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NNN QuikTrip for Sale
QuikTrip is a privately held, Tulsa-based convenience store chain that opened its 1,200th store in February 2026, and neither Boulder nor Matthews gives it a credit rating. Boulder shows typical new leases of 15 years with flat rent during the initial term and asking cap rates of 5.25% – 6.75% depending on the term left (The Boulder Group, September 2026), while Matthews describes the typical structure as a ground lease (ABS NNN), so check exactly what you would be buying.
Not rated
S&P credit rating
1,200+
Stores (February 2026)
15 Years
Typical lease term
Flat
Rent in initial term
4,800 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; NACS (store count, February 2026; Boulder lists 1,250 and Matthews about 1,195).
Key Takeaways
Tenant & Credit Profile
QuikTrip is privately held, based in Tulsa, Oklahoma, and not rated by S&P (The Boulder Group, September 2026; Matthews, 2026). It opened its 1,200th store in February 2026 and said it plans at least 80 new stores this year (NACS; C-Store Dive).
Typically Triple Net Leases
Boulder lists typical new leases as triple net with a 15-year term and flat rent during the initial term. Matthews labels the typical structure a ground lease (ABS NNN) with increases in the option periods (The Boulder Group; Matthews, 2026).
Asking Cap Rates
QuikTrip properties currently show asking cap rates of 5.80% – 6.10% with 10 years remaining and 5.25% – 5.55% for a new 15-year lease (The Boulder Group, September 2026).
Ground Leases Change the Math
Matthews lists the typical QuikTrip deal as a ground lease. In a ground lease you buy the land and the tenant owns the building, so what you are underwriting is the land, the rent and QuikTrip’s ability to pay it.
QuikTrip NNN Cap Rates and Lease Data
If you’re weighing a QuikTrip 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, QuikTrip pairs a private company with a long lease. It is not rated by S&P, so there is no public credit rating to lean on, and new leases typically run 15 years with flat rent during the initial term.1 Matthews notes that increases come in the option periods and labels the typical structure a ground lease (ABS NNN). With flat rent, nearly all of your return comes from the yield you buy in at, since there is no scheduled rent growth until an option kicks in.
That’s where cap rates come in. Boulder shows asking cap rates of 5.25% – 5.55% on a new 15-year lease, 5.80% – 6.10% with 10 years left, and 6.45% – 6.75% with 5 years left.2 Matthews’ numbers run a little lower: it puts a new-construction deal at 5.25%, 10 years remaining at 5.65% and 5 years remaining at 5.91%.3 Both show the same pattern, with yield rising as the remaining term shrinks.
Closed sales landed in the same neighborhood. Matthews counted 3 QuikTrip sales in the first half of 2025 at an average cap rate of 5.95%, 7 in the second half at 5.79%, and 2 so far in 2026 at 5.78%.4 That is a small number of deals, so treat the averages as a guide rather than a benchmark.
In dollars, Boulder puts the average sale price at about $5.2 million with average rent of about $292,000 a year, while Matthews reports average annual rent of about $263,500.5 We have not calculated a price per square foot, because in a ground lease the building belongs to QuikTrip.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 63, and Matthews, 2026 Net Lease Tenant Report, May 2026, p. 19. Boulder lists QuikTrip as privately held and not rated, with a typical 15-year term and flat rent during the initial term. Matthews shows the credit rating as N/A, the lease type as Ground Lease (ABS NNN) and rent increases “in options.” ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 63. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 19. Cap rate comparison by years remaining on the lease. ↩
4. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 19. Average cap rate and average term remaining on closed transactions: 3 sales in the first half of 2025 (5.95%, 9 years), 7 in the second half (5.79%, 10 years) and 2 in 2026 year to date (5.78%, 6 years). ↩
5. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 63: average sale price ($5,200,000) and average rent ($292,000). Matthews, 2026 Net Lease Tenant Report, May 2026, p. 19: average annual rent ($263,500), with rents across the deals it tracks ranging from about $119,790 to $510,444. ↩
QuikTrip as a Tenant
How QuikTrip operates
QuikTrip was founded in 1958 and is headquartered in Tulsa, Oklahoma (CSP). It operates 1,200 stores across 21 states and employs more than 32,000 people (Mass Market Retailers).
