Looking to buy a Valvoline NNN property? 48 are observed for sale across 20 states, median asking cap rate 5.50%. View Valvoline NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | Valvoline Inc. (NYSE: VVV), Lexington, Kentucky |
| S&P / Moody’s | BB / no verified rating |
| Investment grade status | Below Investment Grade |
| Stores | 2,456 system-wide (June 30, 2026): 1,232 company-operated and 1,224 franchised |
| Recent acquisition | Breeze Autocare, December 1, 2025, for $637.4 million; 45 Breeze stores were sold under an FTC order |
| Median asking cap rate | See the live table below |
Valvoline is not investment grade. Valvoline Inc. carries issuer rating of BB from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Valvoline Business Overview
Valvoline Inc. operates and franchises Valvoline Instant Oil Change and related quick-lube service centers. As of June 30, 2026, it had 2,456 stores system-wide: 1,232 company-operated and 1,224 franchised. It acquired Breeze Autocare on December 1, 2025 for $637.4 million and sold 45 of the acquired stores as required by the Federal Trade Commission.
Valvoline Credit Profile
Valvoline Inc. is rated BB in our database, which classifies it as not investment grade. It files audited financial statements with the SEC. Valvoline owns or leases the property of its company-operated stores (Form 10-K for the year ended September 30, 2025); on a franchised store the lease may be signed by the franchisee, whose credit varies. Confirm the tenant entity and any guarantee.
Ratings come from our tenant ratings database, which records the source for each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings BB, as of March 10, 2025. Ratings checked October 8, 2026.
Valvoline NNN Cap Rates
Live asking cap rates for Valvoline and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| AutoZone | BBB / Baa1 | 5.35% | 4.95% to 5.80% | 27 | +11 bps |
| Valvoline | BB / n/a | 5.50% | 5.25% to 5.70% | 47 | +26 bps |
| Firestone (rated entity: Bridgestone Corporation) | A / A1 | 5.63% | 5.19% to 6.00% | 20 | +39 bps |
| O'Reilly Auto Parts | BBB / Baa1 | 6.00% | 5.50% to 6.50% | 27 | +76 bps |
| Goodyear | n/a / n/a | 6.00% | 5.43% to 6.45% | 19 | +76 bps |
| Pep Boys (rated entity: Mavis Tire Express Services Corp.) | B- / n/a | 6.38% | 5.88% to 6.88% | 6 | +114 bps |
| Advance Auto Parts | BB / n/a | 7.25% | 6.44% to 8.00% | 72 | +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.
In the listings we track, Firestone’s median asking cap rate minus Valvoline’s is +13 bps; a few listings can move a median. Pricing depends on whether the lease is corporate or franchisee, the remaining term, the site and the rent level. Compare a property with listings that have the same kind of tenant and term.
What to Check in a Valvoline Lease
- Corporate or franchisee: whether the company or a franchisee signs the lease; as of June 30, 2026, 1,224 of 2,456 system-wide stores were franchised and 1,232 were company-operated (Form 10-Q), and a franchisee lease carries that operator’s credit.
- Guarantee: any corporate or personal guarantee, and the financial strength of the guarantor.
- Location performance: ask for unit-level sales or membership data where the tenant will share it.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Re-use: the size of the building and the pool of possible replacement tenants.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Large, growing store base: 2,456 system-wide stores at June 30, 2026, up from 2,124 a year earlier (Form 10-Q) | Below Investment Grade in our ratings database |
| Small buildings: median of 2,077 square feet in the listings we track | Franchisee leases carry franchisee credit |
| Quick-lube service cannot be bought online | Exposure to the shift to electric vehicles over time |
Frequently Asked Questions
Is Valvoline investment grade?
No. Valvoline Inc. is rated BB in our ratings database.
How do Valvoline cap rates compare with other auto service tenants?
See the live table on this page. In the listings we track, Firestone’s median asking cap rate minus Valvoline’s is +13 bps. Medians move as listings change, so compare specific properties with the same kind of tenant, term and site.
How many Valvoline stores are there?
2,456 system-wide as of June 30, 2026: 1,232 company-operated and 1,224 franchised.
Sources: Valvoline Inc. Form 10‑Q for the quarter ended June 30, 2026; 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 it is 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 documented, for example in an engineering-based study. If the investor owns only the land under a ground lease and the tenant owns the building, there is no building to depreciate, because land cannot be depreciated (Treasury Regulation section 1.167(a)-2); equipment owned by the tenant is not the landlord’s to depreciate. Depreciation on the reclassified property, including bonus depreciation, can be recaptured as ordinary income on a sale (Internal Revenue Code sections 1245 and 1250). A 1031 exchange can defer gain on real property, but recapture can still apply in an exchange depending on the replacement property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. In restaurants and auto service buildings, much of the kitchen, drive-through and service equipment is often owned by the tenant; confirm in the lease. See the QSR and Auto Service NNN Depreciation Guide.
Valvoline Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Valvoline 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
Valvoline NNN Properties Observed For Sale
48 active Valvoline net lease listings observed across public listing sources, most recently Oct 12, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Baytown, TX | $1,925,000 | 5.00% | n/a | n/a | View listing |
| PORTLAND, OR | $1,560,000 | 5.50% | 3,136 | n/a | View listing |
| Seaside, OR | $1,273,271 | 5.75% | 2,680 | n/a | View listing |
| Medford, OR | $2,400,000 | 5.00% | 1,338 | n/a | View listing |
| SPOKANE, WA | $2,620,370 | 5.40% | 2,627 | n/a | View listing |
| Oak Harbor, WA | $1,100,000 | 6.00% | 2,000 | 9.0 yrs | View listing |
| KENT, WA | $2,630,000 | 5.65% | n/a | 14.8 yrs | View listing |
| Shreveport, LA | $1,683,148 | 5.75% | 1,505 | 13.7 yrs | View listing |
Search all 48 observed Valvoline 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.
