, according to the company |
| Median asking cap rate | See the live table below |
QuikTrip: no confirmed agency rating. A rating is shown here only after an agency rating action or an issuer filing confirms it. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
QuikTrip Business Overview
QuikTrip is a privately held convenience store and fuel retailer founded in 1958 and based in Tulsa, Oklahoma. The company says it operates more than 1,250 stores in 23 states and has more than 34,000 employees.
QuikTrip Credit Profile
QuikTrip does not file financial statements with the SEC. The median asking cap rate for the QuikTrip listings we track is 6.00%; an asking cap rate is a seller’s price, not a credit rating.
Ratings come from our tenant ratings database, which records the source of each rating, shown below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: Our ratings database, checked October 8, 2026.
QuikTrip NNN Cap Rates
Live asking cap rates for QuikTrip and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Wawa | n/a / n/a | 5.00% | 4.65% to 5.15% | 55 | −24 bps |
| 7-Eleven | A- / Baa2 | 5.15% | 5.00% to 5.50% | 169 | −9 bps |
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.22% | 5.00% to 5.75% | 36 | −2 bps |
| Sheetz | n/a / n/a | 5.28% | 5.00% to 5.50% | 12 | +4 bps |
| QuikTrip | n/a / n/a | 6.00% | 4.88% to 6.08% | 7 | +76 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 19, 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: Casey's General Stores.
Whether a listing is a ground lease or a building lease changes what the buyer owns and can depreciate, so compare a property with listings for the same tenant and structure.
What to Check in a QuikTrip Lease
- Tenant and guarantor: which entity signs the lease and whether a parent guarantees it.
- Term and rent increases: remaining term, renewal options and the rent schedule; increases vary by lease, so confirm the schedule in the lease.
- Ground lease or building lease: some fuel sites are ground leases; confirm whether the sale includes the building.
- Environmental: underground storage tanks; review environmental reports and the lease’s environmental provisions.
- Site: traffic counts, access, corner position and fuel volume where available.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Company says it operates more than 1,250 stores in 23 states | No verified public credit rating; no financial statements filed with the SEC |
| Some QuikTrip listings are offered on absolute NNN leases; confirm expense terms in the lease | Ground leases include no depreciable building; confirm the structure |
| Sells fuel and food, including QT Kitchens items | Environmental issues at fuel sites |
Frequently Asked Questions
Is QuikTrip investment grade?
QuikTrip is privately held, and we have no verified public credit rating for it from S&P, Moody’s or Fitch.
How are QuikTrip rent increases structured?
Terms vary by lease. Increases may be fixed steps, for example every five years, or may apply only in option periods; confirm the schedule and renewal options in the lease.
How many QuikTrip stores are there?
QuikTrip says it operates more than 1,250 stores in 23 states.
Sources: QuikTrip company website (quiktrip.com), accessed October 2026.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property is not treated as acquired after that date if a written binding contract to acquire it was entered into on or before that date (IRS Notice 2026-11). How much qualifies varies widely by property and should be documented, for example in an engineering-based study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation taken, including bonus depreciation, can be recaptured as ordinary income to the extent of gain under Internal Revenue Code sections 1245 and 1250 (under section 1250, generally only depreciation in excess of straight-line). A 1031 exchange can defer gain on real property held for investment or business use if the exchange meets section 1031’s requirements, including identifying replacement property within 45 days and receiving it within 180 days or by the due date, with extensions, of that year’s tax return if earlier (section 1031(a)(3)), but recapture can still apply in an exchange (sections 1245(b)(4) and 1250(d)(4)). Consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property, and therefore for bonus depreciation, if they are used to a substantial extent in retail fuel sales and meet one of three IRS tests: at least half of gross revenue from petroleum sales, at least half of floor space devoted to petroleum marketing sales, or a building of 1,400 square feet or less (IRS Publication 946); the revenue test requires the operator’s sales data. Fuel tanks, dispensers and canopies may be owned by the operator or fuel supplier rather than the landlord, so confirm ownership in the lease. See the Gas Station Bonus Depreciation guide.
QuikTrip Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market QuikTrip 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
QuikTrip NNN Properties Observed For Sale
7 active QuikTrip 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 | |
|---|---|---|---|---|---|
| INDEPENDENCE, MO | $4,379,186 | 6.15% | 3,960 | n/a | View listing |
| KCMO, MO | $6,956,000 | 6.00% | 5,931 | n/a | View listing |
| Mooresville, NC | $4,670,400 | 6.00% | 6,712 | 1.5 yrs | View listing |
| Morrow, GA | $3,284,000 | 4.75% | 4,996 | 14.6 yrs | View listing |
| Grand Prairie, TX | $5,995,440 | 5.00% | 5,530 | n/a | View listing |
| Houston, TX | $4,250,000 | 4.00% | 5,312 | 19.1 yrs | View listing |
| Overland, MO | $2,885,000 | 6.50% | 3,200 | n/a | View listing |
Search all 7 observed QuikTrip 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.
