Convenience & Gas Station NNN
High-traffic, necessity-based retail with strong brand operators — the backbone of daily consumer spending in every U.S. market.
Data as of Q3 2026 · Sources: CoStar, CBRE Research, Moody's Analytics
Key Metrics
Market Overview
Convenience stores and gas stations represent one of the tightest-trading NNN sub-sectors, driven by necessity-based consumer spending that persists through every economic cycle.
7-Eleven's AA- credit rating makes it one of the highest-rated NNN tenants in any category, while operators like Wawa, QuikTrip, and Sheetz have built cult followings with high-margin food service that drives exceptional store-level economics. Modern convenience stores are evolving beyond fuel into food destinations — fresh-prepared meals, coffee programs, and grocery staples generate higher margins than fuel and create stickier customer habits. New-build ground leases from top-tier convenience operators trade inside 5.00%, reflecting the market's confidence in the sector's long-term durability.
Top Tenants by Portfolio Size
Recent Market Deals
Market Outlook
The convenience store sector is undergoing a food-driven renaissance. Operators like Wawa and Sheetz generate 60%+ of revenue from food and merchandise rather than fuel, insulating them from EV adoption headwinds. The sector's transition from 'gas station with snacks' to 'food and beverage destination with fuel' is creating higher store-level revenues and justifying rent growth of 3–4% annually. Institutional capital is flowing aggressively into new-build convenience properties, with 7-Eleven, Wawa, and QuikTrip ground leases among the most sought-after NNN investments. The biggest risk to watch is EV adoption — but the 10–15 year timeline for mass adoption aligns well with typical NNN lease terms, and savvy operators are already installing EV charging stations that extend customer dwell time and increase in-store purchases.
Key Investor Tips
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Statistics may be estimated from publicly available sources and should be verified with primary data providers before use in investment decisions. Tenant information is sourced from public filings and may not reflect current conditions. Past performance does not guarantee future results.