4.40% - 5.50%
Avg. Asking Cap Rates
Trophy credit assets and ground leases with long-term capital preservation priority.
Examples: McDonald's, Chase
NNN Tenant Investment Index & Cap Rate Dashboard
Cap Rates & Credit Rating Mix by Sector
See the average cap rate for each net lease sector and how its tenants are split by S&P credit rating. Click any sector to update the credit mix, then jump straight to that sector's tenants in the directory.
Average Cap Rate by Sector
Lowest to highest average cap rate. Click a bar to select.
Credit Rating Mix
All sectors
Based on the tenants in the directory that list a cap rate. Simple averages shown for comparison only; sectors with few tenants (shown as "n") are less reliable. Cap rates vary by property, lease term and location.
NNN Tenant Investment Master Guide
A comprehensive overview comparing commercial triple net (NNN) tenants across credit rating spectrums, current capitalization rates, and standard lease frameworks. Use this matrix to analyze risk-adjusted yields for 1031 exchanges.
Corporate Credit Tier Snapshots
5.25% - 6.50%
Avg. Asking Cap Rates
Strong corporate security matching meaningful real estate value and tax-adjusted returns.
Examples: Starbucks, Chipotle
6.35% - 7.60%
Avg. Asking Cap Rates
The threshold line for defensive institutional requirements with clear yield premiums.
Examples: Fresenius, Dollar General
7.50% - 9.50%+
Avg. Asking Cap Rates
Higher risk profile requiring rigorous operator and local macro demographic underwriting.
Examples: Franchisee QSRs, Walgreens
Benchmark Tenant Cap Rates
Comparing corporate giants against individual yields
National Asking Cap Rates by Sector
Macro view across core NNN commercial categories
NNN Tenant Investment Master Guide
A comprehensive overview comparing commercial triple net (NNN) tenants across credit rating spectrums, current capitalization rates, and standard lease frameworks. Use this matrix to analyze risk-adjusted yields for 1031 exchanges.
Corporate Credit Tier Snapshots
Tier 1: High Grade
AA to A
4.40% - 5.50%
Avg. Asking Cap Rates
Trophy credit assets and ground leases with long-term capital preservation priority.
Examples: McDonald's, Chase
Tier 2: Med Grade
A- to BBB+
5.25% - 6.50%
Avg. Asking Cap Rates
Strong corporate security matching meaningful real estate value and tax-adjusted returns.
Examples: Starbucks, Chipotle
Tier 3: IG Floor
BBB to BBB-
6.35% - 7.60%
Avg. Asking Cap Rates
The threshold line for defensive institutional requirements with clear yield premiums.
Examples: Fresenius, Dollar General
Tier 4: Speculative
BB+ & Unrated
7.50% - 9.50%+
Avg. Asking Cap Rates
Higher risk profile requiring rigorous operator and local macro demographic underwriting.
Examples: Franchisee QSRs, WalgreensBenchmark Tenant Cap Rates
Comparing corporate giants against individual yields
National Asking Cap Rates by Sector
Macro view across core NNN commercial categories
All Net Lease Tenant Index
Filterable list pointing directly to individual investment profiles
| Tenant / Brand | Sector | S&P Rating | Avg. Cap Rate | Lease Structure | Profile Link |
|---|---|---|---|---|---|
| Fresenius Medical Care | Medical/Healthcare | BBB- | 6.37% | Corporate Absolute NNN | View Guide → |
| McDonald's | QSR / Fast Food | A | 4.40% | Corporate Ground Lease | View Guide → |
| Starbucks | QSR / Fast Food | BBB+ | 6.45% | Corporate NNN | View Guide → |
| CVS | Pharmacy / Drug Store | BBB | 6.80% | Corporate NNN | View Guide → |
| Dollar General | Dollar Store | BBB | 7.15% | Corporate Absolute NNN | View Guide → |
| Walgreens | Pharmacy / Drug Store | BB | 8.10% | Corporate NN / NNN | View Guide → |
TENANT DIRECTORY
All Net Lease Tenant Profiles
Explore tenant investment profiles, compare credit ratings and cap rates, and review lease structures to support your commercial real estate investment decisions.
