Looking to buy a Speedway NNN property? 12 are observed for sale across 6 states, median asking cap rate 5.50%. View Speedway NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Operating Entity | Speedway LLC, a wholly owned subsidiary of 7-Eleven, Inc. |
| Parent Company | 7-Eleven, Inc. (Irving, Texas), a subsidiary of Seven & i Holdings Co., Ltd. (Tokyo) |
| Credit Ratings (7-Eleven, Inc.) | S&P: A- / Moody’s: Baa2 |
| Investment Grade Status | investment grade |
| Sector | Convenience Store / Fuel Retail |
| Former Parent | Marathon Petroleum Corporation, which sold Speedway to 7-Eleven, Inc. in a transaction that closed May 14, 2021. Marathon is a separate tenant: see the Marathon credit rating and NNN cap rate page |
| Speedway Stores (December 31, 2020) | 3,839 company-owned convenience stores in 36 states (Marathon Petroleum Form 10-K for 2020) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies; confirm the remaining term in the lease |
| Guarantee Type | 7-Eleven, Inc. corporate, or Speedway LLC as tenant without parent guaranty (confirm in lease) |
Speedway Business Overview & NNN Investment Profile
When Marathon Petroleum agreed to sell it, Speedway was the second largest chain of company-owned and operated retail gasoline and convenience stores in the United States (Marathon Petroleum Form 10-K for 2020). Expanded by Marathon Petroleum through acquisitions, including Hess Retail in 2014 and the Andeavor retail network in 2018, Speedway was sold to 7-Eleven, Inc. for approximately $21 billion in a transaction that closed on May 14, 2021. At the end of 2020 Speedway had 3,839 company-owned convenience stores in 36 states (Marathon Petroleum Form 10-K for 2020), and the chain became part of 7-Eleven, Inc., which says it operates, franchises and/or licenses more than 13,000 stores in the U.S. and Canada. 7-Eleven, Inc.’s long-term issuer ratings are A-/Baa2 from S&P and Moody’s, and its investment grade status in our ratings database is investment grade. Those ratings belong to 7-Eleven, Inc., so they support a Speedway lease only where 7-Eleven, Inc. is the tenant or guarantor.
Speedway Credit Rating Analysis
Our ratings database has no agency rating for Speedway LLC itself. Its parent, 7-Eleven, Inc., has long-term issuer ratings of A-/Baa2 from S&P and Moody’s, and that credit stands behind a Speedway lease only where 7-Eleven, Inc. is the tenant or guarantor. 7-Eleven, Inc. is a subsidiary of Seven & i Holdings Co., Ltd. of Tokyo. The ratings on this page come from our ratings database; the source is shown below.
Source: S&P Global Ratings A-, as of September 30, 2026; Moody’s Baa2, as of September 30, 2026. Ratings checked October 8, 2026.
For net lease underwriting the practical question is which entity signed. A Speedway lease where 7-Eleven, Inc. is the tenant, or where 7-Eleven, Inc. has assumed or guaranteed the obligations of Speedway LLC, is underwritten on the rated credit above. A lease where Speedway LLC is the only obligor is a subsidiary credit: still a very large operator, but without a direct claim on the rated parent.
Speedway NNN Lease Structure
Speedway stores were company-operated when Marathon Petroleum sold the chain (Form 10-K for 2020); 7-Eleven, Inc. now says it operates and franchises the Speedway banner among others, so confirm whether a franchisee runs the store and who signed the lease. Lease structures vary. Remaining terms, expense structures and rent increase provisions differ from listing to listing; confirm the term, rent schedule and any ground lease in the lease.
Environmental responsibility for underground storage tanks and dispensing systems is often assigned to the tenant during the term; confirm it in the lease. Buyers should still order a Phase I assessment and confirm the tank registration and any open remediation items with the state fund, because these items survive a change in tenant and a change in landlord.
Speedway NNN Cap Rate & Pricing Trends
Live asking cap rates for Speedway and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| 7-Eleven | A- / Baa2 | 5.15% | 5.00% to 5.50% | 169 | −9 bps |
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.22% | 5.00% to 5.75% | 36 | −2 bps |
| Speedway (rated entity: 7-Eleven, Inc.) | A- / Baa2 | 5.50% | 5.19% to 6.31% | 12 | +26 bps |
| Chevron | AA- / Aa2 | 7.25% | 7.00% to 7.50% | 9 | +201 bps |
| Marathon (rated entity: Marathon Petroleum Corporation) | BBB / Baa2 | 7.31% | 6.70% to 7.41% | 3 | +207 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 19, 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 for a specific store depends on its location, remaining lease term and whether 7-Eleven, Inc. or only Speedway LLC is obligated under the lease.
Because an operator can close weaker stores, site quality, traffic counts and remaining lease term matter more on a Speedway listing than the brand alone would suggest. Assume the tenant will exercise every economic option it has at renewal.
