Looking to buy a Shell and Jiffy Lube NNN property? 41 are observed for sale across 20 states, median asking cap rate 6.25%. View Shell and Jiffy Lube NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | Shell plc (fuel sites). Jiffy Lube International sold by Shell to an affiliate of Monomoy Capital Partners; sale completed June 30, 2026 |
| Credit Ratings | S&P: A+ / Moody’s: Aa2 / Fitch: AA- |
| Investment Grade Status | Investment Grade |
| Sector | Energy / Convenience & Gas / Auto Service |
| Shell-branded mobility sites | 42,724 worldwide at end of 2025, including 23,634 in the Americas (Form 20-F) |
| Jiffy Lube operating model | Franchised; Jiffy Lube says most locations are owned and operated by independent franchisees (jiffylube.com, October 2026) |
| Median asking cap rate | 6.25% (Jiffy Lube and Shell-branded station listings combined) |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Shell fuel sites: Shell USA, Inc. (formerly Shell Oil Company), dealer or operator. Jiffy Lube: franchisee or the Jiffy Lube entity named in the lease, with no Shell credit unless a Shell entity is named as guarantor |
| Stock Ticker | SHEL (NYSE / LON) |
| Annual Revenue | $266.9B (Shell plc, 2025, Form 20-F) |
Shell / Jiffy Lube Business Overview & NNN Investment Profile
Shell plc is a global energy company operating across oil and gas production, refining, chemicals, and retail fuel marketing. Shell reported 42,724 Shell-branded mobility sites worldwide at the end of 2025, including 23,634 in the Americas (Form 20-F). Shell sold Jiffy Lube International, the Jiffy Lube franchisor, to an affiliate of Monomoy Capital Partners for $1.3 billion; Shell reported that the sale was completed on June 30, 2026. Shell plc carries A+/Aa2 ratings, investment grade.
For NNN investors, Shell and Jiffy Lube represent two distinct asset types with different lease structures, formats, and guarantee considerations. Shell-branded fuel sites operate under different models, from full ownership and joint ventures to trademark licensing agreements (Form 20-F 2025); confirm who operates and leases each site. Jiffy Lube service centers are now part of a separate, privately owned business. Shell USA, Inc. is a Shell plc subsidiary; on a lease signed by Shell USA, Inc., confirm whether Shell plc guarantees it before relying on Shell plc’s ratings.
Shell Credit Rating Analysis
Source: S&P Global Ratings A+, as of July 29, 2026; Moody’s Aa2, as of September 26, 2026; Fitch Ratings AA-, as of August 13, 2026. Ratings checked October 8, 2026.
Shell describes its global LNG portfolio as one of the largest in the world (Form 20-F 2025).
Investors evaluating Shell NNN properties must confirm the specific guarantor entity. A guarantee from Shell USA, Inc. (formerly Shell Oil Company) is a subsidiary guarantee; the A+/Aa2 ratings are Shell plc’s, so confirm any parent support in the lease documents. Dealer-operated branded Shell sites and individually owned Jiffy Lube franchisees carry their own respective credit profiles, which vary significantly from the parent.
Jiffy Lube NNN Lease Structure
Jiffy Lube states that “most Jiffy Lube locations, with the exception of those owned and operated by one of our subsidiaries, are owned and operated by independent franchisees” (jiffylube.com, October 2026). Shell sold Jiffy Lube International to an affiliate of Monomoy Capital Partners in a sale completed June 30, 2026. Because many locations are franchisee-operated, the tenant or guarantor is often a franchisee entity; confirm the guarantor named in each lease. Since the sale, Jiffy Lube International is no longer a Shell subsidiary, so Shell plc’s ratings do not apply to a Jiffy Lube lease unless a Shell entity is named as guarantor; a lease guaranteed by Jiffy Lube International or another Jiffy Lube entity should be underwritten as a privately held credit with no agency rating in our ratings database. This is a critical underwriting distinction. A Jiffy Lube franchisee’s credit quality depends on the specific operator’s financial strength, number of locations, and operating history.
In the listings InvestmentGrade.com tracks, Jiffy Lube building sizes, remaining lease terms and stated rent increases vary from listing to listing, so confirm the building size, the term and the escalations in each lease. Franchisee credit evaluation is mandatory.
Shell / Jiffy Lube NNN Cap Rate & Pricing Trends
The listings InvestmentGrade.com tracks for this page combine Jiffy Lube service centers and Shell-branded fuel stations, which together show a median asking cap rate of 6.25%. The tenant on those leases may be a franchisee, dealer or operator rather than Shell plc, and Jiffy Lube is no longer part of Shell, so Shell plc’s ratings may not apply to those leases. Asking cap rates are not closed-sale cap rates.
