Triple net lease properties represent one of the most compelling passive income investments in commercial real estate. When structured correctly with the right tenant credit, lease term, rent escalation structure, and real estate fundamentals, a NNN investment delivers predictable monthly income, minimal landlord obligations, and a durable long term hold that outperforms nearly every alternative asset class on a risk adjusted basis. Maher Commercial Realty represents buyers and sellers of NNN and absolute NNN properties across California and nationwide, with deep advisory experience across single tenant retail, pharmacy, quick service restaurants, automotive, fuel stations, dollar stores, medical and healthcare, financial services, and industrial net lease assets. Whether you are acquiring your first NNN property, executing a 1031 exchange, building a diversified net lease portfolio, or preparing to sell a tenanted asset at maximum value, our team brings the market knowledge, lease expertise, and transaction experience to get it done right.
Whether you are acquiring your first NNN property, executing a 1031 exchange, building a diversified net lease portfolio, or preparing to sell a tenanted asset at maximum value, our team brings the market knowledge, lease expertise, and transaction experience to get it done right.
A triple net lease, universally abbreviated NNN, is a commercial lease structure in which the tenant assumes responsibility for three major categories of property expense in addition to paying base rent: property taxes, building insurance, and common area maintenance. The landlord receives a net rent check and carries minimal operational burden. This structure is the foundation of the single tenant net lease investment market, which trades approximately 34 to 36 billion dollars annually in the United States as of 2026.
Understanding the spectrum of NNN lease structures is essential before acquiring or disposing of a net lease asset. Not all NNN leases are created equal, and the distinction between structures has direct implications for risk, financing, and exit value
The tenant pays all property expenses including roof, structure, parking, and capital expenditures. Zero landlord obligations. The most passive net lease structure available and the format used by the highest credit national tenants including McDonald’s, Chick fil A, and Wawa.
The tenant pays property taxes, insurance, and CAM. The landlord retains responsibility for roof and structure. The most common format in the net lease market and the structure used by most pharmacy, dollar store, and QSR tenants.
The tenant pays property taxes and insurance. The landlord covers maintenance, roof, structure, and common areas. More common in multi tenant retail centers and some office properties.
The landlord owns the land. The tenant owns the building and is responsible for all improvements, taxes, insurance, and maintenance. Ground leases typically run 20 to 99 years and trade at the tightest cap rates in the net lease market. McDonald’s, Chick fil A, and Starbucks are among the most recognized ground lease tenants nationally.
A business owner sells their real estate to an investor and simultaneously executes a long term NNN lease to remain as the tenant. The seller monetizes equity while retaining operational control. Sale leaseback transactions are common across retail, industrial, automotive, and healthcare properties.
The single tenant net lease market has demonstrated remarkable resilience heading into 2026. According to The Boulder Group Q1 2026 Net Lease Research Report, overall single tenant NNN cap rates compressed one basis point to 6.80%, with retail cap rates holding steady at 6.55% and industrial averaging 7.15%. Transaction volume is projected at 34 to 36 billion dollars for the full year, representing 5 to 12 percent growth over 2025.
The defining characteristic of the current market is bifurcation between investment grade assets with long remaining lease terms and non rated or short term assets. Investment grade assets with strong tenant credit are commanding the tightest cap rates and the deepest buyer pools. Non rated tenants, short term leases, and secondary locations face meaningfully wider bid ask spreads and more selective buyer participation.
McDonald’s Ground Lease: 4.30% to 4.60%
Chick fil A Ground Lease: 4.20% to 4.50%
Raising Cane’s: 5.00%
Wawa: 4.90% to 5.20%
Texas Roadhouse Ground Lease: 5.30%
7 Eleven (AA Credit): 5.35% on 14 year term
Starbucks: 5.00% to 5.50% depending on term and format
CVS Health (BBB): 6.44% average
Walgreens (BB+): 6.40% to 9.00% depending on remaining term
Goodyear: 4.80% on 14 year term
Dollar General (BBB): 6.75% to 8.50%
Family Dollar (B): 7.80% to 8.20%
Kohl’s: 6.90% to 7.20%
Overall Single Tenant NNN Market Average: 6.80%
Retail Sector Average: 6.55%
Industrial Sector Average: 7.15%
Office Sector Average: 7.90%
These figures represent current asking cap rates and shift with lease term remaining, rent escalation structure, and market conditions. Maher Commercial Realty provides current comparable data on any specific tenant or market upon request.
