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AYR Wellness NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Explore Avis NNN properties, ground leases, cap rates, lease terms, tenant credit, and 1031 exchange opportunities for net lease investors.

Last Year Cap

7.0%

This Year Cap

7.1%

Cap Change

0.2%

AYR Wellness – NNN Cap Rate Trend

Cap Rate Trends

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Tenant Year Cap Rate
5779 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,020 6.5
5780 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,021 6.3
5781 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,022 6.0
5782 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,023 6.3
5783 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,024 6.6
5784 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,025 6.6
Tenant Year Cap Rate
1031 Exchange
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Credit (what net-lease buyers care about)

Credit Snapshot

AYR Wellness

Cap Rates NNN
Last Year 7.0%
This Year 7.1%
Change 0.2%
S&P Rating CREDIT
Last Year NR
This Year NR
Change NO CHANGE

AYR Wellness Net Lease: Secure, Essential Investment

AYR Wellness is a vertically integrated cannabis operator with a growing retail footprint across the United States. This guide reviews cap rates, lease terms, tenant credit, property fundamentals, and key due diligence considerations for buyers and sellers.

For 1031 exchange buyers, AYR Wellness Net Lease Properties can provide an opportunity to evaluate specialized retail real estate with long-term lease income potential. Investors should compare lease structure, property quality, tenant strength, and resale potential when evaluating these assets.

Investors may consider AYR Wellness properties for:

  • Stable Income Potential
  • Established Retail Locations
  • Long-Term Lease Opportunities
  • 1031 Exchange Compatibility

AYR Wellness Net Lease Properties for 1031 Exchange Buyers

AYR Wellness properties can differ significantly based on location, lease structure, and remaining term. Buyers should evaluate lease language, rent growth, property fundamentals, tenant obligations, and re-tenanting potential to understand the long-term risk and return of each investment.

AYR Wellness Investment Market Statistics

AVERAGE SALE PRICE

$3,300,000 – $3,700,000

BUILDING SIZE

2,480 – 7,780 SF

AVERAGE NOI

$230,000 – $275,000

LAND

0.61 – 1.71 acres

$/SF RANGE

$400 – $630

LEASE TERM SHOWN

10 years

AYR Wellness Investor Snapshot (Quick Facts)

Origins & Growth (Past)

  • Founded as a cannabis-focused healthcare and retail company
  • Expanded through acquisitions across multiple U.S. markets
  • Built a multi-state dispensary and cannabis retail network
  • Developed locations in established retail trade areas
  • Expanded its portfolio through strategic acquisitions
  • Focused on building a vertically integrated cannabis platform
 

Where AYR Wellness Stands Today

  • Operates a multi-state cannabis retail platform
  • Serves customers through branded dispensary locations
  • Focuses on medical and adult-use cannabis markets
  • Operates retail locations in established markets
  • Continues to optimize its store portfolio
  • Focuses on operational efficiency and cash-flow improvement

Where AYR Wellness Stands Today

  • Cannabis retail remains the core business
  • Store performance varies by market and location
  • Portfolio optimization remains important to investors
  • Lease structure varies by individual property
  • Investors should evaluate tenant and property-level risk
  • Location quality, lease term, and rent are key underwriting factors
 

Why investors buy AYR Wellness NNN Properties or AYR Wellness ground Lease Properties?

Pros (what buyers like)

  • Established cannabis retail platform
    Operates a multi-state dispensary network with established customer bases.
  • Essential retail locations
    Dispensaries can benefit from recurring local demand and established trade areas.
  • Strategic store locations
    Well-positioned properties with strong visibility, accessibility, and surrounding population can support long-term value.
  • Long-term lease potential
    Longer lease terms with defined renewal options can provide more predictable income for investors.
  • NNN or ground lease opportunities
    Lower landlord operating responsibilities.

