Tel          : 202-361-3050
E:  info@nnndeals.com

Facebook Linkedin Instagram Youtube Blog
Menu
GET A QUOTE

Big Lots NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Big Lots NNN properties, Big Lots net lease properties, Big Lots 1031 exchange

Last Year Cap

7.0%

This Year Cap

7.3%

Cap Change

0.3%

Last Year Rating

NR

This Year Rating

NR

Rating Change

No Change

Big Lots, Inc. – 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
See Active Listing
Get Off Market Deals

Credit (what net-lease buyers care about)

Credit Snapshot

Big Lots

Cap Rates NNN
Last Year 7.0%
This Year 7.3%
Change 0.3%
S&P Rating CREDIT
Last Year NR
This Year NR
Change No Change

Big Lots Net Lease: Secure, Essential Investment

Big Lots Net Lease Properties require careful evaluation of tenant credit, lease structure, property occupancy, and the operating entity responsible for rent payments. This guide reviews lease terms, cap rates, tenant considerations, and key due diligence factors for commercial real estate buyers and sellers.

Investors evaluating former or currently operating Big Lots locations should consider:

  • Rental Income Potential — Verify current rent payments and the tenant’s ability to meet lease obligations.

  • Retail Location Quality — Assess visibility, access, traffic patterns, surrounding businesses, and local demand.

  • Tenant and Guarantor Credit — Confirm the legal tenant, guarantor, and their current financial standing.

  • 1031 Exchange Compatibility — Review identification deadlines, closing timelines, financing, and replacement-property requirements with qualified advisers.

Big Lots Net Lease Properties for 1031 Exchange Buyers

Big Lots properties may differ significantly depending on whether a store is operating, has been transferred to another operator, or is vacant. Buyers should confirm the current lease status, legal ownership, rent obligations, renewal rights, and any bankruptcy-related lease changes before proceeding.

Big Lots Investment Market Statistics

AVERAGE SALE PRICE

$1,995,000

BUILDING SIZE

26,040–43,660 SF

AVERAGE NOI

$333,043

LAND

1.35–5.84 acres

$/SF RANGE

$14.45–$60

LEASE TERM SHOWN

4.5 years

Big Lots Investor Snapshot (Quick Facts)

Origins & Growth (Past)

 

  • Founded in 1967 as Consolidated Stores Corporation

  • Grew through discount retailing and acquisitions

  • Became known for value-priced merchandise

  • Operated a nationwide network of discount stores

  • Filed for Chapter 11 bankruptcy in September 2024

  • Completed an asset sale to Gordon Brothers in January 2025

Where Big Lots Stands Today

  • Big Lots brand stores have continued under new ownership and operators

  • Variety Wholesalers acquired and reopened select former Big Lots locations

  • Store operating status varies by location

  • Lease obligations depend on the specific legal tenant and lease agreement

  • Property value depends on location, condition, and alternative-use potential

  • Tenant credit and rent payment history require property-level verification

Where Big Lots Stands Today

  • Verify whether the store is currently operating

  • Confirm the legal tenant and any lease guarantor

  • Review remaining lease term and renewal options

  • Evaluate rent, expenses, and landlord responsibilities

  • Assess vacancy risk and potential re-tenanting costs

  • Review resale potential and 1031 exchange suitability

 

Why investors buy Big Lots NNN Properties or Big Lots ground Lease Properties?

Pros (what buyers like)

  • Established Retail Locations
    Visible sites in shopping corridors.

  • Large Retail Spaces
    Potential for multiple retail uses.

  • Acquisition Opportunities
    Possible value depending on pricing.

  • Reuse Potential
    Suitable for alternative tenants.

Cons (what can bite you)

  • Tenant Credit Risk
    Bankruptcy and ownership changes.

  • Store Closure Risk
    Vacant or transferred locations.

  • Limited Rent Growth
    Depends on lease terms.

  • Re-Tenanting Challenges
    Renovation costs and leasing delays.

Find out more

Big Lots NNN properties, Big Lots net lease properties, Big Lots 1031 exchange

Big Lots Background & History

Big Lots is an American discount retailer founded in 1967, known for offering value-priced merchandise across categories such as home goods, furniture, food, and seasonal products. The company expanded through acquisitions and developed a nationwide retail footprint serving budget-conscious shoppers.

In September 2024, Big Lots filed for Chapter 11 bankruptcy protection amid financial challenges. Its assets were subsequently sold to Gordon Brothers, and Variety Wholesalers acquired select stores and continued operating locations under the Big Lots brand. As a result, the current operating status and ownership of individual locations must be verified.

Why Big Lots Matters to NNN Investors

Big Lots-related properties may interest commercial real estate investors because of their established retail locations, large-format buildings, parking areas, and potential for alternative retail uses. However, the investment outlook varies significantly between operating stores, transferred locations, and vacant former stores.

For investors, the key considerations include the property’s location, building condition, current occupancy, lease obligations, and the financial standing of the legal tenant and any guarantor. A recognizable retail brand alone does not establish the strength of a lease or guarantee future rental income.

What Buyers and Sellers Should Evaluate

For investors evaluating Big Lots NNN properties, net lease assets, or potential ground leases, the investment case should be based on the specific property’s real estate fundamentals and contractual obligations. Buyers should confirm whether the location is operating, identify the legal tenant, and review the lease and guaranty before relying on projected income.

Common investment considerations include Big Lots real estate, Big Lots cap rates, lease terms, tenant credit, and property repositioning potential. Ultimately, value depends on factors such as purchase price, rental income, lease structure, location quality, and demand from replacement tenants.

Corporate vs. Franchise | Store Count

Big Lots has undergone significant ownership and operational changes following its 2024 bankruptcy. Variety Wholesalers acquired select former Big Lots stores and continued operating locations under the Big Lots brand. Store counts and operating structures can vary, so investors should verify the current operator and legal tenant for each property. For NNN and ground lease buyers, the lease guarantor and contractual obligations matter more than the brand name alone.

Big Lots Financial Snapshot

Big Lots faced financial challenges that led to its Chapter 11 bankruptcy filing in September 2024 and the subsequent sale of its assets. Investors should not assume the former public company's financial profile supports current lease obligations. Before underwriting a property, review the current tenant's financial standing, rent payment history, lease guaranty, and ability to meet its contractual obligations.

Big Lots Lease Types

Big Lots-related properties may have different lease arrangements depending on the property and current tenant. Do not assume every location has a long-term NNN or ground lease. Buyers should confirm whether a lease is active and determine whether it is absolute NNN, NNN, modified NNN, or another structure. Carefully review the remaining term, rent escalations, renewal options, roof and structural responsibilities, and assignment provisions before underwriting and pricing.

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 Big Lots  ground lease properties or fee simple Big Lots  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.

Contact Us
Scroll to Top