A capitalization rate is the ratio of a property’s net operating income to its purchase price. It is the single number most commonly used to price and compare NNN investments. But treating a cap rate as a complete risk assessment is one of the most common and costly mistakes NNN investors make.
A cap rate tells you the income yield implied by the current rent at the current purchase price. It does not tell you anything about tenant financial strength, the likelihood of lease renewal, what the property will be worth when the lease expires, or how the asset will perform if the tenant vacates. NNN properties are not bonds. When a lease ends the property reverts to real estate, not a guaranteed income stream.
The distinction that matters most in today’s market is the 318 basis point spread between the overall NNN cap rate of 6.80% and the Federal Funds midpoint of 3.625%. Sophisticated NNN investors evaluate cap rates alongside tenant credit, lease structure, location, and exit scenarios simultaneously rather than in isolation.
Oron Maher, Broker Director at Maher Commercial Realty: A cap rate is a starting point for underwriting a NNN investment, not the conclusion. The properties that outperform over a full hold period are the ones where the broker understood lease structure, tenant credit trajectory, and market fundamentals well enough to underwrite the exit and not just the entry.
Maher Commercial Realty has transaction experience and active buyer relationships across every major NNN tenant category in the United States. The following directory covers the full spectrum of single tenant net lease brands actively trading in the current market. If you own or are seeking a property occupied by any of the following tenants, contact us for a confidential consultation.
| Quick Service Restaurants and Fast Food | |
|---|---|
| McDonald’s, Chick fil A, Raising Cane’s, Wawa, Taco Bell, Burger King, Wendy’s, Sonic Drive In, Starbucks, Dunkin’, Popeyes, Arby’s, Jack in the Box, Whataburger, Culver’s, Freddy’s Frozen Custard and Steakburgers, Shake Shack, Five Guys, Portillo’s, Hardee’s, Carl’s Jr., Church’s Chicken, Bojangles, Checkers, Rally’s, Del Taco, Wingstop, Zaxby’s, Captain D’s, Long John Silver’s, Panda Express, Chipotle Mexican Grill, Panera Bread, Jersey Mike’s Subs, Subway, Jimmy John’s, Firehouse Subs, McAlister’s Deli, Schlotzsky’s, Moe’s Southwest Grill, El Pollo Loco, Raising Cane’s, Habit Burger and Grill, Smashburger, Shake Shack, Whataburger, In-N-Out Burger, Dutch Bros Coffee, Scooter’s Coffee, 7 Brew Coffee | |
| Convenience Stores and Fuel | |
|---|---|
| 7 Eleven, Wawa, Circle K, Casey’s General Store, Speedway, Pilot Flying J, Love’s Travel Stops, Sheetz, Kwik Trip, Kwik Fill, Holiday Station Stores, Sunoco, bp (British Petroleum), Chevron, Valero, ExxonMobil, Shell, Mobil, Marathon, Phillips 66, Conoco, GetGo, RaceWay, RaceTrac, Buc-ee’s, Kum and Go, Flash Foods, Mapco, Thornton’s, Gate Petroleum, Parker’s Kitchen | |
| Pharmacy and Drug Store | |
|---|---|
| CVS Health, Walgreens, Rite Aid, Kinney Drugs, Good Neighbor Pharmacy | |
| Dollar and Discount Retail | |
|---|---|
| Dollar General, Dollar Tree, Family Dollar, Five Below, Big Lots, Tuesday Morning, Ollie’s Bargain Outlet, 99 Cents Only Stores, Fred’s | |
| Grocery and Supermarket | |
|---|---|
| Walmart, Walmart Neighborhood Market, Sam’s Club, Costco, Kroger, Albertsons, Safeway, Publix, HEB, Meijer, Whole Foods Market, Sprouts Farmers Market, Aldi, Lidl, WinCo Foods, Food Lion, Weis Markets, Harris Teeter, Ralphs, Vons, Pavilions, Smart and Final, Grocery Outlet, Save a Lot, Price Chopper, ShopRite, Acme Markets, Giant Food, Stop and Shop, Hannaford, Market Basket, Stater Bros, Trader Joe’s | |
