Pep Boys NNN Properties for Sale (1 Listing)
1 active listing · Updated October 19, 2026
Pep Boys changed owners in 2026. Mavis Tire Express Services completed a purchase from Icahn Enterprises' automotive group on August 20, 2026, at a stated price of about $700 million. Icahn said it kept real estate previously moved out of Pep Boys. Anyone buying or lending on a Pep Boys lease has to sort tenant from landlord before talking about cap rates.
Pep Boys yields that buyers mention aloud often start at 6 percent and reach the middle of the 7s. Quick Facts displays the Pep Boys mention. It is not a closing index. The rest of the book is at properties for sale.
Quick Facts
- Typical cap range
- 6.00–7.50%
- Lease type
- NN or NNN — confirm, and confirm who owns the dirt
- Typical term
- Varies; many in-place leases are mid-term
- Credit
- Operating brand sold to Mavis in 2026; Mavis is private
- Guarantee
- Pep Boys or Mavis affiliate — confirm; not automatically Icahn
Pep Boys Listings
Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.
Get off-market Pep Boys deals
Sort the parties
Three names can appear in one file: Pep Boys as the historic tenant, Mavis as the new owner of the brand, and an Icahn entity as a current or former property owner. Your purchase and sale agreement should say which entity owes rent after August 2026 and whether a guaranty moved with the stock sale. An estoppel from the actual tenant is not optional on this banner this year. A Fort Mill store is not exempt from that paperwork because the building looks ordinary.
Older boxes
Pep Boys buildings are often second-generation service retail: more square footage than a lube shop, more bay than a parts store. NN language shows up. If you inherit the roof, look at it. The NOI calculator is where a roof reserve belongs, next to the cap rate the flyer printed.
Cleaner credits in the same aisle
AutoZone and O'Reilly Auto Parts are public, purpose-built parts landlords' defaults. Advance Auto Parts is the other complicated corporate story, with a ticker and a restructuring. Pep Boys is the private-platform version after the Icahn years. It can be a fair lease once the 2026 assignment is clean. It is a bad lease if you are guessing who pays.
Geography
California and the West are the footprint Mavis said it wanted. The Carolinas, Texas, Florida, and Arizona have stores too. Confirm the location survived the ownership change and is not on a closure list you have not been shown.
Pep Boys NNN FAQs
Who owns Pep Boys now?
Mavis Tire Express Services said it completed the purchase of Pep Boys from Icahn Automotive, a subsidiary of Icahn Enterprises, on August 20, 2026, for about $700 million. Pep Boys keeps its name inside Mavis. Icahn's release also said IEP retained real estate that had already been transferred out of Pep Boys, plus AAMCO and Precision Tune. The operator and the landlord can now be different companies. Read your deal against that split.
Does that sale make the lease safer?
It changes the credit. It does not automatically improve it. Mavis is a large private tire-and-service platform. Icahn Enterprises is a public holding company that may still own some of the land. If you are the landlord, you need the tenant to be a Mavis or Pep Boys entity that can pay, and you need to know you are not buying a master lease that was carved up in the transaction. Get the assignment and estoppel.
What cap rates are commonly reported?
Pep Boys has traded wider than AutoZone for years because the credit was a corporate orphan and the Pep Boys boxes are older. A Mavis company guaranty after the 2026 closing, if the estoppel actually shows it, could tighten a Pep Boys bid. Buyers have been parking Pep Boys anywhere from 6 percent into the middle 7s. Quick Facts is the Pep Boys parking spot, not a verified study.
What is the building?
A larger service-and-parts box than a quick lube, often with many bays and a retail floor. Reuse by another tire dealer is realistic. Reuse by a retailer needs a plan for the service doors. Older roofs and lifts are diligence, not trivia.
Keep Exploring
Browse
Sector
Related Tenants
States with Inventory
Run the Numbers
Buying a Pep Boys? Get every matching deal — on and off market.
Free buyer representation. No obligation. Reply within 24 hours.