Triple Net Investment Group · Investor resources
NNN Cap Rates by Tenant, State & Property Type
Understand how tenant credit, lease terms, rent increases and location influence net lease pricing. Choose a map year, explore state cap rates and review an individual tenant’s history in a selected state.
Calculate cap rateMap filters — select tenant and year
United States cap rate map
Missing tenant values use the average of available tenants in the same state and year, labeled Estimated. A state with no data remains blank; no national average is substituted.
Selected state snapshot
Tenant cap rate history
Choose a tenant and state for this chart. These controls are independent of the map above. Blue circles show supplied values or state averages; orange diamonds show estimated tenant values.
Start with income
Cap rate divides annual net operating income by price. It describes an unleveraged income yield, before debt service and income taxes.
Compare equivalent leases
Remaining term, landlord obligations, renewal options and rent increases can change the investment profile even when two properties have the same tenant brand.
Look beyond the brand
Review the actual lease guarantor, site fundamentals and building condition. A familiar sign does not by itself establish a corporate guarantee.
How property type changes the analysis
Quick-service restaurants
Compare drive-through access, operator strength, rent coverage when available, and whether the interest is a ground lease or includes the building.
Pharmacies
Review guarantor credit, store performance when available, remaining term and the site's reuse potential at lease expiration.
Dollar stores
Examine trade-area demand, local competition, construction quality, rent increases and the lease's maintenance provisions.
Automotive
Review access, specialized improvements, environmental reports and the tenant's repair and maintenance responsibilities.
Banks
Assess branch location, lease duration, guarantor and alternative uses. Ground leases and building leases require separate comparisons.
Industrial
Consider loading, clear height, power, building condition, location and the cost of adapting the space for a replacement tenant.
Cap rate & value calculator
Cap rate = annual NOI ÷ purchase price.
Indicated value = annual NOI ÷ target cap rate.
Use NOI after owner-paid operating expenses. Results exclude financing, closing costs and taxes and are not an appraisal or projected total return.
What to review before making an offer
Income durability
Confirm the rent schedule, concessions and actual guarantor. Compare the remaining initial term with your intended holding period and separate contractual rent increases from renewal assumptions.
Exit and replacement risk
Evaluate the site's alternative uses, local market rent and potential capital needs. Model vacancy and re-leasing costs rather than assuming the tenant will renew.
This is an investment review framework, not a current quarterly market report. Verified market commentary requires dated observations and source records.
Data sources & methodology
Supplied figures
The figures originate from the demonstration dataset supplied for this tool, covering nominal years 2020–2025. Underlying transactions and source records have not been independently verified. A supplied value means a record exists, not that it is a verified transaction.
The data does not distinguish asking cap rates from closed-sale cap rates or control for property price, lease term or guarantor.
Same-state estimates
For a missing tenant value, the tool averages all available tenant values in that same state for that year. Estimated figures are labeled and are never fed back into source averages. If there are no source values in the state, the result is No data.
The six-year map option and chart summary average available annual results, including any labeled same-state estimates. Missing years are excluded and the history summary reports the number of years used. All tenants displays each state's source-tenant average.
Explore more NNN resources
NNN investment questions
What is a cap rate?
A capitalization rate is annual net operating income divided by property price. For example, $150,000 of NOI divided by a $2,500,000 price equals 6%. It does not include mortgage payments or future appreciation.
What is the difference between NNN and absolute NNN?
A triple-net lease generally allocates property taxes, insurance and maintenance to the tenant, but exceptions vary. An absolute-net lease generally shifts more obligations to the tenant. Read the executed lease to establish responsibility for roof, structure, replacement costs and casualty.
How does remaining lease term affect pricing?
A longer term can provide greater contractual income visibility. Pricing still depends on credit, rent increases, market rent, location and landlord obligations. Compare similar properties and leases before attributing a price difference to term alone.
Does a national brand guarantee the lease?
No. The tenant may be a franchisee, operating subsidiary or another entity. The executed lease and any separate guaranty identify the obligated parties and the scope of their liability.
Is a higher cap rate always better?
No. A higher initial yield may accompany weaker credit, a shorter remaining term, a less liquid location or greater capital obligations. Compare income durability and downside scenarios along with the headline yield.
How do asking and closed-sale cap rates differ?
An asking cap rate reflects the seller's advertised price and stated NOI. A closed-sale cap rate reflects the completed transaction's price and the NOI basis used in the analysis. Different NOI assumptions can make the figures difficult to compare.
Why are some states blank?
No tenant in the source dataset has a usable value for that state and period. When other tenants do have data in the same state, their average is used for the missing tenant and labeled Estimated. No national average is used.
Triple Net Investment Group
Robert Gamzeh, Managing Director, specializes in net lease properties and 1031 exchange acquisitions. Discuss property-specific lease terms, your investment criteria and the supporting documents needed for due diligence.
The demonstration figures above are not represented as verified research or completed transactions by the firm.
Find the right NNN property
Share your budget, preferred tenants, target markets, minimum lease term and exchange deadline with Triple Net Investment Group.
Request matching NNN propertiesInclude your acquisition criteria when requesting a property shortlist or discussing a specific offering.