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Sam’s Club NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Sam’s Club

Last Year Cap

6.3%

This Year Cap

6.5%

Cap Change

0.2%

Last Year Rating

AA

This Year Rating

AA

Rating Change

No change

Sam’s Club – 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

Sam’s Club

Cap Rates NNN
Last Year 6.3%
This Year 6.5%
Change 0.2%
S&P Rating CREDIT
Last Year AA
This Year AA
Change No change

Sam’s Club Net Lease: Secure, Essential Investment

Sam’s Club is a membership-only warehouse club operated by Sam’s Club, a division of Walmart Inc.. This guide reviews investment fundamentals including cap rates, lease structures, tenant credit strength, and key due diligence considerations for buyers and sellers.

For 1031 exchange investors, Sam’s Club properties offer exposure to a nationally recognized retail brand backed by Walmart’s scale and operating strength. Investors should evaluate lease terms, store performance, market demographics, and real estate fundamentals when comparing Sam’s Club opportunities with other big-box retail investments.

Investors often target Sam’s Club assets for:

  • Large-Format Retail Real Estate
  • Strong Corporate Backing
  • Established Membership-Based Business Model
  • Attractive 1031 Exchange Potential

Because Sam’s Club locations typically occupy large parcels and high-traffic retail corridors, investors should carefully review remaining lease term, renewal options, site functionality, local market demand, and long-term real estate value.

Sam’s Club Properties for 1031 Exchange Buyers

Sam’s Club properties can provide long-term investment opportunities in major retail trade areas. Buyers should carefully evaluate lease structure, remaining lease term, extension options, site characteristics, surrounding retail synergy, and future marketability to understand long-term risk and return potential.

Sam’s Club – Credit Trend (S&P vs Moody’s)

Tenant_Rating_Trend

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank
1 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2022 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
2 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2023 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
3 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2024 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
4 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2025 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
5 admin2 2025 03:43 PM admin2 2025 03:43 PM 99centsonlystoresllc 99 Cents Only Stores, LLC 2022 Caa2 CCC+ Substantial Risk Substantial Risk 2 2
TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank

Walmart Stock Price (NYSE: WMT)

WMT stock price by TradingView

Sam’s Club Investment Market Statistics

AVERAGE SALE PRICE

$12,000,000

BUILDING SIZE

90,000 – 180,000 SF

AVERAGE NOI

$850,000

LAND

10 – 25 Acres

$/SF RANGE

$150 – $300

LEASE TERM SHOWN

15 years

Sam’s Club Investor Snapshot (Quick Facts)

Origins & Growth (Past)

• Founded in 1983 by Walmart founder Sam Walton
• Introduced membership-based warehouse retail model
• Expanded rapidly across major U.S. markets
• Developed large-format warehouse club locations
• Built strong small business and consumer membership base
• Established as one of the leading warehouse club operators in the U.S.

 
 

 

 

Where Sam’s Club Stands Today

• One of the largest warehouse club retailers in the U.S.
• Strong membership-based business model
• Backed by Walmart’s scale and resources
• Large-format stores in major retail markets
• Growing e-commerce and omnichannel capabilities
• Focused on operational efficiency and member value
• Serves both consumers and small businesses nationwide

Where Sam’s Club Stands Today

  • Growing Memberships
  • Digital Expansion
  • Omnichannel Growth
  • Enhanced Convenience
  • Operational Efficiency
  • Walmart Synergies
  • Value Demand
  • Supply Chain Optimization
 
 
 

Why investors buy Sam’s Club NNN Properties or Sam’s Club ground Lease Properties?

Pros (what buyers like)

  • Strong Corporate Backing
    Backed by Walmart, one of the world’s largest retailers with substantial financial resources.
  • Established Membership Model
    Recurring membership revenue helps support customer loyalty and predictable store traffic.
  • Essential Retail Offering
    Provides groceries, household essentials, health products, and business supplies that generate consistent demand.
  • Large Trade Areas
    Typically serves broad regional markets with strong consumer and small-business customer bases.
  • Prime Retail Locations
    Often located near major highways, regional retail hubs, and high-traffic commercial corridors.
  • Attractive Lease Structures
    Long-term NNN and ground leases appeal to passive investors and 1031 exchange buyers.

