We exclusively represent buyers
NNN Goodwill for Sale
Goodwill is a nonprofit that sells donated goods through thousands of stores. Boulder lists it as not rated, and typical leases are triple net with a 15-year term and 5% rent increases every five years (The Boulder Group, September 2026). Goodwill is a federation of more than 150 independent organizations, so who the tenant is matters as much as the brand (Modern Retail, February 4, 2026). Below we cover the tenant, current asking cap rates and the risks to weigh before you buy.
Not Rated
Credit rating
3,000+
Locations
15 Years
Typical lease term
5%
Increase every 5 years
20,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 38; Modern Retail, February 4, 2026 (location count).
Key Takeaways
Nonprofit Federation, Not Rated
Goodwill Industries is a federation of more than 150 independent Goodwill organizations in the U.S. and Canada (Modern Retail, February 4, 2026). Boulder lists Goodwill as a non-profit with no credit rating, so the credit behind a lease depends on which organization signs it (The Boulder Group, September 2026).
Triple Net, 5% Increases
Boulder reports typical Goodwill leases as triple net with a 15-year term and 5% rent increases every 5 years, smaller than the 10% increases it lists for brands such as DaVita and Firestone (The Boulder Group, September 2026).
Cap Rates by Remaining Term
Goodwill properties currently show asking cap rates of 7.00% – 7.30% with 10 years remaining and 6.40% – 6.70% for a new 15-year lease, rising to 7.70% – 8.00% with 5 years left (The Boulder Group, September 2026).
Expansion Plans
Goodwill said in February 2026 that it plans about 100 new stores this year, especially larger-format ones, after record revenue in 2025, and that it will close some stores too (Modern Retail).
Goodwill NNN Cap Rates and Lease Data
If you’re weighing a Goodwill 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, the picture needs a closer look. Goodwill is a non-profit with no credit rating, and a typical lease is triple net with a 15-year term and a 5% rent increase every five years.1 That is scheduled income, but those increases work out to only about 1% a year, so most of your return comes from the yield you buy in at, not from rent growth.
That’s where cap rates come in. Boulder shows asking cap rates of 6.40% – 6.70% on a new 15-year lease, 7.00% – 7.30% with 10 years left, and 7.70% – 8.00% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up. You’re being paid more to take on the question of whether the local Goodwill renews when the lease ends.
In dollars, Boulder puts the average sale price at about $3.2 million with average rent of about $225,000 a year. On a typical 20,000 SF store, that works out to roughly $160 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 38. Ownership and credit rating (non-profit, not rated) as reported by Boulder; lease terms are typical, as reported by Boulder. The 1% a year figure is our calculation (5% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 38. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 38. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($3,200,000 across a typical 20,000 SF store). ↩
Goodwill as a Tenant
How Goodwill operates
Goodwill was founded in 1902 and is a federation of more than 150 independent Goodwill organizations in the U.S. and Canada. It sells donated items in more than 3,000 outlets and retail stores, as well as online (Modern Retail, February 4, 2026).
Because each local Goodwill is independent, store performance, financial strength and who signs the lease can differ from one market to the next. Boulder lists the brand as not rated, so ask for the local organization’s financial statements and confirm who the tenant is.
Boulder lists a typical Goodwill building at 20,000 SF and 3,300 locations (The Boulder Group, September 2026). Goodwill is planning larger-format stores that take in, sort and sell merchandise (Modern Retail).
Financial strength and growth
Goodwill reported record revenue in 2025 and expects 2026 to be its biggest year yet (Modern Retail, February 4, 2026). Because it is a nonprofit federation without a credit rating, review the financial reports of the specific Goodwill organization that would be your tenant.
It is still growing its footprint. Goodwill is planning about 100 new locations for 2026, especially larger-format ones, and expects to close some as well (Modern Retail).
Goodwill and Dollar General both list 15-year terms with 5% rent increases every five years in Boulder’s report, but Dollar General is rated BBB and Goodwill is not rated. With 10 years remaining, asking cap rates are 7.00% – 7.30% for Goodwill and 7.20% – 7.50% for Dollar General (The Boulder Group, September 2026).
Why Investors Buy Goodwill Properties
Goodwill offers a long lease on a large store. Boulder reports a typical 15-year triple net term with 5% rent increases every five years on a 20,000 SF building (The Boulder Group, September 2026).
The yield is also higher than many better-known net lease brands. With 10 years remaining, The Boulder Group’s September 2026 asking range of 7.00% – 7.30% compares with 5.40% – 5.70% for AutoZone and 4.50% – 4.80% for McDonald’s.
The trade-off is that you are underwriting a local nonprofit organization rather than a rated corporation, so the tenant entity and its financials deserve extra attention.
Risks and Market Conditions
The main risk is tenant credit. Boulder lists Goodwill as not rated (The Boulder Group, September 2026), and each Goodwill organization is independent (Modern Retail), so the strength of the lease depends on who signs it.
Store performance matters too. Goodwill sells donated merchandise, so results depend on donations as well as shoppers, and the organization has said it closes some stores as part of its normal churn (Modern Retail). When you evaluate a specific store, look at the local market, the remaining lease term and the operating organization.
Build a Diversified NNN Portfolio
Pairing a Goodwill with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Goodwill NNN FAQs
What cap rates do Goodwill NNN properties offer?
Asking cap rates run 7.70% – 8.00% with 5 years remaining, 7.00% – 7.30% with 10 years remaining and 6.40% – 6.70% for a new 15-year lease (The Boulder Group, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history.
How long are Goodwill leases?
Boulder reports typical Goodwill leases as triple net with a 15-year term and 5% rent increases every 5 years (The Boulder Group, September 2026). Because each Goodwill organization is independent, check the remaining term, the renewal options and which organization is the tenant.
Questions about NNN Goodwill 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.