Looking to buy a Sinclair NNN property? 3 are observed for sale across 3 states, median asking cap rate 7.75%. View Sinclair NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent Company | HF Sinclair Corporation |
| Credit Ratings | S&P: BBB- (Stable) / Moody’s: Baa3 (Stable) / Fitch: BBB- |
| Investment Grade Status | Investment Grade |
| Sector | Energy / Refining & Fuel Marketing |
| US Branded Sites | More than 1,700 branded sites, plus more than 350 Sinclair-licensed locations (Form 10-K for 2025) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the tenant entity and any HF Sinclair guarantee in the lease |
| Stock Ticker | DINO (NYSE) |
| Annual Revenue | $26.9B sales and other revenues (2025, Form 10-K) |
Sinclair Oil / HF Sinclair Business Overview & NNN Investment Profile
Sinclair is a fuel brand whose branded sites are most concentrated in HF Sinclair’s West and Mid-Continent regions (Form 10-K for 2025). Today the Sinclair brand is owned by HF Sinclair Corporation (NYSE: DINO), which was established on March 14, 2022 as the new parent holding company of HollyFrontier Corporation and acquired Sinclair Oil Corporation (now Sinclair Oil LLC) in the same transactions. HF Sinclair is an independent energy company that owns and operates seven refineries in the US with a combined crude oil processing capacity of 678,000 barrels per stream day (Form 10-K for 2025). The company carries BBB-/Baa3 ratings; BBB‑ at S&P and Baa3 at Moody’s are the lowest investment grade ratings.
HF Sinclair supplies fuel to more than 1,700 branded sites in the United States and licenses the Sinclair brand to more than 350 additional locations, with the highest concentration of sites in its West and Mid-Continent regions (Form 10-K for 2025). Fuel volumes and store sales vary by site, so ask for site-level data rather than relying on the brand alone.
HF Sinclair Credit Rating Analysis
Source: S&P Global Ratings BBB-, Stable, as of August 11, 2025; Moody’s Baa3, Stable, as of August 11, 2025; Fitch Ratings BBB-, as of January 23, 2026. Ratings checked October 8, 2026.
HF Sinclair’s BBB-/Baa3 ratings apply to HF Sinclair Corporation. Its refinery operations serve the Mid-Continent, Southwest and Rocky Mountains extending into the Pacific Northwest, and its Marketing segment includes the Sinclair branded fuel business (Form 10-K for 2025).
Investors should confirm the specific tenant and guarantor entity: HF Sinclair supplies fuel to more than 1,700 branded sites and licenses the Sinclair brand to more than 350 additional locations (Form 10-K for 2025), so a Sinclair brand on a site does not by itself make HF Sinclair the tenant or guarantor. Those ratings are relevant to a lease only where HF Sinclair Corporation is the tenant or guarantor; see our investment grade tenant ratings.
Sinclair NNN Lease Structure
Sinclair lease terms, rent increases and environmental responsibilities vary by property, so confirm them in the lease and review the environmental reports. HF Sinclair’s branded sites are most concentrated in its West and Mid-Continent regions (Form 10-K for 2025).
Sinclair NNN Cap Rate & Pricing Trends
Live asking cap rates for Sinclair Oil and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Murphy USA | BB+ / n/a | 5.00% | 4.85% to 5.00% | 9 | −24 bps |
| Marathon (rated entity: Marathon Petroleum Corporation) | BBB / Baa2 | 7.31% | 6.70% to 7.41% | 3 | +207 bps |
| Sinclair | BBB- / Baa3 | 7.75% | 6.75% to 7.83% | 3 | +251 bps |
| Phillips 66 | BBB+ / Baa1 | 7.75% | 7.00% to 7.75% | 5 | +251 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.
As of October 8, 2026, the Sinclair listings InvestmentGrade.com tracks were in Arizona, Colorado and New Mexico; the current count is 3.