 

Cons (what can bite you)

  • Limited Buyer Pool
    Large transaction sizes can reduce the number of potential purchasers compared to smaller net lease assets.
  • Market-Specific Performance Risk
    Store performance may vary based on local demographics, competition, and economic conditions.
  • Flat or Limited Rent Growth
    Some leases contain modest rent escalations that may not fully offset inflation.
  • Big-Box Re-Tenanting Challenges
    Large warehouse buildings can require significant capital and time to re-lease if vacated.
  • E-Commerce Competition
    Although Sam’s Club has expanded digitally, changing consumer shopping habits remain a long-term retail consideration.
  • Real Estate Concentration
    Large-format properties typically require substantial land parcels, which can impact future redevelopment flexibility.

Find out more

Sam’s Club Background & History

Sam’s Club is a membership-only warehouse club retailer operated by Walmart Inc. and is best known for offering bulk merchandise, groceries, household essentials, and business supplies at value-oriented prices. Founded in 1983 by Sam Walton, the company expanded rapidly across the United States through its warehouse club format focused on serving both consumers and small businesses.

Over time, Sam’s Club developed a nationwide footprint of large-format retail locations positioned in major metropolitan areas and growing suburban markets. Today, members rely on Sam’s Club stores for everyday necessities, fresh food, health products, fuel services, and bulk purchasing opportunities.

As consumer shopping habits have evolved, the company has invested heavily in e-commerce, mobile technology, curbside pickup, and supply chain efficiencies. These initiatives help support a seamless omnichannel experience while improving convenience and operational performance.

Why Sam’s Club Matters to NNN Investors

Sam’s Club operates one of the largest warehouse club networks in the United States and benefits from the financial strength and operational scale of Walmart. The business model is supported by recurring membership revenue, high sales volumes, and a focus on value-driven retail offerings.

Many locations occupy large parcels within dominant retail corridors, often benefiting from strong traffic counts, regional customer draw, and proximity to complementary retailers. These characteristics help support long-term real estate relevance and consistent customer visitation.

In addition, the company continues to invest in digital capabilities, automation, fulfillment services, and member-focused enhancements that strengthen operational efficiency and customer engagement.

This combination of scale, membership loyalty, and essential retail offerings helps explain why Sam’s Club remains a widely recognized tenant within the net lease market.

What Buyers and Sellers Should Evaluate

For investors evaluating Sam’s Club NNN properties, a Sam’s Club net lease, or a Sam’s Club ground lease, the investment thesis is typically centered on real estate fundamentals, lease structure, and the long-term viability of the location. As a result, buyers often focus on site quality, market demographics, and lease economics in addition to tenant strength.

Common searches include Sam’s Club real estate, Sam’s Club cap rate, Sam’s Club lease term, Sam’s Club ground lease, and Sam’s Club investment properties. Ultimately, investment value is driven by location-specific factors, lease terms, property functionality, and the asset’s position within the surrounding retail market.

Because warehouse club properties are large-format assets, investors should carefully evaluate trade area demographics, traffic patterns, visibility, access points, competitive retail supply, and future redevelopment potential. Lease language, renewal options, landlord responsibilities, and remaining term should also be reviewed as part of a comprehensive due diligence process.

In addition, investors should consider long-term cash-flow durability, evolving retail trends, market liquidity, and how the asset may perform under different hold periods and exit strategies.

Corporate vs. Franchise | Store Count

Sam's Club operates under a fully corporate-owned model as a division of Walmart Inc., with no franchised locations. For NNN and ground lease investors, this means leases are typically associated with a corporate-operated business model, helping provide clarity regarding tenant operations and occupancy. In the U.S., Sam's Club operates approximately 600+ warehouse club locations, making it one of the largest membership-based warehouse retailers in the country. For investors, lease structure, real estate fundamentals, market demographics, and location quality typically matter more than total club count alone.

Sam's Club Financial Snapshot

Sam's Club operates as a division of Walmart Inc., one of the world's largest retailers. The business benefits from Walmart's substantial revenue base, strong cash flow generation, and extensive retail infrastructure. Sam's Club's membership-driven model provides recurring revenue while supporting high sales volumes across groceries, household essentials, health products, and business merchandise. For net lease investors, Sam's Club benefits from Walmart's scale, operational strength, and long-standing presence in the retail sector. When evaluating a Sam's Club NNN property or ground lease, investors often focus on lease structure, location quality, market fundamentals, and the long-term viability of the underlying real estate.

Sam's Club Lease Types

Most single-tenant Sam's Club properties are structured as long-term NNN or ground leases, though lease terms and responsibilities can vary by property. While many investments are marketed as NNN, buyers should verify the specific lease structure, as landlord obligations may differ from one asset to another. As a result, investors should carefully review lease language, expense responsibilities, renewal options, and remaining lease term before underwriting and pricing a Sam's Club investment property.

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 Sam’s Club ground lease properties or fee simple Sam’s Club 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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