Convenience & Gas Net Lease

Gas Station and C-Store NNN Bonus Depreciation: The 15-Year Building Classification

20th April 2026 | by the Investment Grade Team

in Convenience & Gas Net Lease, Net Lease, Tax Strategy

Qualifying gas station and convenience store NNN properties can classify the entire building as 15-year property under IRS rules, making it 100% eligible for bonus depreciation in Year 1. The three IRS qualifying tests, investment-grade C-store tenants, and worked examples.
Valero Energy Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Valero Energy BBB/Baa2 investment grade NNN analysis. World’s largest independent refiner, 15 US refineries, ~7,400 branded sites across Valero, Diamond Shamrock, Beacon, Shamrock. 5.5–6.5% cap rates. Q1 2026.
Love’s Travel Stops Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Love’s Travel Stops privately held by the Love family since 1964. No public rating. ~620 US locations, ~$26B revenue. 5.5–6.75% NNN cap rates. Highway interchange format analysis. Q1 2026.
Kum & Go Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Kum & Go acquired by Maverik Inc. in 2023. Both privately held, no public credit rating. ~400 Midwest/Mountain West locations. 5.75–7.0% NNN cap rates. Q1 2026 investor guide.
Sinclair Oil Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Sinclair Oil / HF Sinclair BBB-/Baa3 investment grade NNN analysis. ~1,500 US branded sites, 5.75-6.75% cap rates, Rocky Mountain concentration. Q1 2026 investor guide.
Shell / Jiffy Lube Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Shell A+/Aa2 investment grade NNN analysis. ~13,000 US Shell branded sites, Jiffy Lube 2,000+ franchisee locations. 5.0-6.5% cap rates. Critical guarantee structure notes. Q1 2026.
Phillips 66 Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Phillips 66 BBB+/A3 investment grade NNN analysis. ~7,000 US branded sites across Phillips 66, Conoco, and 76 brands. 5.25-6.25% cap rates. Q1 2026 investor guide.
Marathon / Speedway Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Marathon Petroleum BBB/Baa2 investment grade NNN analysis. Important: Speedway sold to 7-Eleven in 2021. Marathon-branded dealer sites and corporate NNN lease analysis. Q1 2026.
Exxon / Mobil Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

ExxonMobil AA-/Aa2 rated NNN cap rate analysis. ~11,000 US Exxon and Mobil branded sites, 5.0-6.0% cap rates, high-grade credit. NNN and ground lease investor guide Q1 2026.
Chevron Credit Rating & NNN Cap Rate

20th April 2026 | by the Investment Grade Team

in Cap Rates, Convenience & Gas Net Lease, Credit Rating, Net Lease, NNN Tenant Profiles, NNN Tenants

Chevron AA-/Aa2 rated NNN cap rate analysis. ~7,500 US branded sites, 5.0-6.0% cap rates, high-grade credit. NNN and ground lease investor guide Q1 2026.