Looking to buy a U.S. Bank NNN property? 9 are observed for sale across 7 states, median asking cap rate 5.59%. View U.S. Bank NNN properties for sale, cap rate bands and the 1031 buyer guide.
| S&P Rating | A |
| Rated Entity | U.S. Bancorp (holding company), long-term issuer ratings. Confirm the tenant named in each lease. |
| Moody’s Rating | A3 |
| IG Status | Holding company Rated Investment Grade (U.S. Bancorp); confirm the lease guarantor |
| US Locations | 2,097 branches (June 30, 2026) |
| Annual Revenue | $28.7B total net revenue, taxable-equivalent basis (2025 annual report) |
| Median asking cap rate | See the live table below |
| Typical Lease Term | Varies by lease; confirm in the lease |
| Property Size | Varies; median 5,219 SF on the U.S. Bank branch listings we track |
| Lot Size | Varies by site; confirm from the survey |
Business Overview
U.S. Bancorp (US Bank) is one of the largest banks in the United States, serving customers across 26 states through multiple business lines including consumer and business banking, investment products, and financial services. Its bank, U.S. Bank National Association, had 2,097 domestic branches as of June 30, 2026 (Federal Reserve data), and U.S. Bancorp reported $28.7 billion of total net revenue on a taxable-equivalent basis for 2025 (2025 annual report).
U.S. Bancorp’s long-term issuer ratings are investment-grade. Those ratings describe the holding company, not a particular lease: confirm which entity signs or guarantees each lease, and weigh the rent, term and real estate alongside the credit.
For investors evaluating NNN properties, understanding tenant creditworthiness and operational performance is essential. Our comprehensive NNN investing guide covers lease structures, tenant evaluation, and portfolio construction strategies for maximizing risk-adjusted returns.
Credit Rating
U.S. Bancorp (holding company) long-term issuer ratings:
Source: S&P Global Ratings A, as of December 31, 2025; Moody’s A3, as of December 31, 2025; Fitch Ratings A+, as of December 31, 2025. Ratings checked October 8, 2026.
- S&P Rating: A
- Moody’s Rating: A3
- Assessment: Investment-grade holding-company credit; confirm mandate eligibility and the lease obligor
The A/A3 ratings shown are U.S. Bancorp’s long-term issuer ratings. U.S. Bancorp’s 2025 annual report (Table 21, as of December 31, 2025) lists separate long-term issuer ratings for its bank, U.S. Bank National Association, that are the same as or higher than the holding company’s at Moody’s, S&P and Fitch; confirm which entity signs or guarantees each lease. U.S. Bank National Association is the sixth-largest U.S. commercial bank by consolidated assets (Federal Reserve data as of June 30, 2026), and U.S. Bancorp’s 2025 Form 10-K states that it is subject to enhanced prudential standards as a Category III banking organization.
Financial Performance & Operational Metrics
U.S. Bancorp’s $28.7 billion of 2025 total net revenue (taxable-equivalent basis) and its bank’s 2,097 domestic branches, primarily in the Midwest and West, show scale. Scale alone does not establish the quality of a particular branch lease.
For IG bank tenants like US Bank, understanding regulatory capital ratios, asset quality, deposit stability and management quality supports credit assessment. Investors should review regulatory filings, quarterly earnings reports, and management commentary as part of standard due diligence. Our investment grade guide outlines key metrics for assessing tenant credit quality.
NNN Property Details & Economics
US Bank NNN properties vary. On the active net lease listings for U.S. Bank branches that InvestmentGrade.com tracks:
- Property Size: a median building size of 5,219 SF
- Lot Size: varies by site
- Lease Term: varies; as of October 8, 2026, the listings include a new-construction ground lease with a 10-year primary term and older branches with leases that run to 2033 and 2035
Rent escalations vary by lease; as of October 8, 2026, the U.S. Bank listings InvestmentGrade.com tracks that state them include 3% annual increases, 4% annual increases and 10% increases every five years, so confirm them in each lease.
Lease Structure & Tenant Obligations
A triple-net (NNN) lease generally allocates operating expenses, property taxes and insurance to the tenant, and some U.S. Bank sites are ground leases. Which repairs, replacements and other occupancy costs the tenant pays varies by lease. Investors should review specific lease agreements to understand:
- Rent escalation clauses and frequency
- Property maintenance and repair obligations
- Property tax payment responsibility
- Insurance coverage requirements
- Lease renewal options and terms
- Default and remedies provisions
Lease terms vary by property, so review each lease.
Geographic & Market Considerations
US Bank operates branches across 26 states, primarily in the Midwest and West regions. Property locations should be evaluated based on:
- Market demographics – population density, income levels, business activity
- Banking competition – proximity to other banks and financial institutions
- Economic trends – regional business activity, employment stability, population trends
- Strategic positioning – visibility, accessibility, commercial area strength
Tenant credit does not replace a review of each branch’s local market.
Investment Grade Credit Rating Standards
Investment-grade status requires S&P ratings of BBB- or higher, or Moody’s ratings of Baa3 or higher. U.S. Bancorp’s A/A3 long-term issuer ratings are above these thresholds. When an investment-grade entity signs or guarantees the lease, a property may see:
- Potentially broader buyer interest, depending on the property and lease
- Resale prospects that still depend on the property, the lease and the market at the time of sale
- Financing options, though loan availability and pricing depend on the lender, property, lease and market conditions
- Possible eligibility for investment-grade-focused mandates, subject to each mandate’s rules and the actual lease obligor or guarantor
None of these outcomes is assured; confirm the tenant and any guarantor in each lease and review the property itself.