Live asking cap rates for comparable fuel brands, shown when at least three active listings with a published cap rate are observed:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Chevron | AA- / Aa2 | 7.25% | 7.00% to 7.50% | 9 | +201 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. Not shown because fewer than 3 active listings with a published cap rate were observed: BP.
Listings labeled with a fuel brand can be stations leased to dealers or operators rather than the oil company, so the rating shown for a brand may not describe the tenant. Building formats differ between fuel sites and quick-lube service centers, so compare each property with listings of the same format.
Shell / Jiffy Lube NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Shell plc A+/Aa2: investment grade credit where Shell plc is the tenant or guarantor | Shell-branded sites may carry dealer or operator credit, and Jiffy Lube leases carry no Shell credit after the June 2026 sale unless a Shell entity is named as guarantor |
| Diversified energy company; Shell describes its LNG portfolio as one of the largest in the world (Form 20-F 2025) | Franchisee evaluation is mandatory for Jiffy Lube assets |
| Jiffy Lube brand backed by a franchise system; confirm whether a Jiffy Lube entity guarantees the lease | Standard fuel property environmental due diligence required |
| A long-term shift to electric vehicles could reduce oil change volume |
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Chevron | AA-/Aa2 |
| BP / AMOCO | A-/A1 |
| Valvoline | BB |
What is Shell’s credit rating?
Our ratings database shows long-term issuer ratings on Shell plc of A+ from S&P and Aa2 from Moody’s, both investment grade. These ratings apply to a lease only where Shell plc is the tenant or guarantor; a lease signed only by a subsidiary such as Shell USA, Inc. needs its own review, and the ratings do not apply to Jiffy Lube leases.
Is Jiffy Lube investment grade?
Our ratings database holds no agency rating for Jiffy Lube, so there is no verified investment grade rating to rely on. Shell sold Jiffy Lube International to an affiliate of Monomoy Capital Partners in a sale Shell reported as completed on June 30, 2026, so it is no longer part of Shell. Jiffy Lube says most of its locations are owned and operated by independent franchisees. The tenant or guarantor is often the franchisee; confirm the guarantor named in each lease. Franchisee credit quality varies significantly. Shell’s A+/Aa2 rating does not apply to Jiffy Lube franchisee leases.
What are asking cap rates for Jiffy Lube NNN properties?
The listings InvestmentGrade.com tracks for this page combine Jiffy Lube service centers and Shell-branded fuel stations, so the median asking cap rate shown on this page is not a Jiffy Lube-only figure. 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.
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 count as acquired after that date (IRS Notice 2026-11). How much qualifies varies widely by property and should be supported by a well-documented cost segregation study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally recaptured on a taxable sale: as ordinary income, up to the gain, on section 1245 property, and on section 1250 property only to the extent it exceeds straight-line depreciation (IRC 1245(a), 1250(a) and (b)(1)). A 1031 exchange can defer gain, but only real property qualifies (IRC 1031(a)(1)), and recapture can still apply in an exchange (IRC 1245(b)(4), 1250(d)(4)). This is general information, not tax advice; consult a tax professional. In restaurants and auto service buildings, the tenant often owns much of the kitchen, drive-through and service equipment; confirm in the lease. See the QSR and Auto Service NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
Shell / Jiffy Lube Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Shell / Jiffy Lube 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
Shell and Jiffy Lube NNN Properties Observed For Sale
41 active Shell and Jiffy Lube 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 | |
|---|---|---|---|---|---|
| Helena, MT | $1,900,000 | 6.25% | 2,400 | 11.7 yrs | View listing |
| Smithfield, UT | $3,503,000 | 5.65% | 3,927 | 20.0 yrs | View listing |
| Eugene, OR | $2,470,000 | 5.65% | 1,936 | n/a | View listing |
| Henderson, NV | $2,610,000 | 5.35% | n/a | 10.1 yrs | View listing |
| Topeka, KS | $1,190,000 | 5.98% | 3,099 | n/a | View listing |
| Des Moines, IA | $1,332,000 | 6.00% | 2,139 | 13.2 yrs | View listing |
| Bryant, AR | $2,169,728 | 6.25% | 5,510 | n/a | View listing |
| Little Rock, AR | $1,992,787 | 6.25% | 2,464 | n/a | View listing |
Search all 41 observed Shell and Jiffy Lube 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.