| Automotive Parts and Services | |
|---|---|
| AutoZone, O’Reilly Auto Parts, Advance Auto Parts, NAPA Auto Parts, Pep Boys, Firestone Complete Auto Care, Goodyear Tire and Rubber, Jiffy Lube, Midas, Monro Muffler and Brake, Valvoline Instant Oil Change, Take 5 Oil Change, Christian Brothers Automotive, Mavis Discount Tire, Discount Tire, America’s Tire, Caliber Collision, Gerber Collision and Glass, Service King Collision, Safelite AutoGlass, Meineke Car Care Centers, Precision Auto Care, NTB Tire and Service Centers | |
| Home Improvement and Hardware | |
|---|---|
| Home Depot, Lowe’s Home Improvement, Menards, Ace Hardware, True Value, Do it Best | |
| General Merchandise and Specialty Retail | |
|---|---|
| Target, Kohl’s, TJX Companies (TJ Maxx, Marshalls, HomeGoods), Ross Dress for Less, Burlington Coat Factory, Nordstrom Rack, Bed Bath and Beyond, Tuesday Morning, Hobby Lobby, Michaels Stores, Jo-Ann Stores, Staples, Office Depot, OfficeMax, Best Buy, GameStop, FYE, Spencer Gifts, Hallmark, Bath and Body Works, Victoria’s Secret, PetSmart, Petco, Pet Supplies Plus | |
| Banking and Financial Services | |
|---|---|
| JPMorgan Chase Bank, Bank of America, Wells Fargo, Citibank, US Bank, PNC Bank, Truist Bank, Regions Bank, SunTrust Bank, Fifth Third Bank, KeyBank, Huntington National Bank, Citizens Bank, TD Bank, Capital One, HSBC, Santander Bank, M and T Bank, First Horizon Bank, Synovus Bank, Glacier Bank, First Interstate Bank, Banner Bank, Columbia Banking System, Pacific Premier Bank, Eastern Bankshares, Berkshire Hills Bancorp, Investors Bank, CrossFirst Bankshares, Pinnacle Financial Partners, Western Alliance Bank | |
| Government and Essential Services | |
|---|---|
| United States Postal Service, Federal Government (GSA Leases), State and Municipal Government Tenants, Veterans Affairs Medical Centers, Social Security Administration | |
| Medical and Healthcare | |
|---|---|
| DaVita Kidney Care, Fresenius Medical Care, US Renal Care, Davita Dialysis, American Renal Associates, Aspen Dental, DentalOne Partners, Pacific Dental Services, Heartland Dental, Smile Brands, ATI Physical Therapy, Select Physical Therapy, U.S. Physical Therapy, BrightSpring Health Services, Concentra Urgent Care, CityMD, GoHealth Urgent Care, American Family Care, NextCare Urgent Care, MedExpress Urgent Care, Kaiser Permanente, DaVita, Encompass Health, Kindred Healthcare, LifePoint Health, Ardent Health Services, Tenet Healthcare, HCA Healthcare, Surgery Center of America, USPI Surgical Care Affiliates, Envision Healthcare, TeamHealth, Amedisys, LHC Group, Apria Healthcare, BioPlus Specialty Pharmacy, Omnicare, PharMerica | |
| Fitness and Wellness | |
|---|---|
| Planet Fitness, LA Fitness, 24 Hour Fitness, Anytime Fitness, Gold’s Gym, Crunch Fitness, Orangetheory Fitness, F45 Training, CrossFit, Solidcore, Club Pilates, Pure Barre, YogaWorks, CycleBar, Row House, Stretch Zone, Massage Envy, Hand and Stone Massage and Facial Spa, The Joint Chiropractic, Elements Massage | |
| Casual and Family Dining | |
|---|---|
| Texas Roadhouse, Olive Garden (Darden), LongHorn Steakhouse (Darden), Applebee’s, Chili’s, Red Lobster, IHOP, Denny’s, Cracker Barrel, Waffle House, Bob Evans, Perkins Restaurant and Bakery, Golden Corral, Sizzler, Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse, Bloomin’ Brands, Red Robin, Friendly’s, Ruby Tuesday, Buffalo Wild Wings, Dave and Buster’s, BJ’s Restaurants, Yard House, Bahama Breeze, Seasons 52 | |
| Industrial and Logistics | |