Risk Assessment & Due Diligence
IG bank tenants warrant appropriate due diligence. Key areas to review include:
- Regulatory standing – capital ratios, stress test results, regulatory ratings
- Asset quality – loan loss provisions, non-performing assets, credit metrics
- Deposit trends – customer deposit growth, deposit mix stability
- Net interest margin – NIM trends, rate environment sensitivity
- Management quality – leadership track record, strategic direction
- Lease quality – property condition, market position, lease enforceability
- Environmental & legal – Phase I ESA, title insurance, encumbrances
Investment grade status does not replace property-level due diligence.
Comparison to Investment-Grade Alternatives
Bank ratings are comparable only when they cover the same kind of entity and the same rating type. The ratings on this page are U.S. Bancorp’s long-term issuer ratings (holding company; 2025 annual report, as of December 31, 2025). Other bank pages show different entities and rating types: TD Bank (parent bank; S&P issuer credit rating and Moody’s long-term deposits and counterparty risk rating), Truist (Truist Bank issuer ratings), PNC Bank (PNC Bank, N.A.; S&P issuer and Moody’s senior debt ratings) and Capital One (rated entity and rating type on its page). Check the rated entity, rating type and date on each page before comparing.
Our tenant rating directory lists the ratings on file for the NNN tenants we cover.
US Bank NNN Cap Rates
Live asking cap rates for US Bank and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| TD Bank | A+ / Aa1 | 5.00% | 5.00% to 5.25% | 5 | −24 bps |
| PNC Bank | A / A2 | 5.10% | 4.75% to 6.25% | 21 | −14 bps |
| U.S. Bank | A / A3 | 5.59% | 5.19% to 6.00% | 8 | +35 bps |
| Truist | A / A3 | 6.21% | 5.68% to 6.56% | 4 | +97 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. Not shown because fewer than 3 active listings with a published cap rate were observed: Capital One.
Frequently Asked Questions
Is US Bank investment-grade?
Yes. U.S. Bancorp, US Bank’s holding company, carries S&P A and Moody’s A3 long-term issuer ratings, both above the investment grade minimums of BBB- and Baa3. Its bank is rated separately; confirm the tenant entity named in each lease.
What cap rates do US Bank NNN properties offer?
Current median asking cap rates for US Bank 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.
How many US Bank locations exist?
US Bank had 2,097 domestic branches as of June 30, 2026 (Federal Reserve data); its 2025 Form 10-K describes branches in 26 states, primarily in the Midwest and West regions.
What is the typical lease term for US Bank NNN properties?
Lease terms vary. As of October 8, 2026, the U.S. Bank branch listings InvestmentGrade.com tracks include a new-construction ground lease with a 10-year primary term.
They also include older branches with leases that run to 2033 and 2035. Verify the term and renewal options in each lease.
What due diligence should I conduct on US Bank properties?
Conduct standard due diligence: review regulatory filings and capital ratios, verify lease terms, commission Phase I environmental assessments, and analyze property condition and market position.
Contact & Resources
For questions about US Bank NNN properties or investment-grade tenant evaluation, contact our team. We also provide resources on 1031 exchange planning and portfolio construction strategies.
US Bank Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market US Bank 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 bank-branch benchmark: compare credit first, then cap rate
For a 1031 buyer comparing bank-branch NNN properties, the first screen is not the highest advertised yield. Start with the tenant entity and any guarantor named in the lease, their agency ratings, deposit-market exposure, remaining lease term, branch real estate quality, and whether the cap-rate spread is enough compensation for the credit and location risk.
Use this page alongside the best investment-grade NNN tenants for a 1031 exchange shortlist and the 2026 NNN cap-rate framework to compare bank credit against QSR, pharmacy, convenience, industrial, and medical tenants.
Deadline buyer note: if your 45-day identification window is open, compare bank branches by credit tier, lease control, real estate reusability, and financing certainty before chasing a few extra basis points of cap rate.
U.S. Bank NNN Properties Observed For Sale
9 active U.S. Bank 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 | |
|---|---|---|---|---|---|
| Pueblo, CO | $1,535,000 | 6.02% | 5,255 | n/a | View listing |
| Rochester, MN | $2,572,592 | 5.25% | 2,970 | 6.5 yrs | View listing |
| Independence, MO | $2,143,000 | 5.50% | 5,800 | n/a | View listing |
| Mesa, AZ | $4,577,000 | 4.75% | 4,047 | n/a | View listing |
| Mt Prospect, IL | $2,883,000 | 6.00% | 2,695 | n/a | View listing |
| Schaumburg, IL | $4,500,000 | 5.00% | 3,984 | n/a | View listing |
| Long Beach, CA | $4,950,000 | 5.68% | 5,219 | n/a | View listing |
| Citrus Heights, CA | $10,105,000 | 6.00% | 8,000 | 9.6 yrs | View listing |
Search all 9 observed U.S. Bank 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.