It is still growing. The 1,200th store opened in Morrow, Georgia in February 2026 (NACS), QuikTrip said it plans at least 80 new stores this year (C-Store Dive), its first Utah store opened in August (Trade & Industry Development), and its 16th Houston-area store opened on October 23, 2026 (My Neighborhood News).
Remote travel centers, a format QuikTrip debuted in 2020, have been the common denominator in its expansion strategy (C-Store Dive).
Financial strength and growth
QuikTrip is private and does not publish financial statements, and neither report gives it a credit rating. What you can check is the footprint: Matthews counts about 1,195 stores, Boulder 1,250, and QuikTrip opened its 1,200th store in February 2026.
Matthews also tracks the rent side. QuikTrip’s average annual rent is about $263,500, with rents across the deals it follows ranging from about $119,790 to $510,444 (Matthews, 2026 Net Lease Tenant Report, p. 19). That spread is wide, so the rent on the specific store matters more than the average.
Matthews also shows 7 QuikTrip properties on the market with an average asking cap rate of 5.28%, ranging from 4.50% to 5.81%, and about 7 years of lease remaining on average (Matthews, 2026 Net Lease Tenant Report, p. 19).
Why Investors Buy QuikTrip Properties
QuikTrip is a large private operator that is still adding stores, and the typical deal pairs a 15-year initial term with flat rent through that term (The Boulder Group, September 2026). With 10 years remaining, Boulder’s asking range of 5.80% – 6.10% compares with 5.25% – 5.55% for Wawa, 5.80% – 6.10% for Sheetz and 5.90% – 6.20% for Murphy USA.
At about $5.2 million for the average deal (The Boulder Group), QuikTrip is a bigger check than the restaurant brands in the same report: Panera averages $3.2 million, Popeyes $2.9 million and Pizza Hut $1.3 million.
Because Matthews lists the typical deal as a ground lease, you are buying land and a rent stream rather than a building. Look closely at the land, the trade area and the rent in the option periods, since rent is flat during the initial term.
Risks and Market Conditions
Flat rent is the first thing to weigh. Boulder lists no rent increases during the initial 15-year term, and Matthews says increases come only in the options (The Boulder Group; Matthews, 2026), so rent does not keep up with inflation during the initial term.
QuikTrip is private and not rated by S&P, and it is expanding into new markets, including its first Utah store in August 2026 and a plan to open at least 10 new Houston-area stores a year (Trade & Industry Development; My Neighborhood News). Newer markets have less operating history, so look closely at a specific store’s sales and trade area.
Build a Diversified NNN Portfolio
Pairing a QuikTrip with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
QuikTrip NNN FAQs
How are QuikTrip leases structured?
Boulder lists typical new QuikTrip leases as triple net with a 15-year term and flat rent during the initial term. Matthews labels the typical structure a ground lease (ABS NNN), with rent increases in the option periods (The Boulder Group, September 2026; Matthews, 2026). Confirm in the lease exactly what you would own and who is responsible for what.
What cap rate do QuikTrip properties trade at?
Boulder’s September 2026 asking cap rates are 6.45% – 6.75% with 5 years remaining, 5.80% – 6.10% with 10 years remaining and 5.25% – 5.55% for a new 15-year lease. Matthews’ closed sales averaged 5.95% in the first half of 2025, 5.79% in the second half and 5.78% in 2026 so far.
What does a QuikTrip cost?
Boulder reports an average sale price of about $5.2 million with average rent of about $292,000 a year. Matthews reports average annual rent of about $263,500, with a wide range from about $119,790 to $510,444, so pricing depends heavily on the specific store.
What are the main risks?
QuikTrip is private and not rated by S&P, rent is flat during the initial term, and the typical deal is a ground lease, so you are underwriting land and the tenant’s ability to pay. Newer markets also have less operating history, so review each store’s sales and trade area.
Questions about QuikTrip NNN 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.