| Tenant / Brand | Sector | S&P Rating | Avg. Cap Rate | Lease Structure | Tenant Summary | Profile Link |
|---|---|---|---|---|---|---|
| Aaron's | Furniture / Rent-to-Own | 7.0% | Net Lease / Ground Lease | Explore Aaron's NNN investment profile, tenant credit considerations, lease terms, and property-level investment risks. | View Guide → | |
| ABC Supply | Building Materials | 6.5% | NNN / Ground Lease | Review ABC Supply's tenant profile, industrial property considerations, lease obligations, and investment yield. | View Guide → | |
| Ace Hardware | Hardware / Retail | 7.0% | NNN / Modified NNN | Explore Ace Hardware's investment profile, store operator considerations, lease obligations, and property-level risks. | View Guide → | |
| Advance Auto Parts | Automotive Parts | 7.0% | NNN / Ground Lease | Evaluate Advance Auto Parts' tenant credit profile, lease duration, rent escalations, and automotive retail property fundamentals. | View Guide → | |
| AFC Urgent Care | Urgent Care / Healthcare | 6.8% | NNN / Absolute NNN / NN | Assess AFC Urgent Care's healthcare property investment profile, lease guaranty, remaining lease term, and landlord responsibilities. | View Guide → | |
| Affordable Dentures | Dental / Healthcare | 6.8% | NNN / Modified NNN / Ground Lease | Explore Affordable Dentures' NNN investment profile, cap rate considerations, credit terms, and 1031 exchange suitability. | View Guide → | |
| Ahern Rentals | Equipment Rental | 7.7% | NNN / Net Lease | Explore Ahern Rentals' tenant profile, equipment rental property considerations, lease obligations, and investment risks. | View Guide → | |
| Albertsons | Grocery / Supermarket | 6.5% | NNN / Net Lease | Review Albertsons' grocery retail investment profile, tenant credit considerations, lease terms, and property-level risks. | View Guide → | |
| AMC Theatres | Entertainment / Cinema | 8.5% | NNN / Net Lease | Assess AMC Theatres' entertainment property exposure, tenant credit risk, lease structure, and investment yield. | View Guide → | |
| Anytime Fitness | Fitness / Health Club | 6.8% | NNN / Net Lease | Explore Anytime Fitness' fitness property investment profile, franchise considerations, lease obligations, and tenant risks. | View Guide → | |
| Applebee's | Casual Dining / Restaurant | 7.5% | NNN / Net Lease | Review Applebee's restaurant investment profile, lease structure, operator considerations, and property-level risks. | View Guide → | |
| Arby's | QSR / Fast Food | 6.3% | NNN / Net Lease | Explore Arby's tenant profile, restaurant lease considerations, credit risk, and net lease investment fundamentals. | View Guide → | |
| ARCO | Fuel / Convenience | Not listed | NNN / Ground Lease | Explore ARCO's NNN investment profile, fuel-station property considerations, lease structure, and tenant risks. | View Guide → | |
| Ashley Furniture | Furniture / Retail | Not listed | NNN / Net Lease | Review Ashley Furniture's tenant profile, furniture retail property considerations, lease obligations, and investment risks. | View Guide → | |
| Aspen Dental | Dental / Healthcare | Not listed | NNN / Net Lease | Explore Aspen Dental's healthcare real estate profile, lease structure, operator considerations, and property-level risks. | View Guide → | |
| Associated Bank | Banking / Financial Services | Not listed | NNN / Net Lease | Assess Associated Bank's bank-branch property profile, lease terms, tenant credit considerations, and investment risks. | View Guide → | |
| At Home | Home Décor / Retail | Not listed | NNN / Net Lease | Review At Home's retail property investment profile, lease structure, tenant credit considerations, and property risks. | View Guide → | |
| AT&T | Telecommunications | Not listed | NNN / Net Lease | Explore AT&T's net lease profile, telecommunications retail property considerations, lease structure, and tenant risks. | View Guide → | |
| ATI Physical Therapy | Physical Therapy / Healthcare | Not listed | NNN / Net Lease | Review ATI Physical Therapy's healthcare property profile, lease obligations, operator considerations, and investment risks. | View Guide → | |
