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NNN 7-Eleven for Sale
7-Eleven properties are single-tenant convenience store sites leased on long-term net leases. Both major net lease reports rate the tenant A- by S&P, and Boulder’s asking cap rates for 10 years of remaining term run 5.30% – 5.60%. This page walks through what the reports show and what to check before you buy.
A-
S&P credit rating
12,000+
Locations in North America
15 Years
Typical lease term
5–10%
Increase every 5 years
4,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026; store count per Seven & i Holdings fiscal 2025 materials, as reported by KTVU (April 2026).
Key Takeaways
Investment-Grade Credit, With a Parent to Check
Both reports list 7-Eleven at A- from S&P, which is investment grade. Matthews pairs that rating with the stock symbol of Japan’s Seven & i Holdings, so confirm which entity signs and guarantees the lease you’re buying.
Long Triple Net Leases
Both reports show a typical 15-year triple net lease with rent increases every five years: 10% in Boulder, 5% – 10% in Matthews. Confirm who is responsible for the roof and structure in any lease you review.
Lower Cap Rates
Boulder’s September 2026 asking cap rates are 5.30% – 5.60% with 10 years remaining and 4.80% – 5.15% for a new 15-year lease. Investors are paying up for the credit rating and the long term.
A Shrinking Footprint
Seven & i expects 7-Eleven to close about 645 North American stores in the fiscal year that began March 1, 2026, while opening more than 200 (C-Store Dive). Some closures are conversions to wholesale fuel sites, so check how the specific store performs.
7-Eleven NNN Cap Rates and Lease Data
If you’re weighing a 7-Eleven property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is strong. Both reports list 7-Eleven at A-, which is investment grade, with a typical 15-year triple net lease and rent increases every five years.1 Boulder puts those increases at 10%, which works out to about 2% a year; Matthews shows a range of 5% – 10%. That adds some rent growth, but most of your return still comes from the yield you buy in at.
That’s where cap rates come in. Boulder shows asking cap rates of 4.80% – 5.15% on a new 15-year lease, 5.30% – 5.60% with 10 years left, and 5.90% – 6.20% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid more to take on the question of whether 7-Eleven renews when the lease ends.
Closed sales tell a similar story. Matthews reports an average cap rate of 5.17% on 58 closed 7-Eleven sales in the first half of 2025 and 5.38% on 113 in the second half. Those deals averaged 12 to 13 years of lease remaining, which falls between Boulder’s 10-year and 15-year asking ranges. So far in 2026, the average is 5.13% across 21 deals.3
In dollars, Boulder puts the average sale price at about $5.77 million with average rent of about $300,000 a year. On a typical 4,000 SF store, that works out to roughly $1,440 per square foot, though a convenience store is priced as a whole site, so price per square foot is only a rough yardstick.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 1; Matthews, 2026 Net Lease Tenant Report, May 2026, p. 16. Credit rating is S&P, as reported by both; Matthews lists the stock symbol SVNDY, which is Seven & i Holdings. Lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 1. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 16. Average cap rate on closed transactions: 5.17% on 58 in the first half of 2025 (12 years of lease remaining on average), 5.38% on 113 in the second half (13 years) and 5.13% on 21 so far in 2026 (11 years). Matthews figures are averages of closed sales, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 1. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($5.77 million across a typical 4,000 SF store). Matthews reports average annual rent of $258,000 on about 3,485 SF. ↩
7-Eleven as a Tenant
Who stands behind the lease
7-Eleven, Inc. is headquartered in Dallas, Texas, and is owned by Japan’s Seven & i Holdings, which is working toward an IPO of its North American convenience store business (C-Store Dive). Matthews lists a market capitalization of about $32.1 billion next to the parent’s stock symbol (Matthews, 2026 Net Lease Tenant Report, May 2026). Both reports show an A- S&P rating. Before you buy, confirm whether the lease is signed by 7-Eleven, Inc., a franchisee or another operator, because a rating only helps if the rated entity is on the hook.
Where the footprint is heading
Seven & i’s fiscal 2026 plan, which runs from March 1, 2026 through February 28, 2027, calls for about 645 store closures in North America and more than 200 openings. That would be the fifth straight year of closing more stores than it opens (C-Store Dive). Some closures are conversions to wholesale fuel sites, which 7-Eleven leaves out of its store count. The company says it is focusing on larger-format, food-forward stores (The Signal), and its materials point to a North American count of about 12,272 by the end of the fiscal year (KTVU).
IPO timing
Seven & i delayed the planned IPO of its North American convenience store business by at least 11 months, citing market uncertainty (C-Store Dive). If it goes ahead, Seven & i would remain the majority shareholder (The Signal). An IPO would typically mean more public disclosure about the business, but it would not change who signs the lease on a specific property.
Why Investors Buy 7-Eleven Properties
7-Eleven pairs investment-grade credit with a long lease. An A- rating from S&P and a typical 15-year triple net term with rent increases every five years give you a long, defined income stream (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026).
You pay for that quality. With 10 years remaining, Boulder’s September 2026 asking range of 5.30% – 5.60% compares with 5.95% – 6.25% for Arby’s, 6.55% – 6.85% for AT&T and 6.75% – 7.05% for Advance Auto Parts. At the same remaining term, that is about 0.65 points below Arby’s, 1.25 below AT&T and 1.45 below Advance Auto Parts (our calculation).
There is also an active resale market. Matthews counted 171 closed 7-Eleven sales in 2025 (58 in the first half and 113 in the second, our sum) and 21 so far in 2026, which suggests buyers are available if you ever need to sell.
Risks and Market Conditions
The biggest question mark is the footprint. 7-Eleven has closed more stores than it opened for four straight years and expects to do so again in fiscal 2026 (C-Store Dive). If your store is on a closure list, the A- rating only helps if the lease is guaranteed by the rated entity and still has years left to run. Ask for sales and performance data on the specific store and a copy of the lease.
Fuel sites can also raise environmental questions, such as underground tanks, that don’t come up with a typical retail building, so environmental due diligence deserves extra attention. The two reports also disagree on basic figures: Boulder lists 9,512 locations and Matthews about 13,000, so treat summary statistics as a starting point and verify the details for the property in front of you.
Build a Diversified NNN Portfolio
Pairing a 7-Eleven with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
7-Eleven NNN FAQs
Who pays property expenses on a 7-Eleven NNN property?
Both reports list a triple net lease as typical, which usually puts property taxes, insurance and maintenance on the tenant. Responsibility for the roof and structure varies by lease, so confirm it in the lease itself instead of assuming it is an absolute net lease.
What cap rate do 7-Eleven properties trade at?
Boulder’s September 2026 asking cap rates are 5.90% – 6.20% with 5 years remaining, 5.30% – 5.60% with 10 years and 4.80% – 5.15% for a new 15-year lease. Matthews reports average closed-sale cap rates of 5.17% in the first half of 2025, 5.38% in the second half and 5.13% so far in 2026. Actual cap rates vary by location, remaining lease term and guarantor.
Is a 7-Eleven NNN property a good fit for a 1031 exchange?
Single-tenant net lease properties are commonly used as replacement property in a 1031 exchange, which requires like-kind real estate and strict identification and closing deadlines. A 7-Eleven can fit if the price, timing and lease work for your exchange. Talk with your qualified intermediary and tax advisor before you commit.
Questions about NNN 7-Eleven Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.