NNN Cap Rate Report (Q4 2026)
1571 active Net Lease World listings as of November 4, 2026. Median asking cap rate 6.00%.
Methodology: Asking cap rates on active Net Lease World listings, not closed sales. Figures are computed from published, active listings with a stated price or cap rate on the date shown; listings without a value are left out of that figure.
Asking cap rates by tenant sector, as of November 4, 2026
| Sector | Listings | Median cap rate | Average cap rate | Median price |
|---|---|---|---|---|
| QSR | 360 | 5.70% | 5.61% | $2.40M |
| Convenience & Fuel | 233 | 5.25% | 5.36% | $5.05M |
| Discount Retail | 218 | 6.90% | 6.95% | $1.71M |
| Automotive | 124 | 6.00% | 5.96% | $2.34M |
| Drugstore | 122 | 6.75% | 6.95% | $4.30M |
| Car Wash | 50 | 5.95% | 6.14% | $3.35M |
| Bank | 49 | 5.28% | 5.41% | $3.04M |
| Medical | 29 | 6.30% | 6.28% | $2.56M |
| Retail | 27 | 6.00% | 6.31% | $4.65M |
| Grocery | 11 | 5.75% | 5.61% | $5.13M |
| Fitness | 9 | 6.50% | 6.70% | $4.50M |
| Industrial | 2 | 6.83% | 6.83% | $3.51M |
Asking cap rates by state, as of November 4, 2026
| State | Listings | Median cap rate | Average cap rate | Median price |
|---|---|---|---|---|
| Texas | 167 | 5.75% | 5.92% | $3.20M |
| Florida | 120 | 5.80% | 5.84% | $3.23M |
| Ohio | 100 | 5.92% | 5.99% | $3.06M |
| Georgia | 87 | 6.05% | 6.01% | $2.56M |
| California | 85 | 5.25% | 5.31% | $3.71M |
| Illinois | 62 | 6.25% | 6.19% | $2.45M |
| Michigan | 62 | 6.31% | 6.36% | $2.28M |
| Indiana | 60 | 6.34% | 6.27% | $2.65M |
| North Carolina | 59 | 6.19% | 6.24% | $2.65M |
| Tennessee | 53 | 6.19% | 6.14% | $2.20M |
| New York | 40 | 5.92% | 6.23% | $3.05M |
| Pennsylvania | 38 | 5.93% | 5.98% | $2.76M |
| Arizona | 36 | 5.75% | 5.85% | $2.79M |
| Minnesota | 36 | 5.50% | 6.17% | $3.60M |
| South Carolina | 36 | 6.10% | 6.35% | $2.65M |
| Kentucky | 34 | 6.12% | 6.15% | $2.11M |
| Missouri | 34 | 6.39% | 6.27% | $2.15M |
| Virginia | 34 | 5.95% | 5.93% | $2.29M |
| Alabama | 30 | 6.65% | 6.71% | $1.60M |
| Colorado | 29 | 6.08% | 6.01% | $3.49M |
| Washington | 29 | 6.20% | 6.11% | $3.42M |
| Louisiana | 28 | 7.00% | 6.80% | $1.70M |
| Arkansas | 24 | 6.36% | 6.54% | $1.76M |
| Oklahoma | 23 | 6.10% | 6.05% | $2.06M |
| Nevada | 19 | 5.00% | 5.07% | $2.76M |
| Mississippi | 18 | 6.29% | 6.45% | $1.75M |
| Oregon | 16 | 5.93% | 6.08% | $2.07M |
| West Virginia | 16 | 6.10% | 6.25% | $2.18M |
| Wisconsin | 16 | 5.88% | 6.15% | $2.93M |
| Iowa | 15 | 7.07% | 6.75% | $2.00M |
| New Jersey | 15 | 5.54% | 5.56% | $3.14M |
| Connecticut | 13 | 5.85% | 6.50% | $3.30M |
| Idaho | 12 | 5.38% | 5.46% | $2.26M |
| Massachusetts | 11 | 6.00% | 6.09% | $3.72M |
| New Mexico | 11 | 6.10% | 6.06% | $2.33M |
| Maryland | 10 | 5.78% | 5.80% | $3.13M |
| Nebraska | 10 | 6.73% | 6.81% | $2.42M |
| Utah | 9 | 5.00% | 5.13% | $2.95M |
| Kansas | 8 | 7.16% | 7.18% | $1.61M |
| New Hampshire | 5 | 6.80% | 6.73% | $4.01M |
| South Dakota | 4 | 7.35% | 7.39% | $1.08M |
| Montana | 3 | 5.75% | 5.42% | $2.39M |
| North Dakota | 3 | 7.50% | 7.42% | $1.96M |
| Delaware | 2 | 4.88% | 4.88% | $6.90M |
| Rhode Island | 2 | 7.32% | 7.32% | $4.30M |
| Alaska | 1 | 6.00% | 6.00% | $1.30M |
| Maine | 1 | 6.41% | 6.41% | $5.15M |
DC and territories, as of November 4, 2026
| Area | Listings | Median cap rate | Average cap rate | Median price |
|---|---|---|---|---|
| Puerto Rico | 1 | 7.00% | 7.00% | $10.20M |
Frequently asked questions
What is the median NNN asking cap rate right now?
6.00% across 1571 active Net Lease World listings as of November 4, 2026. These are asking cap rates, not closed sales.
Which net lease sectors have the lowest and highest asking cap rates?
Among sectors with at least 3 listings, Convenience & Fuel has the lowest median asking cap rate (5.25%) and Discount Retail the highest (6.90%), as of November 4, 2026.
Which states have the most net lease listings?
Texas (167), Florida (120), Ohio (100), as of November 4, 2026.
Are these closed-sale cap rates?
No. This report uses asking cap rates on active Net Lease World listings, not closed sales. Closed prices can differ from asking prices.
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