|---|---|
| Amazon, FedEx, UPS, XPO Logistics, Prologis, Ryder System, NFI Industries, Lineage Logistics, Americold Realty Trust, US Foods, Sysco Corporation, Performance Food Group, Chewy, Wayfair, Target Distribution, Walmart Distribution, Home Depot Distribution, Lowe’s Distribution, AutoZone Distribution, Advance Auto Parts Distribution | |
| Office and Professional Services | |
|---|---|
| JPMorgan Chase, Bank of America Corporate, Google, Amazon Corporate, Microsoft, Salesforce, Oracle, IBM, Accenture, Deloitte, PricewaterhouseCoopers, KPMG, Ernst and Young, McKinsey and Company, Kaiser Permanente Corporate, UnitedHealth Group, Anthem, Cigna, Aetna, CVS Health Corporate | |
| Car Wash | |
|---|---|
| Mister Car Wash, Magnolia Car Wash, Zips Car Wash, Splash Car Wash, Autobell Car Wash, Super Star Car Wash, Tidal Wave Auto Spa, Mammoth Car Wash, Quick Quack Car Wash, Crew Carwash, Whistle Express Car Wash, Tommy’s Express Car Wash, International Car Wash Group, Hoffman Car Wash | |
| Telecommunications and Technology Retail | |
|---|---|
| T Mobile, Verizon Wireless, AT&T Wireless, Sprint, MetroPCS, Boost Mobile, Cricket Wireless, Apple Store, Best Buy, Microsoft Store, Micro Center | |
| Education and Childcare | |
|---|---|
| Bright Horizons, KinderCare Learning Centers, Learning Care Group, Primrose Schools, Goddard School, La Petite Academy, Stratford School, Nobel Learning Communities, Champions, Spring Education Group, Childtime Learning Centers | |
| Veterinary and Pet Services | |
|---|---|
| Banfield Pet Hospital, VCA Animal Hospitals, BluePearl Specialty and Emergency Pet Hospital, National Veterinary Associates, Petco, PetSmart, Pet Supplies Plus, Woof Gang Bakery and Grooming, Camp Bow Wow | |
| Entertainment and Recreation | |
|---|---|
| Dave and Buster’s, Main Event Entertainment, Bowlero Corporation, AMC Theatres, Regal Cinemas, Cinemark, Marcus Theatres, TopGolf, Drive Shack, Andretti Indoor Karting and Games, Scene 75 Entertainment | |
The lease document is the asset. In a NNN transaction the physical property is secondary to the cash flow stream the lease creates. A thorough lease analysis before buying or selling a NNN property covers every material term that affects value, risk, and future optionality.
How and when rent increases over the lease term is one of the two most important value drivers in a NNN investment. The three primary escalation structures are fixed percentage bumps typically 5 to 10 percent every 3 to 5 years, CPI indexed increases tied to the Consumer Price Index, and flat rent with no escalations. Fixed percentage bumps at 10 percent every 5 years protect purchasing power and support strong exit valuations. Flat rent structures erode real income over time and compress exit values significantly as the lease term shortens.
Fair market value rent reset clauses are among the most complex and consequential provisions in a NNN lease. These clauses are common in ground leases and in extension options on long term net leases. They require that base rent be reset to the current fair market rental value of the premises at a specified future date rather than following a fixed escalation schedule.
For landlords FMV reset clauses can represent a significant upside opportunity in appreciating markets or a meaningful downside risk if market rents have not kept pace with inflation. For tenants of investment grade operators FMV reset negotiations can determine the entire economics of a lease renewal. For buyers of properties subject to upcoming FMV resets the reset represents the single largest uncertainty in the investment underwriting.
