Whole Foods Market: Natural and Organic Foods Grocer
Whole Foods Market, wholly owned by Amazon, is a supermarket chain focused on natural and organic foods and says it has 500+ stores in North America and the UK (company website, October 2026).
| Ticker | AMZN (parent Amazon.com, Inc.) |
| Headquarters | Austin, Texas |
| Founded | 1980 |
| Locations | 500+ |
| Annual Revenue | Not reported separately; Amazon’s physical stores net sales, across all its physical stores, were $22.6 billion in 2025 (Form 10-K) |
| Operating Footprint | North America & United Kingdom |
| S&P rating of parent Amazon.com, Inc. | AA |
| Moody’s rating of parent Amazon.com, Inc. | A1 |
| Lease support | Amazon’s ratings apply to a lease only where Amazon is the tenant or guarantor; confirm in each lease |
| Median asking cap rate | n/a: too few active listings with a published cap rate to report a median |
Business Overview
Whole Foods Market is a supermarket chain focused on natural and organic foods, and its published quality standards cover food, beverages, body care, household cleaning products, supplements and catering (company website, October 2026). Amazon acquired Whole Foods Market on August 28, 2017 (Amazon Form 10-K for 2017).
Credit Rating Analysis
Whole Foods is owned by Amazon, which is rated AA by S&P and A1 by Moody’s. These are Amazon’s ratings, and they support a lease directly only where Amazon is the tenant or guarantor; confirm this in each lease.
NNN Lease Structure
Triple Net leases for Whole Foods properties transfer property taxes, insurance, and maintenance costs to the tenant. Lease terms and renewal options vary; confirm them in each lease. Amazon’s balance sheet supports a lease only where Amazon is the tenant or guarantor.
Cap Rate & Pricing Analysis
The listings we track have too few active Whole Foods listings with a published cap rate to report a median or a reliable comparison with other grocers. Pricing for a specific property depends on the remaining lease term, rent, location, and the tenant entity and any guarantor, so compare an offering with deal-specific comparable sales and listings.
Real Estate Footprint
Whole Foods’ published site guidelines call for 25,000 to 50,000 square feet, a large number of college-educated residents and generally 200,000 or more people within a 20-minute drive time (company website, October 2026). Confirm the building size for each property.
Growth & Expansion
Whole Foods says it has more stores in development (company website, October 2026). Customers can order Whole Foods groceries online for pickup and delivery (company website, October 2026).
Investment Pros
- Amazon Ownership: parent Amazon is rated AA/A1; confirm whether Amazon or a Whole Foods entity is the tenant or guarantor on each lease
- Brand focus: natural and organic foods (company website, October 2026)
- Strategic Location: Site guidelines target dense trade areas with many college-educated residents
- Product range: Whole Foods’ quality standards cover food, beverages, body care, household cleaning products, supplements and catering (company website, October 2026)
- E-commerce Integration: Online ordering with pickup and delivery
Investment Cons
- Pricing: a lower cap rate means less initial income per dollar invested; compare each offering with deal-specific comparable sales
- Competition: other grocers, including conventional supermarkets, also sell natural and organic foods
- Economic sensitivity: grocery sales can be affected by consumer spending conditions
- Single-asset exposure: a buyer of one property depends on one location and one lease
Comparable Tenants
Other specialty grocery tenants include Trader Joe’s and The Fresh Market; check each tenant’s credit in the tenant ratings database. Whole Foods says it has 500+ stores (company website, October 2026) and is owned by Amazon.
Frequently Asked Questions
What is Whole Foods’ credit rating?
Whole Foods’ parent, Amazon, carries investment-grade ratings of AA from S&P and A1 from Moody’s; confirm whether Amazon is the tenant or guarantor on a given lease.
What cap rates apply to Whole Foods NNN properties?
The listings we track have too few active Whole Foods listings with a published cap rate to report a median. 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 Whole Foods locations exist?
Whole Foods says it has 500+ stores in North America and the UK (company website, October 2026).
What are the primary risks for Whole Foods NNN investments?
Key risks include high prices relative to rent (low cap rates) and competition from other grocers, including stores that sell natural and organic foods. Amazon’s credit supports a lease only where Amazon is the tenant or guarantor.
How does Amazon ownership impact Whole Foods as an investment?
Amazon ownership links Whole Foods to Amazon Prime benefits and ordering through an Amazon account, but Amazon’s credit backs a lease only where Amazon is the tenant or guarantor.
Whole Foods Market NNN Cap Rates
Live asking cap rates for Whole Foods Market appear in a table below only when at least three active listings with a published cap rate are observed; with fewer, no table is shown.
Whole Foods Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Whole Foods 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.
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
Whole Foods Market NNN Properties Observed For Sale
2 active Whole Foods Market 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 | |
|---|---|---|---|---|---|
| San Diego, CA | $34,000,000 | 3.46% | 28,000 | 10.5 yrs | View listing |
| Pasadena, CA | $75,703,000 | 5.00% | 77,046 | n/a | View listing |
Search all 2 observed Whole Foods Market 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.
