Looking to buy a Sherwin-Williams NNN property? 34 are observed for sale across 18 states, median asking cap rate 6.00%. View Sherwin-Williams NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | The Sherwin-Williams Company |
| Stock Ticker | NYSE: SHW |
| Credit Ratings | S&P: BBB / Moody’s: Baa2 / Fitch: BBB+ |
| Investment Grade Status | Investment Grade |
| Sector | Retail / Specialty (Paint & Coatings) |
| Headquarters | Cleveland, Ohio |
| Store Count | 4,853 company-operated paint stores in the US, Canada and the Caribbean, 263 of them in Canada (December 31, 2025, Form 10-K) |
| Annual Revenue | $23.574 billion net sales (2025, Form 10-K) |
| Median asking cap rate | 6.00% across listings we track, last observed October 16, 2026 (asking, not closed-sale; listing count in the live table below) |
| Remaining Lease Term and Lease Type (listings we track) | Average 7.5 years across the 9 listings that state a remaining term. Lease type, as of October 8, 2026: of the 11 listings that state one, 9 are NN, 1 is NN+ and 1 is NNN; NN terms can leave roof, structure or other duties with the landlord, so confirm them in the lease |
| Guarantee Type | Varies; confirm the tenant entity and any guaranty in the lease |
| Building Size (listings we track) | Median 5,148 SF among listings that state a size (34 of 34 tracked listings stated one as of October 8, 2026) |
Bond vs NNN Comparison: See how Sherwin Williams corporate bond yields compare to Sherwin Williams NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. Sherwin Williams Bonds vs NNN →
Sherwin-Williams Business Overview & NNN Investment Profile
Sherwin-Williams describes itself as a global leader in paints and coatings, and its Paint Stores Group operated 4,853 company-operated specialty paint stores in the United States, Canada and the Caribbean at December 31, 2025, 263 of them in Canada (Form 10-K). Founded in 1866 and headquartered in Cleveland, Ohio, the company reported 2025 net sales of $23.574 billion, and the market value of its common stock held by non-affiliates was about $85.5 billion at June 30, 2025 (Form 10-K). Sherwin-Williams’ acquisition of Valspar, announced in March 2016 at $113 per share in cash, an enterprise value of about $11.3 billion, was completed on June 1, 2017; the company’s brands include Sherwin-Williams, Valspar, HGTV HOME by Sherwin-Williams, Minwax and Krylon.
For NNN investors, Sherwin-Williams differs from many retail NNN tenants: its stores serve architectural and industrial paint contractors as well as do-it-yourself homeowners (Form 10-K), so sales do not rest on consumer foot traffic alone. Demand still moves with the economy; the company states that adverse changes in business and economic conditions have in the past adversely affected its results (Form 10-K). Sherwin-Williams reports its paint stores as company-operated (Form 10-K), but that does not show which entity signed a given store lease: the tenant may be The Sherwin-Williams Company or a subsidiary. Where The Sherwin-Williams Company is the tenant or guarantor, the lease carries its credit, rated BBB/Baa2 (S&P/Moody’s) in our ratings database, which is investment grade. Identify the tenant and any guarantor in each lease.
The BBB/Baa2 credit ratings shown are those recorded in our ratings database for The Sherwin-Williams Company. Sources and dates: S&P Global Ratings BBB, as of August 6, 2026; Moody’s Baa2, as of July 29, 2025; Fitch Ratings BBB+, as of July 29, 2025. Ratings checked October 8, 2026. The company’s July 29, 2025 pricing term sheet lists Moody’s, S&P and Fitch ratings for its senior unsecured notes. Separately, as company facts rather than agency rationale, Sherwin-Williams reports three segments (Paint Stores Group, Consumer Brands Group and Performance Coatings Group) and 64,249 employees worldwide at December 31, 2025 (Form 10-K).