| AutoNation | Automotive / Auto Dealership | Not listed | NNN / Net Lease | Assess AutoNation's automotive real estate profile, dealership property considerations, lease structure, and tenant risks. | View Guide → | |
| AutoZone | Automotive Parts | Not listed | NNN / Ground Lease | Explore AutoZone's NNN investment profile, automotive retail property fundamentals, lease terms, and tenant credit considerations. | View Guide → | |
| Avis | Car Rental / Automotive | Not listed | NNN / Net Lease | Review Avis's net lease investment profile, car-rental property considerations, lease obligations, and tenant risks. | View Guide → | |
| AYR Wellness | Cannabis / Healthcare Retail | Not listed | NNN / Net Lease | Explore AYR Wellness's property investment profile, cannabis-sector considerations, lease structure, and regulatory risks. | View Guide → | |
| CVS | Pharmacy / Drug Store | 7.0% | Corporate NNN | Review pharmacy-sector exposure, tenant credit, and the current-year cap rate benchmark. | View Guide → | |
| Dollar General | Dollar Store | 7.3% | Corporate Absolute NNN | Explore the discount retail tenant's credit rating, lease structure, and current-year cap rate benchmark. | View Guide → | |
| Fresenius Medical Care | Medical / Healthcare | 6.6% | Corporate Absolute NNN | Healthcare tenant profile with information on credit quality, lease structure, and current-year cap rate. | View Guide → | |
| McDonald's | QSR / Fast Food | 4.2% | Corporate Ground Lease | Review McDonald's tenant credit profile, ground lease structure, and current-year cap rate benchmark. | View Guide → | |
| Starbucks | Coffee / QSR | 6.7% | Corporate NNN | Explore Starbucks' credit rating, lease framework, and current-year cap rate benchmark. | View Guide → | |
| Walgreens | Pharmacy / Drug Store | 7.3% | Corporate NN / NNN | Review Walgreens' tenant credit profile, lease structure, and current-year cap rate benchmark. | View Guide → |
All Net Lease Tenant Profiles
Explore tenant investment profiles, compare credit ratings and cap rates, and review lease structures to support your commercial real estate investment decisions.
| Tenant / Brand | Sector | S&P Rating | Avg. Cap Rate | Lease Structure | Tenant Summary | Profile Link |
|---|
Tip: click Tenant, S&P Rating or Cap Rate headers to sort.
Key Findings from Our Tenant Data
Short summaries of what our cap rate and credit rating trackers show. Each article links to the related tenant guides, and the full list of guides is at the bottom of this section.
Average cap rates fell through 2022, then rose every year
Across the 317 net lease tenants in our cap rate tracker, the average cap rate was 6.12% in 2020. It moved down to 5.82% in 2021 and 5.67% in 2022, then rose to 5.90% in 2023, 6.21% in 2024 and 6.48% in 2025. The median followed the same path (6.2% in 2020, 5.7% in 2022 and 6.5% in 2025). The Cap Rate Trend chart above lets you look at any tenant year by year.
2025: cap rates moved up for most tenants
Between 2024 and 2025, the cap rate rose for 321 of 359 tenants, fell for 24 and stayed flat for 14. The median change was +25 basis points (bps; 100 bps equals 1 percentage point), and 40 tenants moved by 50 bps or more. The largest increases were ARCO (+120 bps), LA Fitness (+91 bps), Family Dollar (+90 bps), Krispy Kreme (+85 bps) and BJ's Wholesale Club (+83 bps).
A smaller group of tenants saw cap rates edge down
Cap rates fell for 24 tenants between 2024 and 2025, mostly by small amounts. The largest declines were Walk-On's (−29 bps), Quik Mart (−28 bps), Caliber Collision (−25 bps), Raising Cane's (−25 bps), Tire Choice (−25 bps), Ahern Rentals (−25 bps) and Marshalls (−25 bps).
Credit ratings were mostly unchanged in 2025
Of the 180 tenants and parent companies with an S&P rating in both 2024 and 2025, 150 (83%) kept the same rating, 18 were upgraded and 12 were downgraded. Upgrades included Bank of America (A- to A+), Kohl's (BB to BBB-) and Advance Auto Parts (BB+ to BBB-). Downgrades included Banfield Pet Hospital (A+ to A), BJ's Wholesale Club (BB+ to BB), Dave & Buster's (B to B-) and Everbrook Academy (B to B-). The Rating Changes and Rating Timeline tabs above list every move.
