NNN Cap Rate Report 2026
As of August 25, 2026
These are asking cap rates, not closed sales. An asking cap is the income stated on the listing divided by the asking price. It is the number on the flyer, and it can change before anyone signs a contract.
The listings come from many brokerages. Some were posted on public marketplaces, including Crexi, and some came from other brokerage files. NNN Deal Finder represents buyers and does not claim these listings as its own inventory. Browse the same set on NNN properties for sale.
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What is the median asking cap on these listings?
73 active listings are in this set, and the newest listing date is August 25, 2026. The median asking cap is 5.75%. The lowest asking cap is 3.72% and the highest is 9.88%. A group needs at least 5 listings before it gets a row below.
- Active listings
- 73
- Median asking cap
- 5.75%
- Asking cap range
- 3.72–9.88%
- Newest listing date
- August 25, 2026
Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.
Which tenants have enough listings to show an asking cap?
Each row is one tenant with at least 5 active listings. The median is the middle asking cap, or the average of the two middle asking caps when the count is even. The range is the lowest and highest asking cap in that tenant's listings. 46 listings sit with a tenant below 5 and are not a row here. They still count in the overall median.
| Tenant | Listings | Median asking cap | Range |
|---|---|---|---|
| Burger King | 8 | 6.165% | 5.25–6.80% |
| Dollar General | 8 | 6.725% | 6.15–7.66% |
| Wendy's | 6 | 5.94% | 5.00–6.50% |
| 7-Eleven | 5 | 5.25% | 4.85–5.30% |
Which tenant categories show an asking cap?
Category is the tenant's sector on this site, such as quick-service restaurants or dollar stores. A category row needs at least 5 active listings. A tenant can be missing from the tenant table and still sit inside a category row. 4 listings sit in a category below 5 and are not a row here.
| Category | Listings | Median asking cap | Range |
|---|---|---|---|
| Quick-Service Restaurants | 43 | 5.50% | 3.72–7.00% |
| Dollar Stores | 12 | 7.00% | 6.15–9.88% |
| Gas & Convenience Stores | 8 | 5.05% | 4.50–5.30% |
| Auto Parts & Service | 6 | 5.525% | 4.00–6.75% |
How do asking caps line up with years left on the lease?
Years left are the primary term remaining on the listing. Option years are not added. A listing on a boundary goes in the longer bucket: 10.0 years is "10 to under 15 years left," not "5 to under 10 years left." A bucket needs at least 5 listings to appear. 3 listings sit in a term bucket below 5 and are not a row here.
| Years left | Listings | Median asking cap | Range |
|---|---|---|---|
| 5 to under 10 years left | 16 | 6.68% | 4.25–8.50% |
| 10 to under 15 years left | 20 | 6.19% | 4.70–6.75% |
| 15 years or more left | 34 | 5.125% | 3.72–7.00% |
Which pages sit next to this report?
Tenants in this report
Categories in this report
What should a buyer know about this cap rate report?
Asking caps, where the listings come from, why small groups are hidden, and how the median is calculated.
Are these cap rates from closed sales?
No. Each figure is the asking cap rate on an active listing: the income stated on that listing divided by the asking price. Closed sales are not included. Across 73 active listings the median asking cap is 5.75%, and the asking caps run from 3.72–9.88%.
Whose listings are in this cap rate report?
Active listings compiled from many brokerages. Some were posted on public marketplaces, including Crexi, and some came from other brokerage files. NNN Deal Finder represents buyers and does not claim these listings as its own inventory. The same listings are on the NNN properties for sale page.
Why are some tenants missing from the tables?
A row is shown only when at least 5 active listings share that tenant, category, or lease-term bucket. Smaller groups are left off so a few listings are not read as a market. Listings in those smaller groups still count in the overall median, and they still count in a category or lease-term row when that larger group reaches 5.
How is the median asking cap rate calculated?
The asking cap rates in a group are sorted from low to high. If the count is odd, the median is the middle rate. If the count is even, the median is the average of the two middle rates. The range is the lowest and highest asking cap in that same group. No figure is estimated, and closed-sale data is not mixed in.
What does the as-of date mean?
As of August 25, 2026 means the newest listing date in this set. The counts and medians are recalculated from the active listings when the site is built. Adding or removing a listing changes the tables. The date is not a closed-sale survey date.
How should I check an asking cap against the lease?
Divide the in-place income by the asking price. On an absolute net lease that income is the rent. Use the cap rate calculator for the division, the NOI calculator when the landlord still pays expenses, and the lease expiry calculator for the years left on the primary term. Compare the result with a row here only when the tenant, lease term, and guarantee are similar. Option years are not included in the term table.
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