Why Sherwin-Williams Matters for NNN Investors
Sherwin-Williams properties pair a parent company rated investment grade in our ratings database with small-format buildings, though the parent’s credit backs a lease only where it is the tenant or guarantor. Among the Sherwin-Williams listings we track that state a building size (34 of 34 as of October 8, 2026), the median is 5,148 square feet; building size, build-out and tenant improvement costs vary by property. We have no data that measures how exposed Sherwin-Williams stores are to online competition.
Cap Rate Analysis & Pricing
Live asking cap rates for Sherwin-Williams and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| AutoZone | BBB / Baa1 | 5.35% | 4.95% to 5.80% | 27 | +11 bps |
| Sherwin-Williams | BBB / Baa2 | 6.00% | 5.66% to 6.14% | 34 | +76 bps |
| O'Reilly Auto Parts | BBB / Baa1 | 6.00% | 5.60% to 6.38% | 27 | +76 bps |
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.76% | 520 | +176 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.
Each median in the live table is computed across that tenant’s tracked listings with a cap rate; it is not a matched comparison of similar properties. To compare a Sherwin-Williams property with Dollar General (BBB/Baa3) or another tenant, use individual listings with a similar remaining term, lease structure, tenant entity, ownership interest and location.
| Comparable Retail NNN Tenant | S&P / Moody’s |
|---|---|
| Dollar General | BBB/Baa3 |
| AutoZone | BBB/Baa1 |
| O’Reilly Auto Parts | BBB/Baa1 |
Yes. In our ratings database, The Sherwin-Williams Company carries S&P BBB and Moody’s Baa2 credit ratings. Whether that credit backs a specific store lease depends on whether The Sherwin-Williams Company signed or guaranteed it, so confirm this in the lease.
What asking cap rates do Sherwin-Williams NNN listings show?
Current median asking cap rates for Sherwin-Williams and comparable tenants are shown in the live table on this page. 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.
We have no data that measures it. Sherwin-Williams stores serve architectural and industrial paint contractors and do-it-yourself homeowners (Form 10-K).
The Sherwin-Williams Company is rated BBB/Baa2 (S&P/Moody’s) in our ratings database, and its listings we track are small-format: the median building is 5,148 SF and the median asking price is $2.49M. For other rated retail tenants, see the AutoZone and O’Reilly Auto Parts pages, and compare building size, remaining term, lease structure and tenant entity property by property.
Sherwin-Williams Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Sherwin-Williams 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
1031 Buyer Screen: Sherwin-Williams NNN
Sherwin-Williams can be a useful 1031 screen for buyers seeking a rated parent company in a smaller building; confirm that the parent is the tenant or guarantor. Benchmark the offer against the 2026 NNN cap-rate framework, then test lease term, contractor demand, and re-tenanting depth using the investment-grade 1031 tenant-selection checklist.
Fast diligence question: is the cap rate wide because of real opportunity, or because the location is too thin for durable contractor demand?
Sherwin-Williams NNN Properties Observed For Sale
34 active Sherwin-Williams 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 | |
|---|---|---|---|---|---|
| Twin Falls, ID | $609,230 | 6.50% | 4,400 | n/a | View listing |
| Las Cruces, NM | $2,863,000 | 5.70% | 5,500 | 7.0 yrs | View listing |
| Seattle, WA | $2,320,010 | 5.65% | 6,320 | n/a | View listing |
| Baltimore, MD | $1,485,000 | 6.25% | 5,200 | n/a | View listing |
| Gaithersburg, MD | $4,767,940 | 5.50% | 6,100 | n/a | View listing |
| Pahrump, NV | $3,330,435 | 5.75% | 5,040 | n/a | View listing |
| Jackson, MS | $980,000 | 7.67% | 10,000 | n/a | View listing |
| Tulsa, OK | $2,583,000 | 6.00% | 4,587 | 10.4 yrs | View listing |
Search all 34 observed Sherwin-Williams 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.