Cons (what can bite you)

  • Lease structure variability
    Some properties may be NN or modified NNN rather than true NNN, with certain landlord responsibilities.
  • Cannabis industry risk
    Regulatory changes, market competition, and evolving state cannabis laws can affect business performance.
  • Tenant financial risk
    AYR Wellness is not comparable to an investment-grade bank tenant, so investors should carefully evaluate tenant credit and financial strength.
  • Limited re-tenanting flexibility
    Cannabis-specific improvements, licensing requirements, and specialized layouts may make conversion to another use more difficult.

Find out more

Explore AYR Wellness NNN properties, ground lease opportunities, cap rates, lease terms, tenant credit, and real estate investment considerations for NNN and 1031 exchange buyers.

AYR Wellness Background & History

AYR Wellness is a multi-state cannabis operator focused on developing and operating dispensary locations across selected U.S. markets. The company built its platform through acquisitions and expansion, establishing a network of retail cannabis locations serving medical and adult-use markets.

Over time, AYR Wellness expanded its retail footprint and developed dispensaries in established trade areas with convenient access and customer visibility. Its properties can include standalone retail locations and purpose-built facilities designed around cannabis retail operations.

As the cannabis industry evolves, AYR Wellness has focused on optimizing its store portfolio, improving operational efficiency, and adapting to changing market conditions and consumer demand.

Why AYR Wellness Matters to NNN Investors

AYR Wellness properties can appeal to NNN investors seeking single-tenant retail assets with established locations and long-term lease income. The investment case is generally driven by real estate quality, lease structure, remaining term, and the property’s position within its local trade area.

Well-located dispensaries with strong visibility, convenient access, established customer demand, and limited nearby competition may provide stronger long-term real estate fundamentals. Investors should also determine whether the lease is true NNN, modified NNN, or another structure with landlord responsibilities.

What Buyers and Sellers Should Evaluate

For investors evaluating AYR Wellness NNN properties, AYR Wellness net lease properties, or AYR Wellness ground lease opportunities, the focus should be on individual property fundamentals rather than the brand alone.

Key factors include AYR Wellness cap rates, lease term, rent escalations, tenant credit, renewal options, landlord responsibilities, property condition, and re-tenanting potential. Investors should also review visibility, access, surrounding population, traffic patterns, competition, and the property’s suitability for future users.

Because cannabis properties can have specialized improvements and regulatory considerations, buyers should evaluate re-tenanting potential if the existing lease ends. Long-term cash-flow durability, lease rollover risk, and exit value should also be considered.

 

Corporate vs. Franchise | Store Count

AYR Wellness operates a multi-state cannabis retail platform through company-operated dispensary locations rather than a traditional franchise model. For NNN and ground lease investors, the corporate relationship and lease guarantor should be reviewed carefully because tenant structure can directly affect credit quality and lease security. AYR Wellness has built its footprint through a combination of organic growth and acquisitions across U.S. cannabis markets.

AYR Wellness Financial Snapshot

AYR Wellness operates as a publicly traded cannabis company with revenue generated primarily through its retail and cannabis operations. Its financial performance is influenced by store-level sales, market conditions, operating costs, regulatory factors, and the performance of its individual markets. For NNN investors, tenant credit and financial strength should be evaluated alongside the property itself. Buyers should review lease coverage, rent obligations, remaining lease term, renewal options, and the tenant's ability to maintain long-term operations when evaluating AYR Wellness lease investments.

AYR Wellness Lease Types

AYR Wellness properties may be structured as NNN, modified NNN, or other net lease arrangements, depending on the individual property and transaction. While some leases may limit landlord operating responsibilities, others may require the landlord to cover certain expenses such as roof, structure, or other capital items. For investors, each AYR Wellness property should be reviewed individually. Key considerations include lease structure, remaining term, rent escalations, renewal options, landlord responsibilities, tenant obligations, and re-tenanting potential before underwriting and pricing the asset.

our team of experts are here for you

Our team helps investors evaluate NNN properties with practical, market-based guidance. In addition, we support buyers and sellers with lease review, pricing analysis, and due diligence strategy.

Whether you are comparing AYR Wellness ground lease properties or fee simple AYR Wellness assets, we can help you review the details that affect risk and long-term value. As a result, clients can make more confident decisions based on lease structure, location quality, and investment goals.

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