7-Eleven NNN Loans: 5.85% – 6.50% Non-Recourse 10-Year Fixed CMBS
PeerSense structures non-recourse CMBS conduit financing on 7-Eleven-anchored NNN convenience / gas properties at 5.85%–6.50% 10-year fixed. 7-Eleven Inc. is a wholly-owned subsidiary of Seven & i Holdings (A rating Moody's, Q1 2026) — tighter credit profile than CVS or Walgreens drives narrower CMBS spreads. Environmental diligence adds 30 days to close on gas-pump properties.
15-yr base leases · corner-lot real estate · A-rated parent · convenience + gas · 2,800–3,500 SF · 1031 exchange ready.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical 7-Eleven NNN rates?
7-Eleven NNN rates are 5.85%–6.50% on 10-year fixed non-recourse CMBS in April 2026. A-rated parent (Seven & i Holdings) drives tight spreads — tighter than CVS (A-) and Walgreens (BBB). Max LTV 70%–75%, min DSCR 1.25x. Typical cap rates 5.50%–6.25%. Standard 15-year base lease with 4 × 5-year options. Environmental diligence (Phase II UST testing) adds 30–60 days to close on gas-pump properties.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026. Credit rating sourced from S&P Global Ratings Q1 2026 reports.
7-Eleven — Credit Profile & NNN Investment Characteristics
7-Eleven Inc. is a wholly-owned subsidiary of Seven & i Holdings Co. (TYO: 3382), a Japanese retail conglomerate operating the world's largest chain of convenience stores — over 80,000 globally and approximately 13,000 in North America (including Speedway, acquired 2021). Seven & i Holdings carries A rating from Moody's (Q1 2026), with stable outlook. S&P Global Ratings assigns A- to the parent.
7-Eleven's NNN lease template is 15 years base term with 4 five-year renewal options (35 years fully extended). Typical prototype is a 2,800–3,500 SF convenience store with or without gas pumps, on a 0.75–1.25 acre corner pad with high traffic count. Corporate guarantee executed by 7-Eleven Inc. with parent-level backing by Seven & i Holdings.
For NNN financing, 7-Eleven is the gold-standard convenience store credit tenant — tighter pricing than Circle K (BBB+) and materially tighter than Wawa / QuikTrip (private, unrated). Gas-pump properties trigger mandatory Phase II environmental assessment (USTs / underground storage tanks), adding $25K–$75K to closing costs and 30–60 days to closing timeline. Properties without gas pumps close on the standard NNN timeline. Key 2026 underwriting questions: (1) environmental history / any past leaks, (2) remaining lease term, (3) corner-lot demographics and traffic count, (4) is it operating as 7-Eleven branded or sub-branded (Speedway).
7-Eleven NNN vs. Peer Credit Tenants — How 7-Eleven Prices
Every NNN lender underwrites the tenant first, the real estate second. Here's how 7-Eleven compares to peer credit tenants in April 2026 pricing — rate, LTV, DSCR, typical cap rate, and max loan size.
