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O’Reilly Auto Parts NNN Properties for Sale
O’Reilly Automotive operated 6,758 stores across the U.S., Mexico and Canada as of September 30, 2026 (O’Reilly Automotive Q3 2026 results). The Boulder Group lists a typical O’Reilly Auto Parts net lease as double net with a 15-year term, while Matthews lists a 20-year term; both report an S&P credit rating of BBB, which is investment grade (The Boulder Group, September 2026; Matthews, 2026 Net Lease Tenant Report). Here is how the lease, the pricing and the tenant fit together.
BBB
S&P credit rating
6,758
Stores (Sept. 30, 2026)
15–20 Years
Typical lease term
Flat
Initial-term rent increases
7,000 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report; O’Reilly Automotive third quarter 2026 results (store count). Boulder lists a 15-year term and flat initial-term rent; Matthews lists a 20-year term with a 6.00% increase in year 11 and in options.
Key Takeaways
Tenant & Credit Profile
O’Reilly Automotive is rated BBB by S&P, which is investment grade (The Boulder Group, September 2026; Matthews, 2026 Net Lease Tenant Report). It operated 6,758 stores at September 30, 2026, and third-quarter sales rose 9% to $5.12 billion (O’Reilly Q3 2026 results).
Typically Double Net Leases
Both reports list the typical lease as double net. Boulder shows a 15-year term with flat initial-term rent; Matthews shows a 20-year term with a 6.00% increase in year 11 and in options. Under a double net lease the landlord typically keeps the roof and structure, so confirm that in the lease.
Cap Rates by Remaining Term
O’Reilly properties currently show asking cap rates of 6.25% – 6.50% with 10 years remaining and 5.70% – 6.00% for a new 15-year lease (The Boulder Group, September 2026). Matthews reports an average closed-sale cap rate of 6.25% for 2025.
Sales Growth Is Running Ahead
Third-quarter comparable store sales grew 7.2% on top of 5.6% a year earlier, and O’Reilly raised its 2026 comparable sales guidance to 5.5% – 6.5% (O’Reilly Q3 2026 results).
O’Reilly Auto Parts NNN Cap Rates and Lease Data
If you’re weighing an O’Reilly Auto Parts 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 tenant, O’Reilly is rated BBB, which is investment grade. Both reports list the typical lease as double net, but they differ on the details: Boulder shows a 15-year term with flat initial-term rent, while Matthews shows a 20-year term with a 6.00% increase in year 11 and in options.1 Either way, rent is flat for at least the first 10 years, so most of your return comes from the yield you buy in at. With a double net lease the landlord typically stays responsible for the roof and structure, so confirm who handles them.
On yield, Boulder shows asking cap rates of 5.70% – 6.00% on a new 15-year lease, 6.25% – 6.50% with 10 years left, and 6.60% – 6.90% with 5 years left.2 Matthews’ numbers line up: the 22 O’Reilly properties on the market averaged a 5.93% cap rate with about 8 years of lease remaining, and its curve runs from 5.75% for new construction to 6.50% with 10 years left and 7.25% with 5 years left.3 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up.
Closed sales tell the same story. Matthews reports an average cap rate of 6.25% across 36 O’Reilly deals in the first half of 2025 and 39 in the second half, with 11 to 12 years of lease remaining. So far in 2026 the average is 6.58% across 12 deals with about 8 years remaining.3 Those deals landed in line with Boulder’s asking ranges, so the asking numbers are a fair guide to where deals actually land.
In dollars, Boulder puts the average sale price at about $2.0 million with average rent of about $115,000 a year. On a typical 7,000 SF store, that works out to roughly $286 per square foot in price and about $16.40 per square foot in rent.4 Matthews lists average rent of about $130,000 on a typical ±7,225 SF store, and average closed-sale prices of $1.7 million to $1.9 million.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 57; Matthews, 2026 Net Lease Tenant Report, p. 6. Credit rating is S&P, as reported by both. Lease type, term and rent increases are each report’s typical values, and they differ as noted. Boulder lists the lease type as double net; Matthews lists it as NN. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 57. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, p. 6. Closed transactions: 36 in the first half of 2025, 39 in the second half and 12 year to date in 2026 (average cap rate 6.25%, 6.25% and 6.58%; average term remaining 12, 11 and 8 years; average sale price $1.8 million, $1.9 million and $1.7 million). On-market data: 22 properties, 5.93% average cap rate, 8 years average term remaining, $1,785,213 average price, range 5.00% to 7.00%. Matthews figures are averages of closed sales and current listings, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 57. Average sale price, average rent and typical building size as reported by Boulder; the per-square-foot figures are our calculation ($2,000,000 and $115,000 divided by 7,000 SF). Boulder lists 5,873 O’Reilly locations and Matthews about 6,359; O’Reilly reported 6,758 stores at September 30, 2026. ↩
O’Reilly Auto Parts as a Tenant
How O’Reilly operates
O’Reilly Automotive was founded in 1957 by the O’Reilly family and is a specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories, serving both do-it-yourself customers and professional service providers (O’Reilly Automotive, October 2026). It is headquartered in Springfield, Missouri.
