STNL retail NN/NNN
Single-tenant net lease properties for sale
Single-tenant retail is the core of the practice: dollar stores, auto parts, paint and hardware, and the credit-tenant assets that trade on the strength of the guaranty rather than the strength of the location. We underwrite the tenant first — corporate versus franchisee, the term actually remaining, and what the store-level numbers say about renewal — then price the real estate underneath it. Most of our volume is Midwest, and most of our buyers are exchange money on a clock.
- $28M
- Closed volume, published
- 4
- Closed transactions
- 6
- States
Closed in this practice
| Property | Market | Price | Cap | Closed | Status |
|---|---|---|---|---|---|
| Walmart | Howell, MI | $22,800,000 | 8.00% | 2026 | Sold · closed comp |
| Advance Auto Parts | Flint, MI | $1,495,000 | 7.85% | 2024 | Sold · closed comp |
| Aspen Dental | Benton Harbor, MI | $2,410,000 | 6.85% | 2024 | Sold · closed comp |
| Dollar General | Union City, MI | $1,162,000 | 7.35% | 2023 | Sold · closed comp |
Available now
| Property | Market | Price | Cap | Term | Status |
|---|---|---|---|---|---|
| Family Dollar | Muncie, IN | $1,090,000 | 7.85% | 6.1 yr | Active |
| AutoZone | Toledo, OH | $2,150,000 | 7.10% | 9.8 yr | Active |
| Sherwin-Williams | Grand Rapids, MI | $1,875,000 | 6.75% | 8.4 yr | Active |
| Dollar General | Hastings, MI | $1,240,000 | 7.25% | 11.2 yr | Active |
| Dollar General | Bloomingdale, GA | $1,095,000 | 7.45% | 4.9 yr | Pending |
| Dollar General | Morgantown, WV | $1,225,000 | 7.15% | 4.6 yr | Pending |
| Dollar General | Archbold, OH | $1,180,000 | 7.25% | 5.1 yr | Pending |
| Dollar General | Kite, GA | $1,045,000 | 7.55% | 3.8 yr | Pending |
| Dollar General | Dover, FL | $1,310,000 | 6.95% | 4.2 yr | Pending |
How we underwrite the credit
Tenant credit and guaranty
Corporate versus franchisee, and what the guarantor’s financials actually show. A large multi-unit operator who will open their books can price inside a weak corporate credit; one who will not price as though the guaranty were absent.
Term remaining and escalations
Term sets the floor on your exit. Escalations set your yield on cost when you get there. A flat lease is a bond that loses to inflation every year you hold it.
Store-level intelligence
Closure signals and store-count movement, tracked because they move before public announcements do. A lease with eight years left on an underperforming store is a different asset from the same lease on a top-quartile one.
Who to call
Direct line pending roster confirmation — this is the main office number.
Common questions
- Does a corporate guaranty always price better than a franchisee?
- Usually, but not always by as much as sellers expect. A large multi-unit franchisee with audited financials and a long operating history can price inside a weak corporate credit. What moves pricing is the quality of the financial disclosure, not the label on the lease.
- How much does remaining term matter versus the rent bump schedule?
- Term sets the floor on your exit. Escalations set your yield on cost at that exit. A shorter lease with real escalations often beats a long flat lease, because a flat lease is a bond that loses to inflation every year you hold it.
- What does store-level performance tell you that the lease does not?
- Whether the tenant will renew. Closure announcements are public and late; traffic patterns and store counts move first. We track them because a lease with eight years left on an underperforming store is a different asset from the same lease on a top-quartile one.
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Most of what we sell trades before it reaches a portal.
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