Key negotiation points in FMV rent reset provisions include the definition of comparable properties used to establish market rent, the geographic radius and property type criteria for the comparables, whether the reset floor is set at the current passing rent or can reset downward, whether caps or collars limit the magnitude of the reset, the appraisal process and dispute resolution mechanism if the parties disagree on FMV, and the timeline and notice requirements governing the reset process.
Maher Commercial Realty has direct transactional experience negotiating FMV rent resets on ground leases and long term net leases across California and nationally. Oron Maher’s legal background provides a material advantage in parsing reset language, structuring favorable negotiation positions, and protecting client economics when reset disputes arise.
For buyers acquiring properties with upcoming FMV reset provisions: always model the transaction under both the current passing rent and a scenario where FMV resets to current market. In markets where rents have materially increased since the lease was executed this modeling exercise can reveal substantial upside. In markets where the tenant is already paying above market rent it reveals meaningful downside risk at renewal.
Extension options give the tenant the right to renew the lease for additional terms typically at predetermined rates or at fair market value. A property with 10 years of primary term remaining and two 5 year extension options at fixed rents is fundamentally different from one with 10 years remaining and options at FMV even at the same purchase price.
Right of first refusal provisions give the tenant the right to match any third party purchase offer before the landlord can accept it. ROFR clauses complicate sale transactions because they create uncertainty around buyer pool depth and can discourage competitive bidding. Maher Commercial Realty advises sellers on how to navigate ROFR provisions and structure marketing processes that preserve value despite their presence.
Co tenancy clauses give a tenant the right to reduce rent or terminate their lease if a specified anchor tenant vacates the property. These provisions are common in multi tenant retail centers and can create significant income risk for landlords if the anchor tenant closes or relocates. Buyers of NNN properties in multi tenant centers should identify and model all co tenancy provisions before acquisition.
In NNN leases with CAM pass throughs the absence of expense caps and audit rights can expose landlords to disputes and tenants to uncapped cost volatility. Maher Commercial Realty reviews CAM exclusion language, gross up provisions, and the definitions governing what is and is not recoverable from tenants. A denominator definition that uses occupied square footage rather than total leasable area can shift vacancy costs onto existing tenants, a provision that alone can swing net operating income by 10 to 30 percent in a center with material vacancy.
Understanding a tenant’s right to assign the lease or sublet the premises is critical for assessing both credit risk and exit optionality. National tenants with strong assignment rights can transfer lease obligations to subsidiaries or franchisees which may alter the effective credit quality of the income stream. Buyers should verify the guarantor structure and whether any assignment has occurred since the original lease execution.
Triple net lease properties are among the most commonly used replacement assets in 1031 exchange transactions. The passive income structure, long lease terms, and minimal management requirements make NNN investments an ideal destination for investors transitioning out of management intensive assets including apartment buildings, retail strip centers, gas stations, or industrial properties.
The 1031 exchange timeline is unforgiving. A taxpayer has 45 days from the sale of the relinquished property to identify replacement properties and 180 days to close. Missing either deadline triggers a full recognition event for all deferred capital gains and depreciation recapture. Maher Commercial Realty works with 1031 exchange buyers proactively, identifying and underwriting replacement properties in advance of the sale close wherever possible.
The permanent reinstatement of 100 percent bonus depreciation in 2025 has added a new dimension to NNN investment analysis. Investors acquiring NNN properties through a cost segregation study can now accelerate depreciation on personal property components in the year of purchase, generating significant current year tax benefits that enhance after tax yield materially.
The lease document is the asset. In a NNN transaction the physical property is secondary to the cash flow stream the lease creates. A thorough lease analysis before buying or selling a NNN property covers every material term that affects value, risk, and future optionality.
How and when rent increases over the lease term is one of the two most important value drivers in a NNN investment. The three primary escalation structures are fixed percentage bumps typically 5 to 10 percent every 3 to 5 years, CPI indexed increases tied to the Consumer Price Index, and flat rent with no escalations. Fixed percentage bumps at 10 percent every 5 years protect purchasing power and support strong exit valuations. Flat rent structures erode real income over time and compress exit values significantly as the lease term shortens.