It operated 6,758 stores at September 30, 2026: 6,595 in the U.S., 134 in Mexico and 29 in Canada. It has opened 173 net new stores so far in 2026 and expects 225 to 235 for the year (O’Reilly Q3 2026 results).
The typical store is about 7,000 SF (The Boulder Group, September 2026), or about 7,225 SF (Matthews, 2026 Net Lease Tenant Report).
Financial strength and recent results
O’Reilly’s third-quarter 2026 sales rose 9% to $5.12 billion, net income was $785.6 million and comparable store sales grew 7.2% (O’Reilly Q3 2026 results).
Both reports list its S&P rating at BBB, and Matthews puts its market capitalization at about $77.5 billion (Matthews, 2026 Net Lease Tenant Report). Review its current credit ratings from the major agencies and its SEC filings as part of your due diligence.
Why Investors Buy O’Reilly Auto Parts Properties
O’Reilly’s sales are growing: third-quarter comparable store sales were up 7.2% on top of 5.6% a year earlier, and the company raised its 2026 guidance (O’Reilly Q3 2026 results). It also pairs a BBB rating with a 6,758-store footprint.
On pricing, O’Reilly’s 10-year asking range of 6.25% – 6.50% compares with 6.00% – 6.30% for Goodyear and 5.50% – 5.80% for Jack in the Box (The Boulder Group, September 2026).
The trade-off for a double net lease is that the landlord typically stays responsible for the roof and structure. Ask for the lease and the condition of the building before you buy.
Risks and Market Conditions
The lease structure is the main thing to check. A double net lease generally leaves the roof and structure with the landlord, the two reports disagree on the term (15 versus 20 years) and on when rent increases, and rent is flat for at least the first 10 years, so repair costs would come out of a flat rent.
Pricing also moves with the remaining term. Matthews’ 2026 closed sales averaged 6.58% with about 8 years remaining, compared with 6.25% for 2025 sales with 11 to 12 years remaining (Matthews, 2026 Net Lease Tenant Report). A shorter remaining term means more renewal risk, so ask for the lease history and the store’s sales if the tenant will share them.
Build a Diversified NNN Portfolio
Pairing an O’Reilly Auto Parts with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
O’Reilly Auto Parts NNN FAQs
What cap rates do O’Reilly Auto Parts properties trade at?
Boulder shows asking cap rates of 6.60% – 6.90% with 5 years remaining, 6.25% – 6.50% with 10 years remaining and 5.70% – 6.00% for a new 15-year lease (The Boulder Group, September 2026). Matthews reports average closed-sale cap rates of 6.25% for 2025 and 6.58% so far in 2026 (Matthews, 2026 Net Lease Tenant Report). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific O’Reilly listings.
How are O’Reilly Auto Parts leases structured?
Both reports list the typical lease as double net. Boulder shows a 15-year term with flat initial-term rent; Matthews shows a 20-year term with a 6.00% increase in year 11 and in options. Confirm who handles the roof and structure in the lease you’re reviewing.
How much does an O’Reilly Auto Parts property cost?
The Boulder Group reports an average sale price of about $2.0 million with average annual rent of about $115,000 (September 2026). Matthews reports average closed-sale prices of $1.7 million to $1.9 million (Matthews, 2026 Net Lease Tenant Report). Price depends on location, remaining lease term and guarantor.
Can I buy one with a 1031 exchange?
Net lease properties are commonly used as replacement property in a 1031 exchange, but whether a particular purchase qualifies depends on your situation. Talk with your qualified intermediary and tax advisor, and contact us to discuss O’Reilly properties that fit your timeline.
Questions about O’Reilly NNN 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.