7-Eleven A (Moody's) | Circle K BBB+ (S&P) | Wawa Private (Unrated) | QuikTrip Private (Unrated) | Speedway (7-Eleven owned) A (Moody's) | |
|---|---|---|---|---|---|
| CMBS Rate (10-yr Fixed) | 5.85% – 6.50% | 6.0% – 6.75% | 6.5% – 7.5% | 6.25% – 7.25% | 5.85% – 6.50% |
| Max LTV | 70% – 75% | 65% – 70% | 60% – 65% | 60% – 65% | 70% – 75% |
| Min DSCR | 1.25x | 1.30x | 1.35x | 1.35x | 1.25x |
| Typical Cap Rate | 5.50% – 6.25% | 5.75% – 6.50% | 6.25% – 7.25% | 6.00% – 7.00% | 5.50% – 6.25% |
| Standard Base Lease | 15-yr | 15-yr | Sale-leaseback varies | Owner-operated (rare NNN) | 15-yr |
| Environmental Diligence (USTs) | Phase II required on gas stores | Phase II required | Phase II required | Phase II required | Phase II required |
| Guarantor Structure | Corporate parent (Seven & i Holdings) | Corporate parent (Couche-Tard) | Private — limited transparency | Private — limited transparency | Corporate parent (Seven & i) |
| 1031 Exchange Suitability | Excellent | Excellent | Good (if sale-leaseback) | Limited availability | Excellent |
| Typical Loan Size | $2M – $10M | $2M – $8M | $3M – $10M | $2M – $7M | $3M – $12M |
CMBS Rate (10-yr Fixed)7-Eleven: 5.85% – 6.50%
- 7-ElevenA (Moody's)
- 5.85% – 6.50%
- Circle KBBB+ (S&P)
- 6.0% – 6.75%
- WawaPrivate (Unrated)
- 6.5% – 7.5%
- QuikTripPrivate (Unrated)
- 6.25% – 7.25%
- Speedway (7-Eleven owned)A (Moody's)
- 5.85% – 6.50%
Max LTV7-Eleven: 70% – 75%
- 7-ElevenA (Moody's)
- 70% – 75%
- Circle KBBB+ (S&P)
- 65% – 70%
- WawaPrivate (Unrated)
- 60% – 65%
- QuikTripPrivate (Unrated)
- 60% – 65%
- Speedway (7-Eleven owned)A (Moody's)
- 70% – 75%
Min DSCR7-Eleven: 1.25x
- 7-ElevenA (Moody's)
- 1.25x
- Circle KBBB+ (S&P)
- 1.30x
- WawaPrivate (Unrated)
- 1.35x
- QuikTripPrivate (Unrated)
- 1.35x
- Speedway (7-Eleven owned)A (Moody's)
- 1.25x
Typical Cap Rate7-Eleven: 5.50% – 6.25%
- 7-ElevenA (Moody's)
- 5.50% – 6.25%
- Circle KBBB+ (S&P)
- 5.75% – 6.50%
- WawaPrivate (Unrated)
- 6.25% – 7.25%
- QuikTripPrivate (Unrated)
- 6.00% – 7.00%
- Speedway (7-Eleven owned)A (Moody's)
- 5.50% – 6.25%
Standard Base Lease7-Eleven: 15-yr
- 7-ElevenA (Moody's)
- 15-yr
- Circle KBBB+ (S&P)
- 15-yr
- WawaPrivate (Unrated)
- Sale-leaseback varies
- QuikTripPrivate (Unrated)
- Owner-operated (rare NNN)
- Speedway (7-Eleven owned)A (Moody's)
- 15-yr
Environmental Diligence (USTs)7-Eleven: Phase II required on gas stores
- 7-ElevenA (Moody's)
- Phase II required on gas stores
- Circle KBBB+ (S&P)
- Phase II required
- WawaPrivate (Unrated)
- Phase II required
- QuikTripPrivate (Unrated)
- Phase II required
- Speedway (7-Eleven owned)A (Moody's)
- Phase II required
Guarantor Structure7-Eleven: Corporate parent (Seven & i Holdings)
- 7-ElevenA (Moody's)
- Corporate parent (Seven & i Holdings)
- Circle KBBB+ (S&P)
- Corporate parent (Couche-Tard)
- WawaPrivate (Unrated)
- Private — limited transparency
- QuikTripPrivate (Unrated)
- Private — limited transparency
- Speedway (7-Eleven owned)A (Moody's)
- Corporate parent (Seven & i)
1031 Exchange Suitability7-Eleven: Excellent
- 7-ElevenA (Moody's)
- Excellent
- Circle KBBB+ (S&P)
- Excellent
- WawaPrivate (Unrated)
- Good (if sale-leaseback)
- QuikTripPrivate (Unrated)
- Limited availability
- Speedway (7-Eleven owned)A (Moody's)
- Excellent
Typical Loan Size7-Eleven: $2M – $10M
- 7-ElevenA (Moody's)
- $2M – $10M
- Circle KBBB+ (S&P)
- $2M – $8M
- WawaPrivate (Unrated)
- $3M – $10M
- QuikTripPrivate (Unrated)
- $2M – $7M
- Speedway (7-Eleven owned)A (Moody's)
- $3M – $12M
Program criteria current as of April 2026.
