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NNN Tractor Supply for Sale
Tractor Supply calls itself the largest rural lifestyle retailer in the U.S., and it operated 2,486 Tractor Supply stores in 49 states as of September 26, 2026 (Tractor Supply Company, Q3 2026 results). The Boulder Group lists the typical Tractor Supply lease as a 15-year double net with an S&P rating of BBB (The Boulder Group, Net Lease Tenant Profiles, September 2026).
In a double net lease, the tenant typically pays property taxes and insurance, and the landlord may keep responsibility for the roof and structure, so confirm what the specific lease says. Tractor Supply properties may also appeal to investors completing a 1031 exchange who want a single-tenant net lease investment.
BBB
Credit rating
2,486
Locations
15 Years
Typical lease term
10%
Increase every 5 years
20,000 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (rating, term, rent increases, building size, lease type); Tractor Supply Company, Q3 2026 results, October 22, 2026 (2,486 Tractor Supply stores as of September 26, 2026). Boulder lists 2,463 locations.
Key Takeaways
Public Company, Rated BBB
Tractor Supply Company (NASDAQ: TSCO) is publicly traded, and Boulder lists an S&P rating of BBB, which is investment grade (The Boulder Group, Net Lease Tenant Profiles, September 2026). Matthews does not cover Tractor Supply.
Double Net Leases
Boulder lists the typical Tractor Supply lease as double net with a 15-year term and 10% rent increases every five years. Confirm in the specific lease who is responsible for the roof and structure.
Cap Rates by Lease Term
Boulder’s September 2026 asking cap rates are 6.00% – 6.30% for a new 15-year lease, 6.35% – 6.65% with 10 years remaining and 6.80% – 7.10% with 5 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Growing Store Base, Softer Sales
Tractor Supply opened 91 new stores in the first three quarters of 2026 and operated 2,486 as of September 26. Third-quarter comparable store sales rose 0.4%, and the company reaffirmed its full-year outlook (Tractor Supply Company, Q3 2026 results).
Tractor Supply NNN Cap Rates and Lease Data
Here’s how the tenant, lease and yield fit together on a Tractor Supply, based on The Boulder Group’s September 2026 profile.
Boulder lists Tractor Supply as a public company rated BBB by S&P, with 2,463 locations and a typical building of 20,000 SF.1 It describes the typical lease as double net with a 15-year term and 10% rent increases every five years. In a double net lease the landlord may keep responsibility for the roof and structure, so check what the specific lease says.
On pricing, Boulder shows asking cap rates of 6.00% – 6.30% on a new 15-year lease, 6.35% – 6.65% with 10 years left, and 6.80% – 7.10% with 5 years left.2 That’s a spread of about 0.8 points between a new lease and a short one. Matthews’ 2026 tenant report does not cover Tractor Supply, so there is no closed-sale average to compare against these asking ranges.
In dollars, Boulder puts the average sale price at about $4.44 million with average rent of about $270,000 a year. On a typical 20,000 SF store, that works out to roughly $222 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 77. Ownership, credit rating (S&P BBB), location count, building size and lease terms as reported by Boulder. Tractor Supply Company’s Q3 2026 earnings release reports 2,486 Tractor Supply stores in 49 states as of September 26, 2026. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 77. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 77. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($4,440,000 across a typical 20,000 SF store). ↩
Tractor Supply as a Tenant
How Tractor Supply operates
Tractor Supply describes itself as the largest rural lifestyle retailer in the United States and is headquartered in Brentwood, Tennessee. As of September 26, 2026 it operated 2,486 Tractor Supply stores in 49 states and 135 Petsense by Tractor Supply stores in 21 states (Tractor Supply Company, Q3 2026 results). Boulder lists a typical Tractor Supply store of 20,000 SF (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Ownership and financial strength
Tractor Supply Company (NASDAQ: TSCO) is publicly traded. In the third quarter of 2026, net sales rose 5.1% to $3.91 billion, comparable store sales rose 0.4% and net income fell 13.3% to $224.7 million (Tractor Supply Company, Q3 2026 results).
Boulder lists an S&P rating of BBB, which is investment grade (The Boulder Group, Net Lease Tenant Profiles, September 2026). The company reaffirmed its 2026 outlook for comparable store sales of down 1% to flat and an operating margin of 8.0% to 8.3% (Tractor Supply Company, Q3 2026 results). Ask for the tenant’s financials, and confirm which entity signs the lease.
Why Investors Buy Tractor Supply Properties
Tractor Supply pairs an investment-grade rating with a higher asking yield than Taco Bell or Wells Fargo. With 10 years remaining, Boulder’s September 2026 asking range of 6.35% – 6.65% compares with 5.40% – 5.70% for Taco Bell and 5.30% – 5.60% for Wells Fargo (The Boulder Group, Net Lease Tenant Profiles, September 2026).
It is also an expanding tenant. Tractor Supply opened 91 new stores in the first three quarters of 2026, including 23 in the third quarter (Tractor Supply Company, Q3 2026 results).
The check size is larger than Taco Bell, Wendy’s or Wells Fargo: Boulder puts the average Tractor Supply sale at about $4.44 million, with average rent of about $270,000 a year (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Risks and Market Conditions
Tractor Supply’s sales growth has slowed. Third-quarter comparable store sales rose 0.4% against 3.9% a year earlier, net income fell 13.3%, and the company said its companion animal category continued to perform below the company average (Tractor Supply Company, Q3 2026 results). It also closed 74 Petsense by Tractor Supply stores in the quarter, though Petsense is a separate banner from Tractor Supply stores.
On the lease side, Boulder lists a double net structure, so confirm who is responsible for the roof and structure. Asking cap rates widen from 6.00% – 6.30% on a new lease to 6.80% – 7.10% with 5 years left (The Boulder Group, Net Lease Tenant Profiles, September 2026), so check any asking price against years remaining, the rent increases and who signs the lease.
Build a Diversified NNN Portfolio
Pairing a Tractor Supply with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Tractor Supply NNN FAQs
What cap rates do Tractor Supply NNN properties offer?
Boulder’s September 2026 asking cap rates are 6.00% – 6.30% for a new 15-year lease, 6.35% – 6.65% with 10 years remaining and 6.80% – 7.10% with 5 years remaining. Actual pricing depends on location, remaining term, guarantor and rent history, so talk to our team about a specific property.
How are Tractor Supply leases structured?
Boulder lists the typical Tractor Supply lease as double net with a 15-year term and 10% rent increases every five years. Review each lease for years remaining, renewal options and who is responsible for the roof and structure.
Are Tractor Supply properties good for 1031 exchanges?
They can be. Investors completing a 1031 exchange often look at single-tenant net lease properties, and Boulder puts the average Tractor Supply sale at about $4.44 million. A qualified intermediary and your tax advisor should confirm the exchange rules for your situation.
Questions about NNN Tractor Supply 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.