Sheetz NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks Sheetz net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Sheetz credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.

Sheetz NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Sheetz properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Showing the 12 most recently listed of 17 observed listings; listings without a published asking price and cap rate are not shown here.

Search all 17 Sheetz properties on the market

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

Sheetz is privately held and family owned, and every store is company-operated, so the tenant on a Sheetz listing is Sheetz, Inc. itself, not a dealer or a franchisee. That removes operator risk but replaces public disclosure with private disclosure: there is no rating and no filed financial statements, so a buyer underwrites from lender-level financials shared under NDA, store-level sales if provided, and a long operating history in its core states. Sheetz historically owns most of its real estate, so single-tenant listings are usually sale-leasebacks or ground leases the company chose to monetize, and the guarantor should be the parent rather than a special purpose subsidiary.

The current store is a large-format convenience store with fuel and made-to-order food, roughly 6,000 to 7,000 square feet on two to three acres, with a fuel canopy, often diesel positions and increasingly EV charging, on a hard corner or highway interchange site. Leases are typically twenty-year absolute NNN with periodic bumps, commonly around ten percent every five years, so rent steps rather than climbs annually. Ground leases are common on newer sites: the buyer owns the land, Sheetz owns and depreciates the improvements, and the fuel system stays with the tenant, which changes both the residual value and the environmental exposure a landlord carries.

Across the current inventory, roughly 76% of listings with a reported build year were delivered in the last four years, and about 0% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

Sheetz Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the Sheetz inventory runs from 4.75% to 6.35%, against a median of 5.28%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where Sheetz NNN Properties Are For Sale

Current inventory spans 6 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Sheetz as a 1031 Exchange Replacement Property

The median asking price in the current Sheetz inventory is $4.50M, and about 24% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.

• Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
• Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own debt numbers before you identify.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
• Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Sheetz NNN Due Diligence Checklist

These are the items that change the value of a Sheetz listing and are rarely resolved by the offering memorandum.

• Fuel system ownership and environmental record. Confirm Sheetz owns and registers the underground tanks, review the state tank fund status and any release history, and get a current Phase I. Landlord indemnity language for fuel operations matters more here than on most retail.
• Ground lease versus fee simple. Many listings are ground leases with Sheetz owning the building and canopy. Determine what reverts to the landlord at expiration, whether the tenant may remove improvements, and how lenders will size a land-only position.
• Private financials and guarantor entity. With no public filings, insist on parent-level financial statements under NDA and confirm the guarantor is Sheetz, Inc. rather than a real estate affiliate. Underwriting a private tenant on brand strength alone is not underwriting.
• Escalation timing and option rents. Rent typically steps about ten percent every five years and stays flat between steps. Confirm the schedule and how option period rent is set, since fixed option rents on a twenty-year lease can lag inflation badly.

How Investment Grade Works With Sheetz Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Sheetz acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing Sheetz properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• Sheetz Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings