Wawa and Sheetz are privately held convenience store and fuel chains (Sheetz is based in Altoona, Pennsylvania). Our ratings search found no public credit rating for either company from S&P, Moody’s or Fitch, so neither is investment grade in the ratings sense. The live table below compares their median asking cap rates with rated 7-Eleven and Circle K in the listings InvestmentGrade.com tracks; lot sizes, lease structures and terms vary, so confirm them for each site.
Head-to-Head
| Wawa | Sheetz | |
|---|---|---|
| S&P / Moody’s (our ratings search) | no verified rating | no verified rating |
| Investment grade status | Not Yet Verified | Not Yet Verified |
| Ownership | Privately held | Privately held |
| Home market | Confirm the markets for a specific site with the company | Based in Altoona, Pennsylvania; stores in Pennsylvania, North Carolina, Virginia, West Virginia, Ohio, Maryland and Michigan, with Indiana entry planned (Sheetz, April 7, 2026) |
| Median asking cap rate (listings we track) | 5.00% (55 listings) | 5.28% (12 listings) |
Neither company publishes SEC financial statements. Ratings update from our ratings database. Cap rates are live asking cap rates on listings InvestmentGrade.com tracks; asking cap rates are not closed-sale cap rates.
Credit Ratings
Our ratings search found no public credit rating for Wawa or Sheetz from S&P, Moody’s or Fitch, and neither publishes financial statements with the SEC, so investors cannot verify leverage or cash flow from public filings. Mandates restricted to rated investment grade tenants would exclude a tenant without a rating. Buyers should assess the lease guarantor, the strength of the site and the brand’s operating record, and should ask what financial information the tenant or seller can provide.
Ratings come from our tenant ratings database. For how the scale works, see the investment grade guide.
Cap Rates
| 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 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.
The table shows median asking cap rates in the listings InvestmentGrade.com tracks for Wawa and Sheetz alongside rated 7-Eleven and Circle K. These are asking figures, not closed sales, and the samples differ in size, location, site, remaining term and lease structure, so the comparison does not isolate the effect of a credit rating. Many Wawa and Sheetz offerings we track are marketed as ground leases, but a listing’s ground lease flag is not verified evidence of the property rights being sold; confirm from the title and the lease whether the sale is of land under a ground lease or of land and building, since lease structure can affect pricing. Compare a property with listings for the same tenant and structure, and with rated peers such as 7-Eleven and Circle K.
Lease Structure and Real Estate
As of October 8, 2026, in the listings InvestmentGrade.com tracks, 53 of 53 Wawa listings and 12 of the 13 Sheetz listings that state a lease structure are marked as ground leases, some with rent increases every five years or at option periods rather than every year. Terms vary, so confirm the initial term, renewal options, rent schedule, tenant entity and guarantee. Fuel sites have underground storage tanks; review environmental reports and the lease’s environmental provisions.
Which Fits Your Mandate
- Wawa: as of October 8, 2026, the Wawa sample in the listings InvestmentGrade.com tracks was larger than the Sheetz sample (live counts: 55 Wawa and 13 Sheetz listings). A larger sample does not by itself make the comparison more reliable. Wawa may suit buyers comfortable with an unrated tenant in its markets.
- Sheetz: may suit similar buyers who prefer its markets or a particular site; with fewer tracked listings, there are fewer asking-price comparisons.
Neither company has publicly traded bonds that we have identified, so a bond-yield comparison is not available. A net lease property gives contractual exposure to the tenant named in the lease, subject to the specific obligor, any guarantee and the real estate; it is not the same as owning a security issued by the company. See the Wawa and Sheetz tenant pages.
Comparing Convenience Store Net Lease Properties?
We can compare specific Wawa and Sheetz offerings against current listings and recent sales, and review the lease and environmental reports. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission. Investment Grade Capital, a service of Investment Grade LLC, can match you with lenders.
Request a buyer consultation or email team@investmentgrade.com.
Frequently Asked Questions
Are Wawa and Sheetz investment grade?
Not in the ratings sense. Both are privately held, and our ratings search found no public credit rating for either company from S&P, Moody’s or Fitch. Without a rating, buyers should assess the brand, the site, the lease terms and the evidence on the obligor and any guarantor.
Can I buy Wawa or Sheetz bonds instead of real estate?
We have not identified publicly traded bonds for either company. A net lease property provides contractual exposure to the tenant named in the lease, subject to the obligor, any guarantee and real estate risks, which is different from owning a company’s security.
What cap rates do Wawa and Sheetz properties ask?
The live table on this page shows current median asking cap rates for Wawa and Sheetz, alongside rated 7-Eleven and Circle K, in the listings InvestmentGrade.com tracks. Asking cap rates are not closed sales. Brand, site, lease structure (including whether the sale is a ground lease) and remaining term are possible influences on pricing; this comparison does not measure why buyers price either tenant as they do.
Sources: Live listing and ratings data from InvestmentGrade.com’s databases.
