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NNN Wells Fargo for Sale
Wells Fargo is a large national bank, with about 4,000 branches listed by Boulder and about 4,200 by Matthews (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). The two reports describe the typical lease differently: Boulder lists a ground lease and Matthews lists NNN, and both list 10% rent increases every five years.
In a ground lease, the tenant typically owns the building and the investor owns the land, while in a triple net lease the tenant typically pays property taxes, insurance, and maintenance. Which structure applies changes what you are buying, so confirm it on the specific property. Wells Fargo properties may also appeal to investors completing a 1031 exchange.
BBB+ / A+
Credit rating (Boulder / Matthews)
~4,100
Locations
15–20 Years
Typical lease term
10%
Increase every 5 years
4,000–5,400 SF
Typical building size
Ground / NNN
Typical lease type (Boulder / Matthews)
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026 (BBB+, 15-year term, 5,400 SF, ground lease, 4,000 locations); Matthews, 2026 Net Lease Tenant Report, May 2026 (A+, 20-year term, about 4,000 SF, NNN, about 4,200 locations). The ~4,100 branch figure is from Wells Fargo CEO Charlie Scharf, as reported by Zacks. The two reports differ, so confirm each item on the specific property.
Key Takeaways
Public Bank, Ratings Differ by Report
Boulder lists Wells Fargo as a public company rated BBB+ by S&P, and Matthews lists A+ with a market capitalization of about $251.4 billion (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). Check the current rating of the entity that signs the lease.
Check the Lease Structure
Boulder lists the typical lease as a ground lease with a 15-year term, while Matthews lists NNN with a 20-year term. Both list 10% rent increases every five years. Confirm what you would own and who is responsible for the roof and structure.
Low Cap Rates
Boulder’s September 2026 asking cap rates are 4.90% – 5.20% for a new 15-year lease and 5.30% – 5.60% with 10 years remaining. Matthews shows closed-sale averages of 5.29%, 6.05% and 5.83% across the first half of 2025, the second half and 2026 so far.
Earnings and Branch Investment
Wells Fargo reported third quarter 2026 net income of $6.0 billion, or $1.87 per diluted share (Wells Fargo, Q3 2026 earnings release). Its CEO has called the roughly 4,100-branch network a competitive advantage and said more than half of branches would be refreshed by the end of 2025 (Zacks).
Wells Fargo NNN Cap Rates and Lease Data
Wells Fargo’s two reports describe the lease differently, so it helps to read them side by side. Here’s how the tenant, lease and yield fit together.
Boulder lists Wells Fargo as a public company rated BBB+ by S&P, with about 4,000 locations and a typical building of 5,400 SF. Matthews lists an A+ rating, about 4,200 locations and a typical building of about 4,000 SF.1 The reports also differ on the lease: Boulder lists a ground lease with a 15-year term, and Matthews lists NNN with a 20-year term. Both show rent increases of 10% every five years, so confirm the structure and who owns the building before you compare prices.
On pricing, Boulder shows asking cap rates of 4.90% – 5.20% on a new 15-year lease, 5.30% – 5.60% with 10 years left, and 6.00% – 6.30% with 5 years left.2 Matthews’ cap rate comparison runs about 0.4 to 0.7 points lower at each term: 4.48% for new construction (15 to 20 years), 4.90% with 10 years remaining and 5.56% with 5 years remaining.3
Closed sales ranged from 5.29% to 6.05% across the periods Matthews reports. Average cap rates were 5.29% across 13 deals in the first half of 2025 and 6.05% across 18 in the second half, with 5 to 6 years of lease remaining on average. So far in 2026, the average is 5.83% across 5 deals, a small sample. Matthews also shows 18 properties on the market at an average cap rate of 5.49%.4
In dollars, Boulder puts the average sale price at about $3.54 million with average rent of about $165,000 a year. On a typical 5,400 SF branch, that works out to roughly $656 per square foot.5 Matthews’ closed-sale averages are lower, at about $2.6 million, $1.7 million and $2.1 million across the three periods, so deal size varies widely.
