Looking to buy a Sheetz NNN property? 13 are observed for sale across 6 states, median asking cap rate 5.28%. View Sheetz NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Value |
|---|---|
| Company | Sheetz, Inc.; confirm the tenant entity in each lease |
| Credit Ratings | no verified rating |
| Investment grade status | Not Yet Verified |
| Sector | Convenience/Gas |
| US Locations | Not published in SEC filings (no Sheetz, Inc. filings on SEC EDGAR) |
| Median asking cap rate | 5.28% (active listings; see the live table below) |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm in the lease |
| Ticker | None (no Sheetz, Inc. filings on SEC EDGAR) |
| Revenue | Not publicly reported |
Sheetz Business Overview & NNN Investment Profile
Sheetz, Inc. is a convenience store operator. It does not report revenue or a store count in SEC filings, and we have no verified credit rating for it from S&P, Moody’s or Fitch on file. Lease guarantees vary, so confirm in each lease which Sheetz entity signs and guarantees it.
For NNN investors, Sheetz lease terms vary. In the Sheetz listings InvestmentGrade.com tracks, rent increase schedules differ from lease to lease, and some leases raise rent only in option periods. The median building size across active Sheetz listings is 6,136 square feet.
Sheetz Credit Rating Analysis
We have no verified credit rating for Sheetz from S&P, Moody’s or Fitch on file, and Sheetz does not file financial statements with the SEC, so its credit quality cannot be compared directly with rated competitors.
Without public financial statements, underwrite a Sheetz lease on the lease terms, any guarantor, the rent relative to the site and the real estate. See our credit ratings table for rated convenience store tenants.
Sheetz NNN Lease Structure
Sheetz lease terms vary. Initial term, rent increases and renewal options differ from lease to lease, and some leases raise rent only in option periods. Confirm the term, rent schedule, options and guarantor in each lease.
As of October 8, 2026, 12 of the 13 active Sheetz listings InvestmentGrade.com tracks that say whether the lease is a ground lease were ground leases, where the investor owns the land and the lease sets who owns the building. Expense responsibilities depend on the lease, so confirm which costs the tenant pays.
Sheetz NNN Cap Rate & Pricing Trends
Live asking cap rates for Sheetz 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 |
| 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 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.
Pricing depends on location, remaining term, rent schedule and whether the deal is a ground lease.
For guidance on evaluating private company convenience retail properties, see the investment grade guide.
Sheetz Real Estate Footprint
Sheetz does not publish a store count or a list of states in SEC filings. Active Sheetz listings in the data InvestmentGrade.com tracks are in 6 states. For each offering, check the year built, the remaining term and nearby fuel and convenience competition.
Sheetz NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Scheduled Rent Increases: as of October 8, 2026, several Sheetz listings InvestmentGrade.com tracks show fixed rent increases in the base term or only in option periods; confirm the schedule in the lease. | Limited Financial Disclosure: Sheetz does not file financial statements with the SEC. |
| No Verified Rating: we have no verified agency rating for Sheetz on file; confirm any rating on the tenant or a lease guarantor with the rating agency before relying on it for a mandate that requires an investment grade rated tenant. |
Comparable NNN Tenants
| Tenant | Rating | Sector |
|---|---|---|
| Wawa | no verified rating | Convenience |
| 7-Eleven | A-/Baa2 (7-Eleven, Inc.) | Convenience |
| QuikTrip | no verified rating | Convenience |
Frequently Asked Questions About Sheetz NNN Investments
A: We have no verified credit rating for Sheetz from S&P, Moody’s or Fitch on file, and Sheetz does not file financial statements with the SEC. Underwrite a Sheetz lease on its terms, any guarantor and the site.
A: The tenant entity and any guarantor, the remaining term, the rent increase schedule (some leases raise rent only in option periods), renewal options, whether it is a ground lease and who owns the building, and which expenses the tenant pays.
A: Many are. As of October 8, 2026, 12 of the 13 active Sheetz listings InvestmentGrade.com tracks that say whether the lease is a ground lease were ground leases. On a ground lease the investor owns the land and the lease sets who owns the building, so confirm building ownership, the term and the rent schedule in the lease.
A: Only if the tenant or a guarantor named in the lease carries an agency rating that meets the mandate. We have no verified rating for Sheetz on file, so confirm any rating directly with the rating agency before relying on it. Investors without rating restrictions can still buy Sheetz leases, pricing the credit from the lease terms, guarantor and location.
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 acquired under a written binding contract entered into before January 20, 2025 does not qualify for the 100% rate (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. Bonus depreciation is generally recaptured on a taxable sale (Internal Revenue Code sections 1245 and 1250). An exchange that meets the requirements of section 1031 can defer the gain, but recapture can still be triggered in an exchange when the replacement property does not include enough section 1245 or section 1250 property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property as retail motor fuels outlets (Internal Revenue Code section 168(e)(3)(E)(iii)), and therefore for bonus depreciation, if they meet IRS tests, such as at least half of gross revenue from fuel sales, at least half of floor space devoted to fuel sales, or a building of 1,400 square feet or less; confirming this requires the operator’s sales data. Fuel tanks, dispensers and canopies are often owned by the operator or fuel supplier rather than the landlord. See the Gas Station Bonus Depreciation guide.
Sheetz Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Sheetz 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.
Sheetz NNN Properties Observed For Sale
13 active Sheetz 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 | |
|---|---|---|---|---|---|
| Martinsburg, WV | $5,235,849 | 5.30% | 6,139 | n/a | View listing |
| Fredericksburg, VA | $4,326,923 | 5.20% | n/a | n/a | View listing |
| Roanoke, VA | $4,509,000 | 5.50% | 6,000 | n/a | View listing |
| Fredericksburg, VA | $2,776,763 | 5.50% | 6,122 | 2.0 yrs | View listing |
| Richmond, VA | $7,800,000 | 5.00% | 4,959 | 20.2 yrs | View listing |
| Warren, MI | $6,200,000 | 5.50% | 6,132 | n/a | View listing |
| Somerset, PA | $2,536,585 | 6.00% | 3,900 | 3.6 yrs | View listing |
| West Carrollton, OH | $4,200,000 | 5.00% | 6,139 | n/a | View listing |
Search all 13 observed Sheetz 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.