Fair market value rent reset clauses are among the most complex and consequential provisions in a NNN lease. These clauses are common in ground leases and in extension options on long term net leases. They require that base rent be reset to the current fair market rental value of the premises at a specified future date rather than following a fixed escalation schedule.
For landlords FMV reset clauses can represent a significant upside opportunity in appreciating markets or a meaningful downside risk if market rents have not kept pace with inflation. For tenants of investment grade operators FMV reset negotiations can determine the entire economics of a lease renewal. For buyers of properties subject to upcoming FMV resets the reset represents the single largest uncertainty in the investment underwriting.
Key negotiation points in FMV rent reset provisions include the definition of comparable properties used to establish market rent, the geographic radius and property type criteria for the comparables, whether the reset floor is set at the current passing rent or can reset downward, whether caps or collars limit the magnitude of the reset, the appraisal process and dispute resolution mechanism if the parties disagree on FMV, and the timeline and notice requirements governing the reset process.
Maher Commercial Realty has direct transactional experience negotiating FMV rent resets on ground leases and long term net leases across California and nationally. Oron Maher’s legal background provides a material advantage in parsing reset language, structuring favorable negotiation positions, and protecting client economics when reset disputes arise.
For buyers acquiring properties with upcoming FMV reset provisions: always model the transaction under both the current passing rent and a scenario where FMV resets to current market. In markets where rents have materially increased since the lease was executed this modeling exercise can reveal substantial upside. In markets where the tenant is already paying above market rent it reveals meaningful downside risk at renewal.
Extension options give the tenant the right to renew the lease for additional terms typically at predetermined rates or at fair market value. A property with 10 years of primary term remaining and two 5 year extension options at fixed rents is fundamentally different from one with 10 years remaining and options at FMV even at the same purchase price.
Right of first refusal provisions give the tenant the right to match any third party purchase offer before the landlord can accept it. ROFR clauses complicate sale transactions because they create uncertainty around buyer pool depth and can discourage competitive bidding. Maher Commercial Realty advises sellers on how to navigate ROFR provisions and structure marketing processes that preserve value despite their presence.
Co tenancy clauses give a tenant the right to reduce rent or terminate their lease if a specified anchor tenant vacates the property. These provisions are common in multi tenant retail centers and can create significant income risk for landlords if the anchor tenant closes or relocates. Buyers of NNN properties in multi tenant centers should identify and model all co tenancy provisions before acquisition.
In NNN leases with CAM pass throughs the absence of expense caps and audit rights can expose landlords to disputes and tenants to uncapped cost volatility. Maher Commercial Realty reviews CAM exclusion language, gross up provisions, and the definitions governing what is and is not recoverable from tenants. A denominator definition that uses occupied square footage rather than total leasable area can shift vacancy costs onto existing tenants, a provision that alone can swing net operating income by 10 to 30 percent in a center with material vacancy.
Understanding a tenant’s right to assign the lease or sublet the premises is critical for assessing both credit risk and exit optionality. National tenants with strong assignment rights can transfer lease obligations to subsidiaries or franchisees which may alter the effective credit quality of the income stream. Buyers should verify the guarantor structure and whether any assignment has occurred since the original lease execution.
1031 Exchange Buyers
Investors selling multifamily buildings, gas stations, retail properties, or other commercial assets and seeking passive NNN replacement income. We work proactively to identify replacement options before the exchange clock starts.
NNN Property Sellers
Owners of tenanted single tenant properties preparing for disposition. We advise on pre sale lease optimization, pricing strategy, and national buyer outreach to maximize value at sale.
Private Investors and Family Offices
Investors seeking bond like passive income from single tenant real estate. We advise on tenant selection, lease structure, and portfolio diversification across multiple geographies and tenant categories.
Estate and Probate Sellers
Heirs and personal representatives managing NNN assets as part of an estate or probate proceeding. Maher Commercial Realty has direct experience in probate real estate transactions and coordinates with estate attorneys, courts, and qualified intermediaries throughout the process.