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 85, and Matthews, 2026 Net Lease Tenant Report, May 2026, p. 13. Boulder: BBB+, about 4,000 locations, 5,400 SF, ground lease, 15-year term. Matthews: A+, about 4,200 locations, about 4,000 SF, NNN, 20-year term, market capitalization about $251.4 billion. Both list rent increases of 10% every five years. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 85. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 13. Cap rate comparison by years remaining on the lease. The comparison to Boulder (about 0.4 to 0.7 points lower at each term) is our calculation from the low and high ends of Boulder’s ranges. ↩
4. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 13. Average cap rate on closed transactions: 13 in the first half of 2025 (average term remaining 6 years), 18 in the second half (5 years) and 5 so far in 2026 (6 years). On-market data: 18 properties, average cap rate 5.49%, average price $3,454,680, average term remaining 6 years, range 4.25% to 7.45%. Matthews figures are averages of closed sales and current listings, while Boulder’s are asking ranges. ↩
5. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 85, average sale price and average rent; the per-square-foot figure is our calculation ($3,540,000 across a typical 5,400 SF branch). Matthews’ closed-sale average prices ($2.6 million, $1.7 million, $2.1 million) are from p. 13. ↩
Wells Fargo as a Tenant
How Wells Fargo operates
Wells Fargo is headquartered in San Francisco (Matthews, 2026 Net Lease Tenant Report, May 2026). Boulder lists about 4,000 locations and Matthews about 4,200, and Wells Fargo’s CEO has put the branch network at about 4,100 (Zacks).
Ownership and financial strength
Wells Fargo is publicly traded (NYSE: WFC). It reported third quarter 2026 net income of $6.0 billion, or $1.87 per diluted share, with average loans and average deposits each up 11% from a year earlier (Wells Fargo, Q3 2026 earnings release). The Federal Reserve has also lifted the asset cap that limited the bank’s balance sheet for seven years, and total assets have passed $2 trillion for the first time (Risk.net).
Boulder lists a BBB+ S&P rating and Matthews lists A+ (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). Ask which entity signs the lease, whether a parent guarantee applies, and what rating applies to that entity.
Why Investors Buy Wells Fargo Properties
Wells Fargo prices tighter than the other tenants covered on these pages. Its asking range for a new 15-year lease is 4.90% – 5.20%, compared with 5.25% – 5.55% for Taco Bell, 5.10% – 5.40% for Wendy’s and 6.00% – 6.30% for Tractor Supply (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Buyers also have a market to compare. Matthews tracked 31 closed Wells Fargo sales in 2025 (13 in the first half and 18 in the second) and 5 so far in 2026, with 18 properties on the market (Matthews, 2026 Net Lease Tenant Report, May 2026).
Check sizes are moderate: Boulder puts the average Wells Fargo sale at about $3.54 million, with average rent of about $165,000 a year (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Risks and Market Conditions
The lease structure is the first thing to check. Boulder lists a ground lease and Matthews lists NNN, so confirm what you would own, who owns the building and who is responsible for the roof and structure (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). A bank can also close or consolidate a branch, so ask about the branch’s performance and renewal history.
Pricing and lease term matter too. Matthews’ closed sales averaged 5.29% in the first half of 2025, 6.05% in the second half and 5.83% so far in 2026, with about 5 to 6 years remaining, and Boulder’s asking range with 5 years left is 6.00% – 6.30% (The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026). Short remaining terms price higher, so compare any asking price against years remaining and recent closed sales.
Build a Diversified NNN Portfolio
Pairing a Wells Fargo branch with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Wells Fargo NNN FAQs
Who pays property expenses on a Wells Fargo branch NNN property?
It depends on the lease. Matthews lists the typical Wells Fargo lease as NNN, where the tenant typically pays property taxes, insurance, and maintenance, while Boulder lists a ground lease. Confirm the structure and who is responsible for the roof and structure in the specific lease.
How strong is Wells Fargo as a tenant?
Wells Fargo is a large public bank rated BBB+ by S&P in Boulder’s report and A+ in Matthews’, with about 4,000 to 4,200 branches and third quarter 2026 net income of $6.0 billion. Those figures describe the tenant, but your income still depends on the specific branch continuing to operate and on the lease terms.
How should I evaluate a Wells Fargo branch as a tenant?
Start with the lease structure, years remaining, rent increases and which entity signs the lease. Boulder and Matthews differ on the rating (BBB+ versus A+) and the lease type (ground lease versus NNN), so verify both on the specific property, and compare any asking price against Boulder’s asking ranges and Matthews’ closed-sale averages.
Questions about NNN Wells Fargo 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.