Speedway NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Parent 7-Eleven, Inc. rated A-/Baa2 (see the investment grade guide); applies where 7-Eleven, Inc. is tenant or guarantor | Speedway LLC may be the only obligor on legacy leases; confirm parent guaranty or assumption |
| Company-operated at the 2021 sale; confirm whether a franchisee now runs the store | The operator can close weaker stores |
| Fuel-and-store formats; ask for site-level sales where the tenant shares them | Environmental diligence required on every fuel property |
| Exit pricing can be compared with 7-Eleven family listings | Some older marketing materials may still describe the credit as Marathon Petroleum |
1031 buyer benchmark: Speedway versus other convenience and fuel NNN tenants
For a 1031 buyer, Speedway underwriting starts with the signature block. Once 7-Eleven, Inc. is confirmed as tenant or guarantor, compare Speedway pricing with other 7-Eleven family listings in the live table. Where only Speedway LLC signs, the lease has no direct claim on the rated parent, so confirm any guaranty before relying on the parent’s rating.
Compare Speedway against 7-Eleven, Circle K, Wawa, Sheetz and Marathon. Then benchmark the quoted yield against the 2026 NNN cap-rate framework and the 1031 investment-grade tenant shortlist.
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| 7-Eleven | A-/Baa2 |
| Circle K / Couche-Tard | BBB+/Baa1 |
| Marathon (Marathon Petroleum) | BBB/Baa2 |
| Chevron | AA-/Aa2 |
What is Speedway’s credit rating?
Speedway LLC’s parent, 7-Eleven, Inc., has long-term issuer ratings of A- from S&P and Baa2 from Moody’s. Neither 7-Eleven, Inc. nor Seven & i Holdings lists a Fitch rating for 7-Eleven, Inc. on its investor pages. The parent’s rating supports a Speedway lease only where 7-Eleven, Inc. is the tenant or guarantor, which has to be confirmed in the lease and estoppel.
Who owns Speedway gas stations now?
7-Eleven, Inc. acquired Speedway from Marathon Petroleum Corporation for approximately $21 billion in a transaction that closed on May 14, 2021. Speedway LLC now operates as a subsidiary of 7-Eleven, Inc., which in turn is owned by Seven & i Holdings of Japan. Marathon Petroleum no longer owns Speedway, although in 2021 it entered into 15-year fuel supply agreements to continue supplying fuel to Speedway (Marathon Petroleum Form 10-K for 2021).
What asking cap rates do Speedway NNN listings show?
Current median asking cap rates for Speedway 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.
Is Speedway the same as Marathon for NNN purposes?
No. Speedway LLC is a subsidiary of 7-Eleven, Inc., which is rated A-/Baa2; confirm whether 7-Eleven, Inc. is the tenant or guarantor on a given lease. Marathon-branded outlets are operated primarily by independent entrepreneurs that Marathon Petroleum supplies (Form 10-K for 2025), and any guaranty must be confirmed in the lease; Marathon Petroleum is rated BBB/Baa2. They are different credits, so compare their ratings and asking cap rates separately. See the Marathon page for that tenant.
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 IRC 168(k) if it is 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 detailed cost segregation study. On a ground lease 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 under IRC 1245 on section 1245 property, and under IRC 1250 on section 1250 property to the extent depreciation taken exceeds straight-line depreciation. A 1031 exchange can defer that gain, but recapture can still apply in an exchange to the extent gain is recognized or the replacement property does not include enough section 1245 or section 1250 property (IRC 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, and therefore for bonus depreciation, as retail motor fuels outlets (IRC 168(e)(3)(E)(iii)); under IRS Publication 946 the property must be used to a substantial extent in retail petroleum marketing and meet one test: at least half of gross revenues from petroleum sales, at least half of floor space devoted to petroleum marketing 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.
Speedway Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Speedway 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
Speedway NNN Properties Observed For Sale
12 active Speedway 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 | |
|---|---|---|---|---|---|
| Las Vegas, NM | $5,080,000 | 5.75% | 4,000 | 8.5 yrs | View listing |
| Coon Rapids, MN | $8,801,206 | 5.50% | 4,606 | n/a | View listing |
| Bloomington, MN | $5,623,745 | 5.50% | 5,618 | n/a | View listing |
| Rochester, NY | $1,150,000 | 6.25% | 700 | 4.4 yrs | View listing |
| Plymouth, MI | $5,601,490 | 5.25% | 2,377 | n/a | View listing |
| North Canton, OH | $5,650,000 | 5.25% | 2,360 | n/a | View listing |
| ROBERSONVILLE, NC | $956,923 | 6.50% | 2,880 | 3.9 yrs | View listing |
| Goldsboro, NC | $2,800,000 | 5.00% | 2,106 | n/a | View listing |
Search all 12 observed Speedway 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.
