We exclusively represent buyers
NNN T-Mobile for Sale
T-Mobile is rated BBB+ by S&P, which is investment grade, and the typical T-Mobile 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, and whether T-Mobile or a dealer is the tenant.
BBB+
S&P credit rating
8,021
Locations, per Boulder
10 Years
Typical lease term
10%
Increase every 5 years
2,000 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (credit rating, locations, lease terms); T-Mobile investor relations, credit ratings (S&P BBB+, stable outlook).
Key Takeaways
Investment-Grade Parent
T-Mobile US, Inc. (Nasdaq: TMUS) is a publicly traded wireless carrier rated BBB+ by S&P with a stable outlook (T-Mobile investor relations). It served 142.4 million customers at the end of 2025 (T-Mobile 2025 Form 10-K).
Double Net Leases with Rent Steps
The typical T-Mobile 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
T-Mobile properties currently show asking cap rates of 6.75% – 7.05% with 10 years remaining and 7.20% – 7.50% with 5 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026). At 10 years, that is higher than AT&T at 6.55% – 6.85% and Verizon at 6.13% – 6.43%.
Check Who Is the Tenant
T-Mobile sells through its own stores and through independent dealers (2025 Form 10-K), and in 2026 it began closing certain dealer- and corporate-owned stores (Q2 2026 Form 10-Q). Confirm that T-Mobile itself signs the lease and check the store’s status before you buy.
T-Mobile NNN Cap Rates and Lease Data
Before you look at a specific T-Mobile 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.
T-Mobile is rated BBB+, which is investment grade, with a typical building of 2,000 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 6.75% – 7.05% with 10 years left on the lease and 7.20% – 7.50% 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 T-Mobile renews.
In dollars, Boulder puts the average sale price at about $1.75 million with average rent of about $125,000 a year. On a typical 2,000 SF store, that works out to roughly $875 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 76. Credit rating is S&P, as reported by Boulder and consistent with T-Mobile’s investor relations page (BBB+, stable outlook); 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. 76. Asking cap rates as of September 2026. Boulder does not list a 15-year range for T-Mobile. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 76. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $1.75 million across a typical 2,000 SF store). ↩
T-Mobile as a Tenant
How T-Mobile operates
T-Mobile US, Inc. is a Bellevue, Washington-based wireless carrier that served 142.4 million postpaid and prepaid customers at the end of 2025 across its T-Mobile, Metro by T-Mobile and Mint Mobile brands. It sells through its owned and operated retail stores, its websites and apps, national retailers, and independent third-party dealers (T-Mobile 2025 Form 10-K).
The typical T-Mobile building is about 2,000 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). Boulder reports 8,021 locations but does not say how many are company-operated and how many are run by dealers. Check which entity signs the lease on any specific property, since credit ratings apply to the parent company.
Financial strength and growth
T-Mobile is rated BBB+ by S&P with a stable outlook, Baa1 by Moody’s and BBB+ by Fitch (T-Mobile investor relations). It reported total revenues of $88.3 billion for 2025, up 8% (T-Mobile 2025 Form 10-K), and net income of $11.0 billion (T-Mobile Q4 2025 results). In the third quarter of 2026, total revenues were $23.6 billion and net income rose 27% to $3.5 billion (T-Mobile, October 28, 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.
T-Mobile is shrinking its store footprint while the business grows. It said it began closing certain dealer- and corporate-owned stores in the second quarter of 2026 as part of its digital initiatives and a shift to large-format experience stores, recording a $108 million pre-tax charge that quarter that includes costs tied to terminated operating leases (T-Mobile Form 10-Q, June 30, 2026). In its third-quarter 10-Q, it said it is evaluating additional restructuring tied to these retail initiatives (Q3 2026 Form 10-Q).
Customer growth continues. T-Mobile added 274,000 postpaid net accounts in the third quarter of 2026, bringing total postpaid accounts to 35.0 million, up 3% from a year earlier (T-Mobile, October 28, 2026).
Why Investors Buy T-Mobile Properties
T-Mobile pairs an investment-grade rating with scheduled 10% rent increases every five years, in a typical building of about 2,000 square feet. Boulder puts the average sale at about $1.75 million, below AT&T at about $2.0 million and Verizon at about $2.03 million (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Pricing is higher than the other two national carriers. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.75% – 7.05% compares with 6.55% – 6.85% for AT&T (rated BBB) and 6.13% – 6.43% for Verizon (rated BBB+). All three are double net with typical 10-year leases and 10% rent increases every five years, so the gap is not a difference in typical lease structure. With 5 years remaining, T-Mobile’s 7.20% – 7.50% compares with 6.90% – 7.20% for AT&T and 6.52% – 6.82% for Verizon.
Add the financial results above, and it is a fit for investors who want a national wireless tenant at a higher yield than its larger-ticket rivals, as long as T-Mobile itself signs the lease and you have checked the store’s status.
Risks and Market Conditions
Investing in T-Mobile properties comes with some risk. The typical lease is double net, and a 10-year term puts the renewal decision closer than it would be on a 15-year lease. Rent steps of 10% every five years add up to only about 2% a year, so your return depends mostly on the price you pay.
T-Mobile has said it is closing certain dealer- and corporate-owned stores and evaluating further restructuring (Q3 2026 Form 10-Q), and because it also sells through independent dealers (2025 Form 10-K), a store may be run by a dealer rather than by the carrier. When you evaluate a specific store, confirm which entity signs the lease, the years remaining on the lease, and whether the location is part of the carrier’s retail changes.
Build a Diversified NNN Portfolio
Pairing a T-Mobile store with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
T-Mobile NNN FAQs
Are T-Mobile leases corporate-backed?
T-Mobile US, Inc. (Nasdaq: TMUS) is rated BBB+ by S&P (T-Mobile investor relations) and reported total revenues of $88.3 billion for 2025 (T-Mobile 2025 Form 10-K). Some T-Mobile stores are run by independent dealers, so confirm that T-Mobile itself, not a dealer, signs the lease on any property you consider.
How long are T-Mobile leases?
The typical T-Mobile 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 T-Mobile properties trade at?
Asking cap rates for T-Mobile properties currently run 7.20% – 7.50% with 5 years remaining and 6.75% – 7.05% 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 T-Mobile properties.
Are T-Mobile properties eligible for 1031 exchanges?
Yes. Net lease properties like T-Mobile 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 T-Mobile 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.