Looking to buy a Sunoco NNN property? 4 are observed for sale across 4 states, median asking cap rate 7.45%. View Sunoco NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | Sunoco LP (NYSE: SUN), Dallas, Texas |
| S&P / Moody’s | BB+ / no verified rating |
| Investment grade status | Below Investment Grade |
| Fuel distribution (2025) | About 9,200 dealer and distributor sites, about 1,300 commission agent locations and about 330 company-operated convenience stores |
| Recent acquisition | Parkland Corporation, completed in 2025 |
| Median asking cap rate | See the live table below |
Sunoco is not investment grade. Sunoco LP carries issuer ratings of BB+ from S&P Global Ratings and BB+ from Fitch Ratings: all below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Sunoco Business Overview
Sunoco LP is a fuel distributor; its 2025 Form 10‑K describes it as the largest independent fuel distributor in the Americas. In 2025 it supplied about 9,200 retail sites run by independent dealers and distributors, about 1,300 commission agent locations, and about 330 company-operated convenience retail facilities; the same filing’s property table lists 732 owned and 605 leased company-operated retail stores at December 31, 2025. It acquired Parkland Corporation in 2025.
For a net lease buyer, that means most stations Sunoco supplies are operated by independent dealers, distributors and commission agents rather than by Sunoco LP; at December 31, 2025, Sunoco LP owned 822 and leased 1,877 dealer and commission agent sites (Form 10‑K).
Sunoco Credit Profile
Sunoco LP is rated BB+ in our database, below investment grade. It is not an investment grade tenant, and a Sunoco-branded station leased to a dealer carries that dealer’s credit. Where Sunoco LP signs or guarantees the lease, its below investment grade rating applies; confirm which entity signs and whether Sunoco LP guarantees.
Ratings come from our tenant ratings database, which records the source of each rating; the footnote below shows the source and when ratings were last checked. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings BB+, as of May 7, 2025; Fitch Ratings BB+, as of February 2, 2026. Ratings checked October 8, 2026.
Sunoco NNN Cap Rates
Live asking cap rates for Sunoco 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 |
| 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 |
| ExxonMobil | AA- / Aa2 | 7.15% | 6.00% to 7.20% | 5 | +191 bps |
| Marathon (rated entity: Marathon Petroleum Corporation) | BBB / Baa2 | 7.31% | 6.70% to 7.41% | 3 | +207 bps |
| Valero | BBB / Baa2 | 7.38% | 7.05% to 7.63% | 4 | +214 bps |
| Sunoco | BB+ / n/a | 7.45% | 6.74% to 7.81% | 4 | +221 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.
Listings labeled Sunoco can include dealer-operated stations, so pricing can reflect the operator, the site and fuel volume. Compare a property with listings that have the same kind of tenant and structure.
What to Check in a Sunoco Lease
- Who the tenant is: the tenant can be an independent dealer or operator, or Sunoco LP or a subsidiary; confirm who signs the lease.
- Guarantee: whether a rated corporate entity guarantees the lease; a fuel supply agreement is not a lease guarantee.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Ground lease or building lease: fuel sites can be either; confirm which in the lease.
- Environmental: underground storage tanks; review environmental reports and the lease’s environmental provisions.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Large fuel distribution network | Below investment grade rating |
| Well-known fuel brand | Most stations are operated by independent dealers |
| Long-term fuel distribution agreements with dealers | Environmental issues at fuel sites |
Frequently Asked Questions
Is Sunoco investment grade?
No. Sunoco LP is rated BB+ in our ratings database, below investment grade.
Does Sunoco operate its branded gas stations?
Mostly no. Its 2025 Form 10‑K describes about 9,200 sites run by independent dealers and distributors, about 1,300 commission agent locations, and about 330 company-operated convenience stores.
Who is the tenant on a Sunoco-branded station?
It can be an independent dealer or distributor, or Sunoco LP or a subsidiary: at December 31, 2025, Sunoco LP leased 1,877 dealer and commission agent sites (Form 10‑K). Confirm the tenant and any guarantee in the lease.
Sources: Sunoco LP Form 10‑K for 2025; ratings from InvestmentGrade.com’s ratings database.
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 is not treated as acquired after that date if a written binding contract to acquire it was entered into on or before that date (IRS Notice 2026-11). How much qualifies varies widely by property and should be supported by a detailed, engineering-based 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. On a taxable sale, depreciation taken, including bonus depreciation, can be recaptured as ordinary income to the extent of gain under Internal Revenue Code sections 1245 and 1250 (under section 1250, generally only depreciation in excess of straight-line). A 1031 exchange can defer gain on real property held for investment or business use if the exchange meets section 1031’s requirements, including identifying replacement property within 45 days and receiving it within 180 days or by the due date, with extensions, of that year’s tax return if earlier (section 1031(a)(3)), but recapture can still apply in an exchange (sections 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 as a retail motor fuels outlet (IRC 168(e)(3)(E)(iii)), and therefore for bonus depreciation, if they meet the IRS tests; confirming this requires the operator’s sales and floor space 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.
Sunoco Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Sunoco 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
Sunoco NNN Properties Observed For Sale
4 active Sunoco 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 | |
|---|---|---|---|---|---|
| Sulphur, LA | $3,559,354 | 7.75% | 3,023 | n/a | View listing |
| Columbia, SC | $2,251,400 | 5.50% | 3,233 | n/a | View listing |
| Cape Coral, FL | $3,825,000 | 8.00% | 2,900 | 20.0 yrs | View listing |
| Houston, TX | $5,342,657 | 7.15% | 8,157 | n/a | View listing |
Search all 4 observed Sunoco 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.