Related tenant guides: Bank of America · Kohl's · Advance Auto Parts · Banfield Pet Hospital · BJ's Wholesale Club · Dave & Buster's · Everbrook Academy
The range of reported cap rates in 2025
Reported 2025 cap rates for the tracked tenants ranged from 4.2% to 8.5%. The lowest were McDonald's (4.2%), Chick-fil-A (4.6%), Raising Cane's (4.7%) and Whataburger (4.7%). The highest were AMC Theatres (8.5%), Regal (8.3%), Big Blue Marble Academy (8.2%) and Golden Corral (8.0%).
Related tenant guides: McDonald's · Chick-fil-A · Raising Cane's · Whataburger · AMC Theatres · Big Blue Marble Academy · Golden Corral
Cap rates by sector and by credit rating group
Among the directory tenants that list a cap rate, sector averages ranged from 5.53% (Banking) to 7.57% (Education & Childcare): Banking 5.53% (n=9), Restaurants & QSR 6.10% (n=36), Automotive 6.73% (n=12), Healthcare & Fitness 6.78% (n=13), Retail 6.83% (n=23), Industrial 6.98% (n=6), Pharmacy 7.15% (n=2), Dollar Store 7.47% (n=3), Education & Childcare 7.57% (n=3). Sectors with only a few tenants, such as Pharmacy and Dollar Store, are less reliable. By credit group, investment-grade tenants (BBB- and above) averaged 6.39% (n=36), tenants below investment grade averaged 6.55% (n=32) and unrated tenants averaged 6.59% (n=39).
Browse All Tenant Guides (A–Z)
271 tenant guides. Select any name to open its page.
A
B
- Banco Popular
- Banfield Pet Hospital
- Bank of America
- Bank United
- Barnes & Noble
- Best Buy
- BestMed Urgent Care
- BI-LO
- Big 5 Sporting Goods
- Big Blue Marble Academy
- Big Lots
- BioLife Plasma Services
- BJ's Restaurant
- BJ's Wholesale Club
- BMO Bank
- Bob Evans
- Bojangles
- Boston Market
- BP
- Brakes Plus
- Bridgestone
- Buc-ee's
- Buffalo Wild Wings
- Builders FirstSource
- Burger King
- Burlington
C
- Cadence Academy Preschool
- Caliber Car Wash
- Caliber Collision
- California Pizza Kitchen
- Capital One Bank
- Captain D's
- CareNow Urgent Care
- Caribou Coffee
- Carl's Jr.
- CarMax
- Carrabba's Italian Grill
- Carrols Restaurant Group
- Carvana
- Casey's General Stores
- CAVA
- Chase Bank
- Checkers
- Cheddar's
- The Cheesecake Factory
- Chevron
- Chick-fil-A
- Christian Brothers Automotive
- Church's Chicken
- Chuy's
- Cinemark Theatres
- Circle K
- CITGO
- Citibank
- Citizens Bank
- CKE Restaurants
- Classic Collision
- Compass Bank
- Conoco
- Cracker Barrel
- Crunch Fitness
- CubeSmart
- CVS
D
E
F
G
H
M
P
S
T
For information only. Figures come from our tenant cap rate and credit rating trackers, are simple averages, and vary by property, lease term and location. Ratings are S&P long-term issuer ratings where available. bps = basis points (100 bps = 1 percentage point).
Tenant Yield Map: Cap Rate vs. Credit Rating
Every dot is a net lease tenant. Compare S&P ratings and cap rates at a glance: higher-rated tenants sit on the left, lower-rated and unrated tenants on the right. Hover for details and click any tenant to open its investment guide.
Cap rates and ratings come from the tenant directory above. The dashed line connects the average cap rate for each rated tier. Unrated (NR) tenants are shown in the last column. Figures are averages and vary by property, lease term and location.
Tenant Trends: Cap Rates & Credit Ratings Over Time
See how net lease cap rates and S&P credit ratings have moved. Compare tenants year by year, spot the biggest movers, and track upgrades and downgrades.
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