Convenience Store Net Lease: Why 7-Eleven and Wawa Are the New Safe Bets

As pharmacy net lease has stumbled, convenience stores have quietly become one of the most coveted sectors in the entire net lease market. The reason is simple: c-stores combine recession resistance, e-commerce immunity, and in many cases strong corporate credit. Two names dominate the conversation — 7-Eleven and Wawa — and they offer very different paths to the same goal.

7-Eleven: Scale and Credit (5.55% sold)

7-Eleven is the institutional buyer’s convenience store. Our sold comps put it at a 5.55% average cap rate (93 transactions), and it pairs a strong A- credit rating with massive scale — roughly 13,000 locations and a market cap north of $32 billion. Leases typically run 15 years with 5–10% increases every five years on a compact footprint around 3,500 square feet.

What makes 7-Eleven especially attractive is the credit-to-yield tradeoff. You’re getting one of the highest credit ratings in all of net lease retail while still collecting a yield in the 5s. Premium, long-term assets trade as tight as the low 4% range, and recent sold deals cluster around a 5.45% median. For investors who want safety without giving up all their yield, 7-Eleven is hard to beat.

Wawa: The Cult Brand Ground Lease (5.19% sold)

Wawa trades even tighter than 7-Eleven, at a 5.19% average sold cap rate (30 transactions), despite being privately held with no public credit rating. How? Two reasons: a fanatically loyal customer base and a preference for ground lease structures.

Wawa stores are typically larger (around 5,900 square feet), carry 20-year terms, and most importantly often trade as ground leases — meaning the investor owns the land while Wawa owns and maintains the building. That structure dramatically reduces landlord risk and responsibility, which is why Wawa ground leases command sub-5% pricing. On an asking basis Wawa lists even tighter (near 4.86%), meaning buyers are negotiating these deals up toward the 5.19% sold average.

The catch: Wawa is regional, concentrated in the Mid-Atlantic and a handful of expansion markets, with only about 1,150 locations. Scarcity is part of the appeal, but it also means fewer opportunities to buy.

Head to Head

Credit: 7-Eleven wins on transparency with its A- rating. Wawa relies on brand strength and store performance rather than a public rating.

Lease structure: Wawa’s ground-lease preference is a real advantage — less landlord responsibility, lower risk, tighter cap rate. 7-Eleven deals are more often standard NNN.

Lease term: Wawa’s 20-year terms and long average remaining term (around 18 years) offer more durability than 7-Eleven’s typical 15-year structure.

Availability: 7-Eleven’s scale means far more buying opportunities. Wawa’s scarcity drives demand but limits supply.

Price point: Both typically trade in the $3–6 million range, putting them within reach of serious private investors and 1031 buyers.

You can see current ranges for both on our NNN Cap Rate tracker, or read the full profiles on our 7-Eleven and Wawa tenant pages.

Why C-Stores Are Winning

The convenience sector benefits from a perfect storm of tailwinds. Fuel and convenience purchases can’t be shipped to your door, insulating c-stores from e-commerce. Daily-needs traffic holds up even when consumers tighten their belts. And the best operators are investing heavily in food service and fuel, deepening their moat. As investors flee uncertainty in other retail sectors, convenience stores have become the new flight-to-quality trade.

The Bottom Line

If you want credit and scale, 7-Eleven is your tenant. If you want a long-term ground lease with a cult-favorite brand and minimal landlord responsibility, Wawa is tough to top. Both represent the kind of recession-resistant, internet-proof income that defines the best net lease investments.