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NNN Gas Stations for Sale
Gas stations are a category, not a single tenant: the operator, its credit and its lease all change by brand. Convenience stores sell about 80% of the fuel purchased in the U.S., and 122,620 of them sold fuel in 2026 (NACS). The Boulder Group and Matthews both profile several fuel brands, so we can show real numbers below. Confirm which entity signed the lease, how long it runs and who owns the building.
A triple net lease generally shifts property taxes, insurance and maintenance to the tenant, which can suit investors leaving hands-on real estate through a 1031 exchange. Ground leases work differently, with the tenant owning the building. Call us for current pricing on a specific property.
122,620
U.S. convenience stores selling fuel, 2026 NACS count
~80%
Share of U.S. fuel purchased at convenience stores
5.25%–6.20%
Boulder 10-year asking cap rates, six fuel brands
5.13%–5.78%
Matthews 2026 closed-sale average cap rates, five brands
NNN or ground
Typical lease type depends on the brand
Confirm
Lease type: ask who handles roof, structure and environmental duties
Sources: NACS/NIQ TDLinx 2026 store count (stores selling fuel); NACS (fuel share); The Boulder Group, Net Lease Tenant Profiles, September 2026 (asking cap rates for 7-Eleven, Circle K, Murphy USA, QuikTrip, Sheetz and Wawa); Matthews, 2026 Net Lease Tenant Report, May 2026 (closed sales for 7-Eleven, Circle K, QuikTrip, Sheetz and Wawa). Gas stations are a category, so each brand’s credit and lease differ.
Key Takeaways
A Category, Not One Tenant
Credit depends on the operator. The Boulder Group lists S&P A- for 7-Eleven, BBB+ for Circle K (a subsidiary of Alimentation Couche-Tard) and BB+ for Murphy USA, with no rating for QuikTrip, Sheetz and Wawa (September 2026). Confirm who signed the lease, not just whose sign is on the canopy.
Lease Types Differ by Brand
Boulder lists triple net leases for 7-Eleven and QuikTrip, triple net or ground leases for Circle K, and ground leases for Murphy USA, Sheetz and Wawa. In a ground lease you own the land and the tenant owns the building, which typically reverts to you at the end. Matthews lists QuikTrip as a ground lease, so confirm the structure for each property.
Cap Rates in the Mid-5s to Low-6s
On a 10-year term, Boulder’s asking cap rates run from 5.25% – 5.55% for Wawa to 5.90% – 6.20% for Murphy USA. Matthews’ 2026 closed sales average between 5.13% for 7-Eleven and 5.78% for QuikTrip, though QuikTrip is only two sales.
Fuel Sites Are Growing, and So Is Charging
Convenience stores selling fuel rose by 768 to 122,620 in 2026, an eight-year high, while public EV charging reached 76,725 locations in January 2026 (NACS). Both are growing, so weigh a site’s remaining term and renewal options with the long view in mind.
Gas Station NNN Cap Rates and Lease Data
If you’re weighing an NNN gas station, three things shape what you’ll earn: who the tenant is, how the lease is structured and what yield you’re paying for. “Gas station” is a category, so the answer depends on the brand. The two market reports cover several fuel brands, and here is how they line up.
On the tenants, credit varies. Boulder lists S&P A- for 7-Eleven, BBB+ for Circle K and BB+ for Murphy USA, while QuikTrip, Sheetz and Wawa are not rated.1 Typical new leases run 15 to 20 years. Rent increases are 10% every five years for 7-Eleven, Circle K, Murphy USA and Wawa, flat during the initial term for QuikTrip, and 10% in each option period for Sheetz.
That’s where cap rates come in. On a 10-year term, Boulder shows asking cap rates of 5.25% – 5.55% for Wawa, 5.30% – 5.60% for 7-Eleven, 5.70% – 6.00% for Circle K, 5.80% – 6.10% for QuikTrip and Sheetz, and 5.90% – 6.20% for Murphy USA.2 Rating isn’t the whole story: unrated Wawa asks the lowest yield, while BB+ Murphy USA asks the highest. Average sale prices run from about $3.0 million for Circle K to $5.86 million for Wawa.
