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NNN RaceTrac for Sale
RaceTrac is a family-owned convenience retailer based in Atlanta, with more than 800 stores in 14 states under the RaceTrac and RaceWay brands and about 1,200 Gulf-branded fuel locations (Potbelly Form 8-K, September 10, 2025). An NNN RaceTrac 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 RaceTrac 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 RaceTrac, so we don’t quote a cap rate here. Call us for current pricing on a specific property.
800+
Stores in 14 states, September 2025
~1,200
Gulf-branded locations that RaceTrac fuels
1934
Family-owned since
None found
S&P or Moody’s rating for RaceTrac; ask your lender
Varies
Lease term and rent increases, set in each lease
Confirm
Lease type: ask who handles roof, structure and environmental duties
Sources: Potbelly Form 8-K, September 10, 2025 (store counts, ownership). We did not find an S&P or Moody’s rating for RaceTrac. Neither The Boulder Group nor Matthews profiles RaceTrac.
Key Takeaways
Private, Family-Owned, No Rating Found
RaceTrac, Inc. is a family-owned company based in Atlanta that has served guests since 1934 (Potbelly Form 8-K, September 10, 2025). We did not find an S&P or Moody’s rating for it, so ask your lender how it views the credit and confirm which entity signed the lease and whether RaceTrac, Inc. guarantees it.
Lease Terms Vary by Property
Neither The Boulder Group nor Matthews publishes typical RaceTrac 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. Boulder lists ground leases for several other fuel brands, such as Murphy USA, Sheetz and Wawa, so confirm which structure applies and who handles the roof, structure and environmental duties.
No Published Cap Rates
RaceTrac 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. The reports do profile other fuel brands, which we cover on our Gas Stations page.
Stores, Plus a Gulf Fuel Network
RaceTrac operates more than 800 stores in 14 states under the RaceTrac and RaceWay names and fuels about 1,200 Gulf-branded locations (Potbelly Form 8-K, September 10, 2025). Confirm that the site you are buying is one of the stores and who signs the lease, since a Gulf sign alone does not make RaceTrac the tenant.
RaceTrac NNN Cap Rates and Lease Data
If you’re weighing a RaceTrac property, three things shape what you’ll earn: who the tenant is, how the lease is structured and what yield you’re paying for. RaceTrac 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. RaceTrac, Inc. is family-owned and based in Atlanta, and it operates more than 800 convenience stores in 14 states under the RaceTrac and RaceWay brands while fueling about 1,200 Gulf-branded locations.1 We did not find an S&P or Moody’s rating.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 RaceTrac.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. Potbelly Corporation Form 8-K, Exhibit 99.1 (September 10, 2025): RaceTrac is family-owned, has served guests since 1934, operates more than 800 stores in 14 states under the RaceTrac and RaceWay brands and fuels approximately 1,200 Gulf-branded locations. These figures are as of that release and may have changed. ↩
2. 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 RaceTrac profile in the table of contents); Matthews, 2026 Net Lease Tenant Report, May 2026 (no RaceTrac page). We checked both documents for RaceTrac directly. ↩
RaceTrac as a Tenant
How RaceTrac operates
RaceTrac is a family-owned convenience retailer based in Atlanta that has served guests since 1934. It operates more than 800 stores in 14 states under the RaceTrac and RaceWay brands and fuels about 1,200 Gulf-branded locations across the United States and Puerto Rico (Potbelly Form 8-K, September 10, 2025).
RaceTrac has grown by acquisition. Its fuel supply subsidiary, Metroplex Energy, closed the Gulf Oil acquisition in December 2023 (CSP Daily News), and in September 2025 RaceTrac agreed to buy Potbelly, a sandwich chain with more than 445 shops, for about $566 million (Potbelly Form 8-K, September 10, 2025).
For a net lease buyer, the lease matters more than the logo. Ask who signed it, whether RaceTrac, Inc. guarantees it, how long it runs, what renewal options exist and who handles the roof, structure and environmental duties. Confirm that the site is one of RaceTrac’s own stores and not a Gulf-branded site that RaceTrac only supplies.
Financial strength and growth
RaceTrac is private, and we did not find an S&P or Moody’s rating for it. It describes itself as one of the largest privately held companies in the United States (Potbelly Form 8-K, September 10, 2025), but a private company discloses less than a public one, so ask for whatever financial information the seller can provide.
Food is part of the plan. The Potbelly agreement adds more than 445 company and franchise-owned shops to RaceTrac’s brands (Potbelly Form 8-K, September 10, 2025), and RaceTrac’s chief executive said it was excited “to expand our family of convenience-driven brands” (Fast Casual).
These figures are as of September 2025 and the business may have changed since. Check RaceTrac’s latest information before you buy.
Why Investors Buy RaceTrac Properties
The case for RaceTrac is scale and growth under a family-owned operator. It runs more than 800 stores in 14 states and has been adding brands, with Gulf in 2023 and an agreement to buy Potbelly in 2025 (Potbelly Form 8-K, September 10, 2025).
Under a triple net lease, the tenant generally pays property taxes, insurance and maintenance, which keeps the landlord’s role simple. Whether a given RaceTrac lease is truly triple net, or a ground lease or a lease that leaves the roof and structure with the landlord, depends on the lease, so check it before you buy.
A single-tenant RaceTrac property can also work as a 1031 exchange replacement property. Because neither report publishes RaceTrac 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 RaceTrac, 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.
Site and fuel risk. A RaceTrac property is a fuel site, so ask about underground storage tanks, environmental history and who is responsible for them under the lease. Also confirm whether the site is a RaceTrac or RaceWay store or a Gulf-branded site, since those are different relationships.
Build a Diversified NNN Portfolio
Pairing a RaceTrac with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
RaceTrac NNN FAQs
Who pays property expenses on a RaceTrac 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 RaceTrac’s credit rating?
We did not find an S&P or Moody’s rating for RaceTrac, a privately held, family-owned company. Confirm which entity signed your lease and whether RaceTrac, Inc. guarantees it.
How many RaceTrac stores are there?
RaceTrac said in September 2025 that it operates more than 800 convenience stores in 14 states under the RaceTrac and RaceWay brands and fuels about 1,200 Gulf-branded locations (Potbelly Form 8-K, September 10, 2025).
How should I evaluate a RaceTrac store as a tenant?
Start with the lease: the signing entity, any guarantee, the remaining term, rent increases and who handles the roof, structure and environmental duties. Then look at the store’s age and sales. Neither The Boulder Group nor Matthews publishes RaceTrac cap rates, so ask our team for current comparable sales.
Questions about NNN RaceTrac 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.