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NNN Five Below for Sale
Five Below is a publicly traded discount retailer (Nasdaq: FIVE) with 2,022 stores in 46 states on August 1, 2026 (Five Below Q2 fiscal 2026 results). An NNN Five Below property puts one tenant on the lease, so who that tenant is matters. We did not find an S&P or Moody’s rating, so confirm which Five Below entity signed the lease, how long it runs and who handles the roof and structure.
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. Neither The Boulder Group nor Matthews profiles Five Below, so we don’t quote a cap rate here. Call us for current pricing on a specific property.
2,022
Stores in 46 states, August 1, 2026
+22.9%
Q2 fiscal 2026 net sales growth, to $1.26 billion
+14.1%
Q2 fiscal 2026 comparable sales growth
None found
S&P or Moody’s rating for Five Below; ask your lender
Varies
Lease term and rent increases, set in each lease
Confirm
Lease type: ask who handles roof and structure
Sources: Five Below Q2 fiscal 2026 results release (stores, sales); Five Below Form 10-K, fiscal 2025 (credit facility). We did not find an S&P or Moody’s rating for Five Below. Neither The Boulder Group nor Matthews profiles Five Below.
Key Takeaways
Public Retailer, No Rating Found
Five Below, Inc. is publicly traded, but we did not find an S&P or Moody’s rating for it. Its 10-K describes a secured revolving credit facility of up to $225 million, with about $214 million available on January 31, 2026 (Form 10-K). Confirm which entity signed the lease and whether Five Below guarantees it.
Lease Terms Vary by Property
Neither The Boulder Group nor Matthews publishes typical Five Below lease terms, so we don’t quote one. Under a triple net lease the tenant generally covers taxes, insurance and maintenance, but the lease controls. Read each one for the term, rent increases and who handles the roof and structure.
No Published Cap Rates
Five Below isn’t in The Boulder Group’s September 2026 profiles or Matthews’ 2026 tenant report, so we don’t show a cap rate range. Ask our team for current pricing on a specific property instead of relying on a general number.
Fast Growth, Strong Recent Sales
Five Below ended the second quarter with 2,022 stores in 46 states, up 8.8% from a year earlier, and comparable sales rose 14.1% (Q2 fiscal 2026 results). It entered Idaho, its 47th state, in August 2026 (Nasdaq). Strong comps are recent, so check how long a specific store has been open and its sales.
Five Below NNN Cap Rates and Lease Data
If you’re weighing a Five Below property, three things shape what you’ll earn: who the tenant is, how the lease is structured and what yield you’re paying for. Five Below is different from the tenants in some of our other guides, because the standard market reports don’t cover it. Here’s what we can say with a source, and what we can’t.
On the tenant, we can describe the company but not rate it. Five Below, Inc. reported second-quarter fiscal 2026 net sales of $1.26 billion, up 22.9%, with 2,022 stores in 46 states.1 We did not find an S&P or Moody’s rating. Its 10-K describes a $225 million secured revolving credit facility, with about $214 million available on January 31, 2026.2 Ask your lender how it views the credit.
On the lease and the yield, we have to be straight with you. The Boulder Group’s September 2026 profiles and Matthews’ 2026 tenant report don’t include Five Below.3 That means there’s no published typical lease term, rent increase, building size or cap rate range to quote, and we won’t estimate one.
What we can do is look at a specific property with you. Ask for the lease and the offering memorandum, then compare the remaining term, rent increases and landlord duties against comparable sales. Talk to Our Team and we’ll walk through current pricing.
1. Five Below Q2 fiscal 2026 results release (quarter ended August 1, 2026). GAAP net income was $221.4 million; adjusted net income, which excludes certain items, was $93.4 million. ↩
2. Five Below Form 10-K (fiscal year ended January 31, 2026): secured asset-based revolving credit facility of up to $225 million; about $214 million available, net of $11 million in outstanding letters of credit, on January 31, 2026. We looked for an S&P or Moody’s rating in public sources and did not find one; that is not proof that none exists. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026 (no Five Below profile in the table of contents); Matthews, 2026 Net Lease Tenant Report, May 2026 (no Five Below page). We checked both documents for Five Below directly. ↩
Five Below as a Tenant
How Five Below operates
Five Below is a discount retailer. Its management says its strategy emphasizes trend-driven merchandise, social and digital marketing, simplified pricing and a more engaging store experience (Nasdaq summary of its Q2 call). It opened its 2,000th store in July 2026.
It ended the second quarter of fiscal 2026 with 2,022 stores after opening 52 net new stores in the quarter (Q2 results release), and it expects about 40 net new stores in the third quarter.
For a net lease buyer, the lease matters more than the logo. Ask who signed it, whether Five Below, Inc. guarantees it, how long it runs, what renewal options exist and who handles the roof and structure. A fast-growing chain signs many new leases, so compare the rent per square foot with nearby retail rents.
Financial strength and growth
Second-quarter net sales rose 22.9% to $1.26 billion, and comparable sales rose 14.1%. Operating income was $275.4 million versus $52.4 million a year earlier; adjusted operating income was $113.2 million versus $55.1 million (Q2 results release). GAAP results included tariff refunds, so the adjusted figures better show the trend (Chester County Press).
Five Below guided third-quarter net sales of $1.21 billion to $1.23 billion (Q2 results release). It says its outlook reflects the tariff rates currently in place and excludes future tariff refunds.
These figures are as of the quarter ended August 1, 2026. Check Five Below’s latest quarterly report before you buy.
Why Investors Buy Five Below Properties
The case for Five Below is growth and traffic. Comparable sales rose 14.1% in the second quarter, the company says it has posted double-digit comparable sales growth for five quarters in a row (Q2 results release), and its store count is up 8.8% from a year ago.
Under a triple net lease, the tenant generally pays property taxes, insurance and maintenance, which keeps the landlord’s role simple. Whether a given Five Below lease is truly triple net, or leaves the roof and structure with the landlord, depends on the lease, so check it before you buy.
A single-tenant Five Below property can also work as a 1031 exchange replacement property. Because neither report publishes Five Below cap rates, ask our team for current comparable sales rather than leaning on one quoted number.
Risks and Market Conditions
Credit and structure risk. We did not find an S&P or Moody’s rating for Five Below, so a lender may look harder at the lease and the tenant’s financials. A lease may be signed by a subsidiary, so confirm the tenant entity, any guarantee and the remaining term.
Sales and tariff risk. Five Below’s recent results include tariff refunds and unusually strong comparable sales (Q2 results release). Check how long a specific store has been open, its sales history and what else the building could be used for if Five Below moved out.
Build a Diversified NNN Portfolio
Pairing a Five Below with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Five Below NNN FAQs
Who pays property expenses on a Five Below NNN property?
In a triple net lease the tenant generally pays real estate taxes, insurance and maintenance, but the lease controls. Some net leases leave the roof and structure with the landlord, so read the lease and confirm who handles them.
What is Five Below’s credit rating?
We did not find an S&P or Moody’s rating for Five Below. Its 10-K describes a secured revolving credit facility of up to $225 million (Form 10-K). Confirm which entity signed your lease and whether Five Below guarantees it.
How many Five Below stores are there?
Five Below had 2,022 stores in 46 states on August 1, 2026 (Q2 results release) and entered Idaho, its 47th state, in August (Nasdaq).
How should I evaluate a Five Below store as a tenant?
Start with the lease: the signing entity, any guarantee, the remaining term, rent increases and who handles the roof and structure. Then look at the store’s age and sales. Neither The Boulder Group nor Matthews publishes Five Below cap rates, so ask our team for current comparable sales.
Questions about NNN Five Below 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.