High Cap Rate NNN Properties for Sale
7%+ net lease yields exist — on national-credit paper, with leases you can read. They live in specific places: seasoned dollar-store terms, franchise QSR, Midwest corridors, drugstore firm terms. The work is separating earned yield from priced-in decline.
That separation is what we do before you ever see the deal: re-lease math against market rents, county-trajectory screens, operator financials on franchise paper, and the maintenance-article read that catches NN structures priced as NNN. Yield with the homework attached.
Get 7%+ deals that survive diligence
The Honest Yield Map
Credit spreads
Family Dollar, Advance Auto, seasoned franchise QSR — wider caps that pay for reading balance sheets instead of rating letters.
Geography spreads
Ohio, Michigan, Illinois and the yield belt — identical corporate paper, 50–100 extra basis points, exit patience required.
Term spreads
Walgreens firm terms and shorter QSR paper — renewal-probability bets priced for skeptics, occasionally very well.
High Cap Rate FAQs
Where do 7%+ cap rates actually come from?
Four honest sources: shorter lease terms (a 5-year rump prices wider than a fresh 15), weaker or private credit (franchisee guarantees, post-restructuring tenants like Advance Auto or Family Dollar), secondary geography (the Midwest spread over identical Sunbelt paper runs 50–100 basis points), and harder re-lease math (rural boxes, specialized buildings). Every extra point of yield maps to one of those. A deal that can't explain its yield is mispriced marketing, not opportunity.
Are high-cap NNN deals riskier than 5-cap trophy deals?
Differently risky, not uniformly more. A 7.25% Dollar General in a stable county seat carries re-lease risk you can measure with a map; a 4.75% Chick-fil-A carries duration and rate risk hiding inside its safety. The high-cap buyer's real dangers are specific: dying trade areas, above-market rents that reset down at renewal, and deferred maintenance on NN structures. All three are checkable before you offer — which is the entire discipline.
What tenants dominate the 7%+ market right now?
Dollar stores lead (Family Dollar and seasoned DG paper), followed by franchise QSR on shorter terms (KFC, Burger King, Pizza Hut Delcos), pharmacy survivors (Walgreens firm-term deals), Advance Auto Parts, and rural or Midwest anything. Mixed in: perfectly good deals whose only sin is a boring address. The screen is separating priced-for-demographics from priced-for-decline — the first is yield, the second is a countdown.
How do I keep a high-yield deal from becoming a vacancy problem?
Buy the re-lease math, not the lease. Before offering: divide contract rent by realistic market rent for the empty building (over 130% is a haircut waiting), map the trade area's anchors (hospital, courthouse, Walmart drive-time), and price the building's second-best use. If the deal still works when you model the tenant leaving at the first option, the 7.5% is real income. If it only works if nothing ever changes, keep looking.
Tell us your yield floor — we'll send deals that clear it honestly.
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