We exclusively represent buyers
NNN Sherwin-Williams for Sale
Sherwin-Williams is rated BBB by S&P, which is investment grade, and the typical Sherwin-Williams lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists the lease as double net, so confirm who handles the roof and structure on any property you consider.
BBB
S&P credit rating
4,853
Stores in the U.S., Canada and the Caribbean
10 Years
Typical lease term
10%
Increase every 5 years
8,200 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Sherwin-Williams 2025 Form 10-K (store count as of December 31, 2025).
Key Takeaways
Investment-Grade Parent
The Sherwin-Williams Company (NYSE: SHW) is a publicly traded paint and coatings maker rated BBB by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026). Its Paint Stores Group operated 4,853 stores in the U.S., Canada and the Caribbean at the end of 2025 (Sherwin-Williams 2025 Form 10-K).
Double Net Leases with Rent Steps
The typical Sherwin-Williams lease runs 10 years with 10% rent increases every five years, which works out to about 2% a year. Boulder lists it as double net rather than triple net, so confirm who handles the roof and structure (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Where Cap Rates Sit
Sherwin-Williams properties currently show asking cap rates of 6.00% – 6.30% with 10 years remaining and 6.50% – 6.80% with 5 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026), below Dollar General’s 7.20% – 7.50% at 10 years. A lower cap rate means you pay more for each dollar of rent.
Selective Store Closures in 2026
After adding a net 80 stores in 2025 (Sherwin-Williams 2025 Form 10-K), Sherwin-Williams closed 57 stores in the first half of 2026, about 1% of its Paint Stores Group, and expects about 30 net new stores for the year (Q2 2026 earnings call, transcript).
Sherwin-Williams NNN Cap Rates and Lease Data
Before you look at a specific Sherwin-Williams property, it helps to know where the market prices them and what kind of lease you’re buying into. Here’s what the numbers say.
Sherwin-Williams is rated BBB, which is investment grade, with a typical building of 8,200 SF.1 The typical lease runs 10 years with 10% rent increases every five years, which works out to about 2% a year, so most of your return comes from the yield you buy in at rather than rent growth. Boulder also lists the typical lease as double net rather than triple net. Double net leases generally leave the roof and structure with the landlord, so confirm exactly who pays for what on any property you’re considering.
On pricing, Boulder shows asking cap rates of 6.00% – 6.30% with 10 years left on the lease and 6.50% – 6.80% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid to take on the question of whether Sherwin-Williams renews.
In dollars, Boulder puts the average sale price at about $1.8 million with average rent of about $110,000 a year. On a typical 8,200 SF store, that works out to roughly $220 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 68. Credit rating is S&P, as reported by Boulder; 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. 68. Asking cap rates as of September 2026. Boulder does not list a 15-year range for Sherwin-Williams. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 68. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $1.8 million across a typical 8,200 SF store). ↩
Sherwin-Williams as a Tenant
How Sherwin-Williams operates
Sherwin-Williams is a Cleveland-based paint and coatings company. Its Paint Stores Group, the segment that runs its stores, operated 4,853 stores in the United States, Canada and the Caribbean at December 31, 2025, after opening 83 and closing 3 during the year (Sherwin-Williams 2025 Form 10-K).
The typical Sherwin-Williams building is about 8,200 square feet, and the typical lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). For investors, that means a scheduled rent bump but a short enough term that the years remaining on the lease matter a great deal. Check which entity signs the lease on any specific property, since credit ratings apply to the parent company.
Financial strength and growth
Sherwin-Williams is rated BBB by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026). Net sales for 2025 were $23.57 billion, up 2.1% (Sherwin-Williams, January 29, 2026), and third-quarter 2026 net sales rose 7.9% to $6.86 billion (Sherwin-Williams, October 27, 2026). Review its current credit ratings from the major agencies as part of your due diligence; its SEC filings are available on the SEC’s EDGAR database.
Store growth is slowing for now. Sherwin-Williams opened 45 stores and closed 57 in the first half of 2026, about 1% of its Paint Stores Group locations, and expects a net increase of about 30 stores for the year (Q2 2026 earnings call, transcript). It said it expects to return to its typical range of 80 to 100 net new stores starting in 2027 (Q3 2026 earnings call, transcript).
Recent growth in the stores segment has come mostly from price. Paint Stores Group net sales rose 4.7% in the third quarter of 2026, primarily from selling price increases, with low-single-digit volume growth, and sales at stores open more than a year rose 3.9% (Sherwin-Williams Form 10-Q, September 30, 2026).
Why Investors Buy Sherwin-Williams Properties
Sherwin-Williams pairs an investment-grade rating with scheduled 10% rent increases every five years, in a typical building of about 8,200 square feet. Boulder puts the average sale at about $1.8 million, a modest ticket for a BBB-rated tenant (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Pricing is tighter than comparable credits. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.00% – 6.30% compares with 6.25% – 6.50% for O’Reilly Auto Parts and 6.35% – 6.65% for Tractor Supply, which are also rated BBB and double net, though their typical leases run 15 years. Dollar General, also rated BBB, is at 7.20% – 7.50%, roughly 1.2 percentage points higher at the midpoint (our calculation).
Because the yield is lower, you are paying for the tenant and the rent steps rather than for income. Add the store base and financial results above, and it is a fit for investors who put credit ahead of yield.
Risks and Market Conditions
Investing in Sherwin-Williams properties comes with some risk. The typical lease is double net, so the landlord may be responsible for the roof and structure, and a 10-year term puts the renewal decision closer than it would be on a 15-year lease. Because the yield is lower, you are also paying more per dollar of rent, which makes a vacancy at renewal harder to absorb.
Sherwin-Williams is also closing some stores while it opens others, with 57 closed and 45 opened in the first half of 2026 (Q2 2026 earnings call, transcript), and its chief executive described demand as “softer for longer” entering 2026 (PDR, 2025 results). When you evaluate a specific store, look at its location and sales if available, the years remaining on the lease, and which entity signs it.
Build a Diversified NNN Portfolio
Pairing a Sherwin-Williams with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Sherwin-Williams NNN FAQs
Are Sherwin-Williams leases corporate-backed?
The Sherwin-Williams Company (NYSE: SHW) is rated BBB by S&P (The Boulder Group, Net Lease Tenant Profiles, September 2026) and reported net sales of $23.57 billion for 2025 (Sherwin-Williams, January 29, 2026). The rating applies to the parent company, so confirm which entity signs the lease on any property you consider.
How long are Sherwin-Williams leases?
The typical Sherwin-Williams lease runs 10 years with 10% rent increases every five years (The Boulder Group, Net Lease Tenant Profiles, September 2026). Boulder lists it as double net, so confirm who handles the roof and structure. More years remaining reduce vacancy risk and generally support resale value.
What cap rate do Sherwin-Williams properties trade at?
Asking cap rates for Sherwin-Williams properties currently run 6.50% – 6.80% with 5 years remaining and 6.00% – 6.30% with 10 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific Sherwin-Williams properties.
Are Sherwin-Williams properties eligible for 1031 exchanges?
Yes. Net lease properties like Sherwin-Williams are commonly used as replacement property in 1031 exchanges, as long as the exchange meets IRS timing and like-kind rules. Talk with a qualified intermediary and your tax adviser before you commit.
Questions about NNN Sherwin-Williams Properties for Sale?
Choosing Triple Net Companies, Inc. means choosing a partner with decades of exclusive buyer representation, a proven track record, and access to the best properties and financing options.
Contact us today to learn more about how we can help you achieve your investment goals.
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.