Closed sales mostly come in below those asking ranges. Matthews reports 2026 averages of 5.13% for 7-Eleven (21 sales), 5.23% for Circle K (9), 5.44% for Sheetz (5), 5.59% for Wawa (8) and 5.78% for QuikTrip (2), with Wawa the one brand slightly above its Boulder range.3 Talk to Our Team and we’ll walk through current pricing on a specific property.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026: 7-Eleven (p. 1), Circle K (p. 25), Murphy USA (p. 55), QuikTrip (p. 63), Sheetz (p. 67), Wawa (p. 83). Credit rating is S&P, as reported by Boulder (Circle K as a subsidiary of Alimentation Couche-Tard); lease terms are typical for new construction. Boulder defines a ground lease as one where the landlord owns the ground and a third party owns the improvements, which typically revert to the landlord at expiration. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, pages above. Asking cap rates as of September 2026 for a 10-year term. Average sale prices as reported by Boulder: 7-Eleven $5.77 million, Circle K $3.0 million, Murphy USA $3.3 million, QuikTrip $5.2 million, Sheetz $4.3 million, Wawa $5.86 million. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026: 7-Eleven (p. 16), Circle K (p. 17), QuikTrip (p. 19), Sheetz (p. 20), Wawa (p. 21). Averages of closed transactions year to date in 2026 as of the report; Matthews does not profile Murphy USA. Matthews figures are averages of closed sales across different remaining lease terms, while Boulder’s are asking rates, so the two measure different things. Matthews lists QuikTrip, Sheetz and Wawa as ground leases and Circle K as absolute NNN, and its location counts and Circle K rating (BBB) differ from Boulder’s. ↩
Gas Station Tenants
Who occupies NNN gas stations
Convenience stores sell about 80% of the fuel Americans buy, and 122,620 of the 151,975 U.S. convenience stores sell fuel (NACS/NIQ TDLinx 2026 store count). The Boulder Group profiles six fuel brands: 7-Eleven (9,512 locations), Circle K (6,344), Murphy USA (1,650), QuikTrip (1,250), Wawa (956) and Sheetz (630).
Matthews counts about 13,000 7-Eleven and 7,000 Circle K locations, and its counts for QuikTrip, Sheetz and Wawa also differ from Boulder’s. Counts depend on the report and date, so use each company’s own figures when it matters.
For a net lease buyer, the lease matters more than the logo. Ask who signed it: the brand’s parent, a regional operator or a dealer. NACS says 63% of U.S. convenience stores are owned by companies with 10 or fewer stores (CSP Daily News), so the operator on a lease may not be a national brand.
Industry strength and market conditions
U.S. convenience stores had $837.4 billion in sales in 2024, $501.9 billion of it from motor fuel and $335.5 billion in-store (The Shelby Report).
The U.S. convenience store count slipped 0.2% to 151,975 in 2026, but stores selling fuel rose by 768 to 122,620, the highest in eight years (NACS).
Public EV charging stood at 76,725 locations with 235,077 charging outlets in January 2026 (NACS). Fuel sites are growing today, so weigh the remaining lease term and renewal options with the long view in mind.
Why Investors Buy Gas Station Properties
The case for gas stations is a large, established use with strong national operators. Convenience stores sell about 80% of U.S. fuel (NACS), and the brands in the market reports carry S&P ratings as high as A- for 7-Eleven and BBB+ for Circle K, per The Boulder Group.
Lease structure matters. Many fuel brands lease on triple net or ground lease terms. Under a triple net lease the tenant generally pays property taxes, insurance and maintenance. Under a ground lease you own the land and the building typically reverts to you when the lease ends, so confirm the term and exactly what you’re buying.
A single-tenant gas station can also work as a 1031 exchange replacement property. Because fuel is stored on site, ask for the environmental reports early and have your lender confirm what it requires.
Risks and Market Conditions
Credit and structure risk. Ratings range from A- for 7-Eleven to BB+ for Murphy USA, and QuikTrip, Sheetz and Wawa aren’t rated (The Boulder Group, September 2026). A site may be run by a local operator rather than the brand, and under a ground lease you don’t own the building during the term. Confirm the tenant entity, any guarantee and who owns the improvements.
Fuel, environmental and market risk. Public EV charging is growing, with 76,725 locations in January 2026 (NACS), and fuel sites carry environmental obligations that vary by site. Ask who is responsible for cleanup under the lease, review the environmental reports, and check the remaining term and renewal options against how the site could change.
Build a Diversified NNN Portfolio
Pairing a gas station with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Gas Stations NNN FAQs
What cap rates do NNN gas stations offer?
It depends on the brand and remaining term. On a 10-year term, The Boulder Group’s September 2026 asking cap rates run from 5.25% to 6.20% across 7-Eleven, Circle K, Murphy USA, QuikTrip, Sheetz and Wawa. Matthews’ 2026 closed-sale averages run from 5.13% to 5.78% for five of those brands. Ask our team for current comparable sales on a specific property.
Who are typical gas station tenants?
Large chains such as 7-Eleven, Circle K, QuikTrip, Sheetz, Wawa and Murphy USA appear in the market reports, along with regional operators. NACS says 63% of U.S. convenience stores are owned by companies with 10 or fewer stores (CSP Daily News), so confirm who is actually on the lease.
Is a gas station lease triple net or a ground lease?
Both appear. Boulder lists triple net leases for 7-Eleven and QuikTrip, triple net or ground leases for Circle K, and ground leases for Murphy USA, Sheetz and Wawa. In a ground lease the landlord owns the ground and the tenant owns the improvements. Confirm which one you’re buying.
What should I check before buying a gas station?
Start with the lease: the signing entity, any guarantee, the remaining term, rent increases, whether you own the building or only the land, and who handles the roof, structure and environmental duties. Ask for the environmental reports early and have your lender confirm its requirements.
Questions about NNN Gas Station Properties for Sale?
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Contact Our Team →Disclaimer
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.