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The NNN car wash market picked back up in July 2026, with listed inventory rising to its second-highest level of the year. B+E’s latest
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C-Store Market Activity 2025: Net Lease Cap Rate Trends Report
This report breaks down 2025 C-Store Market Activity in the U.S. net lease sector, highlighting investment trends, cap rate shifts, and brand-level performance. Whether you’re an experienced investor or entering the triple net lease space for the first time, this data reveals how convenience store real estate is evolving—and how to capitalize on it.
C-Store Market Activity: Inventory & Cap Rate Trends
- Total active listings decreased from 310 to 302 since year-end 2024.
- Cap rates increased 7 basis points, now averaging 5.57%.
- 80.1% of the properties on the market (242 listings) offer 10+ years of remaining lease term, carrying a lower average cap rate of 5.44%.
This stability reflects strong investor demand for long-term, high-credit net lease assets—especially in the convenience store format.
Tenant Spotlight: 7-Eleven, Wawa, and More
7-Eleven Performance
- 119 listings, nearly 40% of the market.
- 91 with 10+ years remaining.
- Average cap rate: 5.26%.
- S&P Credit Rating: A.
Wawa’s Ground Lease Premium
- 29 listings total; 28 with 10+ year terms.
- Average cap rate: 4.74%.
- Ground lease structure enhances investor confidence and long-term value.
Other Key Operators in 2025
- Circle K: Acquired 270 GetGo/WetGo locations for $1.6B.
- Murphy USA: Expanding with 50 new builds and 30 raze-rebuilds.
- RaceTrac: Opened $9M Louisiana distribution center.
- Wawa: Planning 700 new stores across Midwest and Southeast.
Convenience Store Industry Sales Performance
According to NACS, there are over 152,200 convenience stores operating in the U.S., with 121,000 selling fuel. The 2025 Convenience Store News industry report shows:
- Total sales: $755.2 billion (down 2.6% YoY).
- Fuel sales declined 5.3%, despite slight volume growth.
- In-store sales reached $293.2 billion (+1.9%).
- In-store contributed 38.8% of total revenue and 60.7% of gross profits.
- Fuel accounted for 61.2% of revenue and 39.3% of profits.
- Gross profit rose 1.2% to $128.37 billion, the slowest growth since 2020.
Bonus Depreciation Returns in 2025: What Investors Should Know
Effective January 19, 2025, the Open-ended Business Bonus Depreciation Act (OBBBA) reinstates 100% bonus depreciation for qualifying c-store assets that include fuel stations.
Key benefits for investors:
- Deduct 100% of qualifying equipment or property upgrades in year one.
- Improve post-tax yield and internal rate of return (IRR).
- Offset renovation and modernization costs to boost asset competitiveness.
Market Growth Outlook for Net Lease C-Stores
The U.S. convenience store market is projected to expand from $1 trillion in 2023 to:
- $1.64 trillion by 2028 (10.23% CAGR).
- $2.35 trillion by 2033 (7.48% CAGR).
This explosive growth is fueled by evolving consumer habits, mobile integration, EV charging, and demand for in-store foodservice. Leading brands like 7-Eleven and Wawa are aggressively investing in real estate footprint to capture this opportunity.
Why C-Store Market Activity Matters to Investors
For First-Time Buyers
Understand how lease term, brand strength, and site structure affect valuation. C-store NNN investments offer relatively low-maintenance cash flow with strong tenant demand.
For Funds and Institutional Capital
Benchmark acquisition models and cap rate assumptions against national market activity. Use bonus depreciation to optimize timing for capital deployment and maximize after-tax returns.
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