Institutional and REIT Buyers
Institutional capital deploying into single tenant net lease at scale. We provide off market sourcing, portfolio pricing, and transaction management for multi asset acquisitions.
Sale Leaseback Candidates
Business owners and operators who own their real estate and are considering a sale leaseback transaction to monetize equity while retaining operational control. We advise on lease structure, pricing, and buyer identification for owner user to NNN conversion transactions.
The difference between a well executed NNN sale and an average one is measured in basis points. A property that closes at a 6.20 percent cap rate versus a 6.50 percent cap rate on the same income represents a significant difference in proceeds on a multi million dollar asset.
The single most impactful thing a seller can do before listing a NNN property is ensure the lease is presenting at its strongest. This means confirming rent is current and properly documented, that any outstanding landlord obligations have been fulfilled, and that option exercise deadlines and notice requirements have been properly managed. In some cases it means approaching the tenant about a lease extension or rent modification before listing. Adding lease term is one of the most reliable ways to compress the cap rate at which a property will trade.
Maher Commercial Realty markets NNN assets nationally through direct outreach to 1031 exchange buyers, private investors, family offices, and institutional capital. Our buyer database is built from active transaction relationships. We know which buyers are actively deploying capital, what tenant categories they are focused on, what cap rate ranges they are underwriting, and what lease term minimums they require.
NNN values are sensitive to two primary market forces: the trajectory of interest rates and the lease term clock. A property with 12 years remaining today will have 10 years remaining in two years. Given that cap rates expand as lease term shortens, a decision to sell today versus in two years can represent a meaningful difference in exit value. Maher Commercial Realty provides forward looking hold versus sell analysis that models both scenarios explicitly.
Single tenant net lease investment is a national market. Maher Commercial Realty actively works NNN transactions in all 50 states and provides current market data, tenant comparables, and buyer outreach across the full national market. The following states and markets represent some of the most active NNN investment geographies in 2026:
This offering presents a rare opportunity to acquire a truly passive, institutional-quality retail investment backed by one of America’s most recognized pharmacy brands. The property is leased to Walgreens Co., an Illinois corporation, under an absolute triple-net (NNN) lease structure that transfers 100% of operating responsibility to the tenant. Under this arrangement, Walgreens assumes full […]
Maher Commercial Realty presents a turnkey, family-operated Chevron gas station and convenience store at 977 Main St in Brawley, California. This single-tenant, owner-operated business is a transformed and modernized retail destination, generating strong, consistent cash flow from its fuel operations and a high-margin convenience store. The property features a 1,728 SF building on a 0.41-acre […]
This single-tenant O’Reilly Auto Parts store is located at 1145 US Highway 491 in Gallup, New Mexico, a strategic trade corridor serving western New Mexico and the broader Four Corners region. The property features a retail building situated on a well-positioned parcel with excellent highway visibility and access. The asset is backed by O’Reilly Automotive […]
Maher Commercial Realty is proud to announce the successful sale of the Valero gas station at 1101 Yulupa Avenue in Santa Ana. Situated within a high-traffic shopping center anchored by Whole Foods Market, this Valero-branded station benefits from exceptional visibility, strong daily consumer traffic, and a prime infill corner location in Santa Rosa’s Bennett Valley […]
Exclusive Opportunity – Stabilized, income-producing mixed-use office/retail building in South Los Angeles Anchor Tenant – Prominently leased to Chase Bank, a strong national credit tenant Quality Construction – Built in 1997 and exceptionally maintained to high standards Attractive Returns – Immediate cash flow with a cap rate exceeding 6.0% Prime Location – High visibility in […]
Maher Commercial Realty represented the Buyer of this rare QSR opportunity on the sunny coast of Southern California. The subject property sold at an existing 4.07% cap rate, with one of the strongest KFC operators in the nation. The existing lease had only four years left on it, but MCR was able to work directly […]
Property Overview The subject property presents an investor an opportunity to purchase NNN leased retail building occupied by El Pollo Loco through December 2026. This rare drive-thru building offers a variety of future uses. The tenant recently exercised their second and final options, which extends their lease to December 31, 2021. For the rest of […]
