Looking to buy a T-Mobile NNN property? 9 are observed for sale across 7 states, median asking cap rate 7.25%. View T-Mobile NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | T-Mobile US, Inc. |
| Stock Ticker | NASDAQ: TMUS |
| Credit Ratings | S&P: BBB+ / Fitch: BBB+ |
| Investment Grade Status | Investment Grade |
| Sector | Retail / Telecom |
| Headquarters | Bellevue, Washington |
| US Location Count | Not disclosed in its Form 10‑K; sells through T-Mobile and Metro by T-Mobile stores, dealers and national retailers |
| Annual Revenue | US$88.3 billion total revenues, year ended December 31, 2025 (Form 10‑K) |
| 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 guaranty in the lease |
| Typical Building Size | Varies; confirm in the offering materials |
Bond vs NNN Comparison: See how T Mobile corporate bond yields compare to T Mobile NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. T Mobile Bonds vs NNN →
T-Mobile Business Overview & NNN Investment Profile
T-Mobile US is the second-largest provider of wireless communications services in the U.S. as measured by total postpaid and prepaid customers, according to its Form 10‑K for 2025, with total revenues of US$88.3 billion in 2025. The company completed its merger with Sprint on April 1, 2020, acquiring Sprint’s customers and spectrum, and in August 2020 unified Sprint’s retail operations under the T-Mobile brand. Deutsche Telekom AG held approximately 52.8% of T-Mobile’s outstanding common stock as of February 6, 2026 (2025 Form 10‑K). T-Mobile’s merger restructuring included the rationalization of retail stores, according to its 2020 and 2021 Form 10‑K filings.
T-Mobile reported reaching an investment grade issuer rating from each of the three main rating agencies by August 2022 (2022 Form 10‑K). T-Mobile US, Inc. carries issuer ratings of BBB+ from S&P Global Ratings and BBB+ from Fitch Ratings: all investment grade (BBB-/Baa3 or higher). NNN investors should verify whether a specific location is a legacy T-Mobile or former Sprint store and how it fits the current store network.
Ratings shown are those recorded for T-Mobile US, Inc. in our credit rating database; for how the scale works, see the investment grade guide. Note: when the merger closed on April 1, 2020, Sprint and its subsidiaries became wholly owned subsidiaries of T-Mobile (2020 Form 10‑K), so confirm which entity is the tenant on a former Sprint lease and whether T-Mobile US, Inc. guarantees it.
Cap Rate Analysis & Pricing
Live asking cap rates for T-Mobile and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Sherwin-Williams | BBB / Baa2 | 6.00% | 5.65% to 6.25% | 33 | +76 bps |
| Verizon | BBB+ / Baa1 | 6.50% | 6.03% to 7.49% | 27 | +126 bps |
| AT&T | n/a / n/a | 7.00% | 6.43% to 7.16% | 11 | +176 bps |
| T-Mobile | BBB+ / n/a | 7.25% | 6.50% to 7.75% | 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 12, 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.
| Comparable Retail NNN Tenant | S&P / Moody’s |
|---|---|
| Verizon | BBB+/Baa1 |
| AT&T | BBB+ |
| Sherwin-Williams | BBB/Baa2 |
Yes. T-Mobile US, Inc. carries issuer ratings of BBB+ from S&P Global Ratings and BBB+ from Fitch Ratings: all investment grade (BBB-/Baa3 or higher). See the investment grade credit tenant ratings table.
T-Mobile completed its merger with Sprint on April 1, 2020, and Sprint and its subsidiaries became wholly owned subsidiaries of T-Mobile. In August 2020, T-Mobile unified Sprint’s retail operations under the T-Mobile brand. Confirm which entity is the tenant on a former Sprint lease and whether T-Mobile US, Inc. guarantees it.
What are T-Mobile NNN asking cap rates?
Current median asking cap rates for T-Mobile 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.
T-Mobile’s merger restructuring included the rationalization of retail stores, according to its 2020 and 2021 Form 10‑K filings. For a specific former Sprint location, confirm the tenant entity, the remaining term, any early termination rights and nearby T-Mobile stores before acquisition.
T-Mobile Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market T-Mobile 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: T-Mobile NNN
T-Mobile can work for 1031 buyers when the lease is corporate-backed, the former Sprint overlap risk is resolved, and the asking cap rate is not being priced like a higher-rated telecom bond. Before identifying a T-Mobile property, compare it against the current 2026 NNN cap-rate framework and the investment-grade 1031 tenant-selection checklist.
Fast diligence question: is the rent backed by T-Mobile US credit, a dealer entity, or a legacy Sprint lease assignment?
T-Mobile NNN Properties Observed For Sale
9 active T-Mobile net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Edison, NJ | $1,281,994 | 7.25% | 2,312 | n/a | View listing |
| Clarksdale, MS | $1,150,975 | 8.00% | 2,462 | n/a | View listing |
| Greeley, CO | $2,638,615 | 6.50% | 3,000 | n/a | View listing |
| Bessemer, AL | $1,143,097 | 7.75% | 3,000 | 4.5 yrs | View listing |
| Lake City, SC | $1,895,000 | 5.12% | 1,956 | 7.5 yrs | View listing |
| Lansing, IL | $1,613,000 | 7.75% | 2,952 | n/a | View listing |
| CARLYLE, IL | $1,050,000 | 7.65% | 2,550 | n/a | View listing |
| Los Angeles, CA | $10,500,000 | 4.00% | 7,433 | n/a | View listing |
Search all 9 observed T-Mobile 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.