Sinclair Brand Strategy
HF Sinclair markets fuel under the Sinclair brand and expects to grow the number of branded sites by approximately 10% annually (Form 10-K for 2025). Confirm the operator and any guarantor for a specific site, since branding alone does not determine lease credit.
Sinclair NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| BBB-/Baa3 ratings (investment grade) | From BBB‑ or Baa3, a one-notch downgrade would fall below investment grade |
| Branded sites concentrated in HF Sinclair’s West and Mid-Continent regions (2025 Form 10-K) | Regional concentration: limited geographic diversification |
| 2022 Sinclair transactions added two Wyoming refineries and the branded fuel business | Mid-sized independent refiner vs. major oil companies |
| HF Sinclair expects to grow branded sites about 10% annually (2025 Form 10-K) | Standard fuel property environmental due diligence required |
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Phillips 66 | BBB+/Baa1 |
| Marathon Petroleum | BBB/Baa2 |
| Murphy USA | BB+ |
What is Sinclair Oil’s credit rating?
Sinclair Oil is now owned by HF Sinclair Corporation (NYSE: DINO), which carries BBB- from S&P and Baa3 from Moody’s. Our ratings database classifies HF Sinclair as investment grade, and these ratings apply to a lease only where HF Sinclair Corporation is the tenant or guarantor. HF Sinclair reported that, as of December 31, 2025, it did not own or operate retail outlets (Form 10-K for 2025), so confirm the tenant and any guarantor for a specific site.
What happened to Sinclair Oil?
Sinclair Oil Corporation (now Sinclair Oil LLC) was acquired on March 14, 2022, when HF Sinclair Corporation was established as the new parent holding company of HollyFrontier Corporation and acquired The Sinclair Companies’ refining, branded marketing, renewables and midstream businesses. HF Sinclair owns the Sinclair brand, supplies fuel to more than 1,700 branded sites and licenses the brand to more than 350 additional locations (Form 10-K for 2025); it trades on the NYSE under the ticker DINO.
What are asking cap rates for Sinclair NNN properties?
Current median asking cap rates for Sinclair Oil 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.
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. Under Internal Revenue Code section 168(k), that property can qualify for 100% bonus depreciation if it is acquired after January 19, 2025 and placed in service after that date; property is not treated as acquired after the date a written binding contract for it is entered into (IRS Notice 2026‑11), and used property must also meet the acquisition rules of section 168(k)(2)(E), such as not having been used by the buyer before. How much qualifies varies widely by property and must be supported by an engineering-based study. If the investor owns only the land under a ground lease and the tenant owns the building, the investor has no building to depreciate, because land cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Depreciation on the reclassified property, including bonus depreciation, can be recaptured on a sale: under section 1245 for personal property, as ordinary income, and under section 1250 for real property. A 1031 exchange can defer gain, but recapture can still apply in an exchange depending on the replacement property (sections 1245(b)(4) and 1250(d)(4)). Some gas station and convenience store buildings can qualify as 15-year property, and therefore for bonus depreciation, as retail motor fuels outlets under section 168(e)(3)(E)(iii) if they are used to a substantial extent in retail fuel sales and meet any one of three IRS tests (IRS Publication 946): a building of 1,400 square feet or less, at least half of gross revenue from petroleum sales, or at least half of floor space devoted to petroleum marketing sales; confirming this requires the operator’s sales data. Fuel tanks, dispensers and canopies may be owned by the operator or a fuel supplier rather than the landlord; confirm in the lease. This is general information, not tax advice; consult a tax professional. See the Gas Station Bonus Depreciation guide.
Sinclair / HF Sinclair Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Sinclair / HF Sinclair 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
Sinclair NNN Properties Observed For Sale
3 active Sinclair 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 | |
|---|---|---|---|---|---|
| Costilla, NM | $2,000,000 | 7.91% | 1,210 | n/a | View listing |
| Arvada, CO | $2,300,000 | 7.75% | 1,260 | n/a | View listing |
| CASA GRANDE, AZ | $4,070,000 | 5.75% | n/a | n/a | View listing |
Search all 3 observed Sinclair 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.
