NNN Cap Rate Report (Q4 2026)
1490 active Net Lease World listings as of October 15, 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 October 15, 2026
| Sector | Listings | Median cap rate | Average cap rate | Median price |
|---|---|---|---|---|
| QSR | 339 | 5.71% | 5.65% | $2.38M |
| Convenience & Fuel | 222 | 5.25% | 5.37% | $5.00M |
| Discount Retail | 210 | 6.85% | 6.93% | $1.72M |
| Automotive | 121 | 6.00% | 5.95% | $2.34M |
| Drugstore | 116 | 6.80% | 6.97% | $4.30M |
| Car Wash | 50 | 5.95% | 6.14% | $3.35M |
| Bank | 46 | 5.25% | 5.36% | $3.14M |
| Medical | 28 | 6.28% | 6.25% | $2.60M |
| Retail | 27 | 6.00% | 6.31% | $4.65M |
| Grocery | 11 | 5.75% | 5.61% | $5.13M |
| Fitness | 10 | 6.75% | 6.76% | $4.85M |
| Industrial | 2 | 6.83% | 6.83% | $3.51M |
Asking cap rates by state, as of October 15, 2026
| State | Listings | Median cap rate | Average cap rate | Median price |
|---|---|---|---|---|
| Texas | 157 | 5.75% | 5.89% | $3.20M |
| Florida | 110 | 5.75% | 5.83% | $3.22M |
| Ohio | 98 | 5.92% | 5.99% | $3.06M |
| California | 82 | 5.25% | 5.32% | $3.65M |
| Georgia | 76 | 6.05% | 6.12% | $2.57M |
| Michigan | 62 | 6.39% | 6.39% | $2.23M |
| Illinois | 58 | 6.19% | 6.18% | $2.47M |
| Indiana | 56 | 6.34% | 6.28% | $2.75M |
| North Carolina | 56 | 6.25% | 6.32% | $2.67M |
| Tennessee | 51 | 6.19% | 6.18% | $2.23M |
| New York | 38 | 5.92% | 6.23% | $3.05M |
| Pennsylvania | 37 | 6.00% | 6.00% | $2.75M |
| Arizona | 36 | 5.75% | 5.85% | $2.79M |
| Minnesota | 36 | 5.50% | 6.17% | $3.60M |
| South Carolina | 35 | 6.10% | 6.28% | $2.67M |
| Virginia | 33 | 5.95% | 5.91% | $2.29M |
| Kentucky | 32 | 6.24% | 6.21% | $1.85M |
| Missouri | 32 | 6.40% | 6.29% | $2.15M |
| Washington | 29 | 6.20% | 6.07% | $3.65M |
| Colorado | 28 | 6.04% | 6.00% | $3.31M |
| Alabama | 27 | 6.69% | 6.77% | $1.49M |
| Louisiana | 23 | 7.00% | 6.83% | $1.83M |
| Arkansas | 21 | 6.40% | 6.45% | $1.76M |
| Oklahoma | 20 | 6.05% | 5.95% | $2.01M |
| Nevada | 19 | 5.00% | 5.07% | $2.76M |
| Mississippi | 17 | 6.43% | 6.65% | $1.61M |
| Oregon | 16 | 5.93% | 6.08% | $2.07M |
| West Virginia | 16 | 6.10% | 6.25% | $2.18M |
| New Jersey | 15 | 5.54% | 5.56% | $3.14M |
| Wisconsin | 14 | 5.88% | 6.11% | $2.93M |
| Connecticut | 13 | 5.85% | 6.50% | $3.30M |
| Iowa | 13 | 7.14% | 6.84% | $2.12M |
| New Mexico | 12 | 5.85% | 6.02% | $2.33M |
| Idaho | 11 | 5.50% | 5.51% | $2.33M |
| Massachusetts | 11 | 6.00% | 6.09% | $3.72M |
| 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 |
| North Dakota | 3 | 7.50% | 7.42% | $1.96M |
| South Dakota | 3 | 7.35% | 7.40% | $1.08M |
| Delaware | 2 | 4.88% | 4.88% | $6.90M |
| Montana | 2 | 5.25% | 5.25% | $3.72M |
| 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 October 15, 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 1490 active Net Lease World listings as of October 15, 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 (6.85%), as of October 15, 2026.
Which states have the most net lease listings?
Texas (157), Florida (110), Ohio (98), as of October 15, 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.
Compare tenants
- Dollar General vs Dollar Tree
- Dutch Bros vs Starbucks
- CVS vs Walgreens
- AutoZone vs O'Reilly Auto Parts
- Dollar General vs Family Dollar
- Burger King vs Wendy's
- McDonald's vs Wendy's
- Burger King vs McDonald's
- KFC vs Popeyes
- Chick-fil-A vs Popeyes
- Chipotle vs Taco Bell
- Jiffy Lube vs Take 5 Oil Change
- Jiffy Lube vs Valvoline
- Bank of America vs Chase Bank
- 7-Eleven vs Circle K