Looking to buy a Wawa NNN property? 55 are observed for sale across 13 states, median asking cap rate 5.00%. View Wawa NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Value |
|---|---|
| Company | Wawa, Inc. (privately held) |
| Credit ratings | no verified rating |
| Sector | Convenience stores and fuel |
| Median asking cap rate | 5.00% on 55 listings we track |
| Lease structure | Often ground leases in the listings we track; average remaining term 17.8 years across the 28 listings that state one. Confirm the term, rent increases and tenant entity in each lease |
Wawa: no confirmed agency rating. No rating for Wawa has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Wawa Business Overview
Wawa, Inc. is a privately held, family-owned convenience store and fuel retailer. The Wawa listings we track span 13 states; check Wawa’s store locator for its current markets. Because Wawa is private, it does not publish full financial statements, which limits what investors can verify about its leverage and cash flow.
Wawa Credit Profile
Our ratings database has no verified public credit rating for Wawa from S&P, Moody’s or Fitch. Without a verified rating, we do not treat Wawa as investment grade in the ratings sense, and mandates restricted to rated investment grade tenants may exclude it. Asking cap rates on Wawa listings reflect sellers’ pricing of the lease, the store and the real estate, not a rating, and any view that Wawa is equivalent to investment grade is an opinion. Check current ratings for comparable tenants in the tenant ratings database.
Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.
Wawa NNN Cap Rates
Live asking cap rates for Wawa and other convenience store tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Wawa | n/a / n/a | 5.00% | 4.65% to 5.15% | 55 | −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 |
| Sheetz | n/a / n/a | 5.28% | 5.00% to 5.50% | 12 | +4 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.
Compare Wawa with rated convenience store tenants such as 7-Eleven (A-/Baa2) and Circle K (BBB+/Baa1) in the live table above. As of October 8, 2026, the median site in the Wawa listings InvestmentGrade.com tracks was 2.58 acres. See Sheetz, Casey’s, Kum & Go and Love’s.
Wawa Lease Structure
Wawa listings we track are often ground leases, and where a rent schedule is disclosed, increases are often set every five years rather than every year (as of October 8, 2026, examples ranged from 5% to 10% every five years, some starting in lease year 11). Terms vary by deal, so confirm the initial term, renewal options, rent schedule, tenant entity and landlord responsibilities in each lease. Fuel operations mean underground storage tanks: review environmental reports and the lease’s environmental provisions.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Privately held, family-owned company with more than 200 years in business, according to Wawa | No verified public credit rating in our database and limited public financial disclosure |
| Median site of 2.58 acres in the Wawa listings InvestmentGrade.com tracks, as of October 8, 2026 | Low cap rates can sit below Treasury yields; the 10-year Treasury yield was 5.24% on October 1, 2026 (FRED) |
| Average remaining term of 17.8 years in the Wawa listings we track that state one, often with rent increases every five years | New-construction stores have no operating history at the site |
Frequently Asked Questions About Wawa NNN Investments
Is Wawa investment grade?
Our ratings database has no verified public credit rating for Wawa from S&P, Moody’s or Fitch, so we do not treat Wawa as investment grade in the ratings sense. Wawa is privately held, and asking cap rates on Wawa listings reflect sellers’ pricing of the lease and real estate, not a rating.
What asking cap rate are Wawa properties listed at?
The median asking cap rate on the 55 Wawa listings we track is 5.00%. Asking cap rates are not closed-sale cap rates.
Do Wawa leases have annual rent increases?
Often not. In the Wawa listings we track that disclose a rent schedule, increases are often set every five years rather than every year (as of October 8, 2026, examples ranged from 5% to 10% every five years). Confirm the rent schedule in each lease.
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 generally qualify for 100% bonus depreciation if it is acquired and placed in service after January 19, 2025; property is treated as acquired no later than the date a written binding contract for it is entered into (IRS Publication 946; Public Law 119-21, section 70301(c)). How much qualifies varies widely by property and must be supported by an engineering-based 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. Depreciation, including bonus depreciation, can be recaptured as ordinary income on a taxable sale (IRC 1245 and 1250). A 1031 exchange can defer that recapture, but IRC 1245(b)(4) and 1250(d)(4) can still require it in an exchange, for example when the replacement property does not include enough section 1245 or section 1250 property. Consult a tax professional. Some gas station and convenience store buildings can qualify as 15-year property, and therefore for bonus depreciation, if they meet one of the IRS tests for a retail motor fuels outlet (IRS Publication 946): at least half of gross revenue 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 may be owned by the operator or fuel supplier rather than the landlord; confirm ownership in the lease. See the Gas Station Bonus Depreciation guide.
Wawa Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Wawa 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.
Wawa NNN Properties Observed For Sale
55 active Wawa 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 | |
|---|---|---|---|---|---|
| Newark, DE | $5,820,000 | 5.00% | 4,736 | n/a | View listing |
| Greenwood, DE | $6,666,667 | 5.10% | 5,915 | n/a | View listing |
| Newark, DE | $7,078,618 | 4.95% | 5,557 | n/a | View listing |
| Ranson, WV | $5,339,800 | 5.15% | 5,915 | 19.4 yrs | View listing |
| Waterford Works, NJ | $6,500,000 | 5.00% | 5,585 | n/a | View listing |
| Alexandria, KY | $3,551,402 | 5.35% | 6,374 | 20.2 yrs | View listing |
| Louisville, KY | $3,818,642 | 5.25% | 5,915 | 19.6 yrs | View listing |
| Loxley, AL | $3,600,000 | 5.25% | 6,374 | n/a | View listing |
Search all 55 observed Wawa 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.