Tenant credit ratings sourced from S&P Global Ratings Q1 2026 public tenant reports. Actual pricing varies based on lease-remaining-term (WALT), rent-to-sales ratios, tenant improvement reserves, corporate vs. franchisee guarantee structure, and sub-market. Rate premiums shown are indicative — individual CMBS conduit spreads vary by originator, securitization schedule, and market volatility at rate lock.
7-Eleven NNN Deal Patterns We Structure
7-Eleven 1031 Exchange (Non-Gas)
Convenience-only 7-Eleven (no gas pumps) inside a 1031 exchange. Standard NNN diligence + 45–60 day close. Corner-lot real estate value provides downside protection even on shorter remaining lease.
7-Eleven with Gas Pumps — Extended Timeline
Gas-pump 7-Eleven requires Phase II environmental in addition to Phase I. Build 60–90 day close into your 1031 window. Start environmental report at LOI, not at term sheet. Environmental indemnity from seller typical on stores with any prior leak history.
7-Eleven + Speedway Portfolio
Since 7-Eleven acquired Speedway in 2021, multi-property portfolios can combine both brands under single Seven & i guarantee. Portfolio CMBS structure unlocks ~25 bps tighter pricing than individual store financing.
Ground Lease vs. Fee Simple Structure
7-Eleven sometimes owns the building on ground-leased land. Leasehold mortgage structure is financeable but requires SNDA agreement with ground lessor. 25–50 bps wider than fee simple on equivalent lease term.
7-Eleven Mid-Lease Refinance Post-Extension
Tenant exercised 5-year option. Extended WALT resets CMBS underwriting — refinance into new 10-year non-recourse at improved pricing. Common value-creation move.
7-Eleven NNN Financing — Frequently Asked Questions
What are typical 7-Eleven NNN rates?+
7-Eleven NNN rates are 5.85%–6.50% on 10-year fixed non-recourse CMBS in April 2026. Corporate-guarantee 7-Eleven (7-Eleven Inc., subsidiary of Seven & i Holdings) with 10+ year remaining lease prices 5.85%–6.20%. A-rated (Moody's) corporate credit — one notch above CVS, same rating band as Chase/Wells Fargo.
What is 7-Eleven's credit rating?+
7-Eleven Inc. is a wholly-owned subsidiary of Seven & i Holdings Co. (TYO: 3382), which carries A rating from Moody's (Q1 2026) with stable outlook. S&P Global Ratings assigns A- to Seven & i. CMBS conduits typically underwrite to the Moody's A rating when both agencies differ slightly.
Does 7-Eleven have environmental concerns because of gas pumps?+
Yes — underground storage tanks (USTs) for gasoline trigger mandatory Phase II Environmental Site Assessment during CMBS diligence. Expect $25K–$75K Phase II cost and 30–60 additional days of closing time. Clean Phase II reports close normally; properties with past leaks or contamination history may require environmental indemnity or closure. Not all 7-Elevens have gas pumps — ~55% do.
What LTV on 7-Eleven NNN?+
7-Eleven NNN LTV: 70%–75% on corporate-guarantee with 10+ year WALT and clean environmental. 65%–70% on properties with any environmental concerns or shorter lease terms. Corner-lot real estate with high-traffic-count demographics commands the top end of the LTV range.
Are 7-Eleven leases 15-year base?+
Yes. 7-Eleven standard is 15 years base with 4 × 5-year renewal options (35 years fully extended). Typical prototype is 2,800–3,500 SF convenience store with or without gas pumps on corner pad of 0.75–1.25 acres. Ground lease variants exist where 7-Eleven owns the building; financeable as leasehold mortgage with SNDA agreement.
What's typical 7-Eleven NNN deal size?+
Typical 7-Eleven NNN is $3M–$6M purchase price. Loan size $2M–$4.5M at 70%–75% LTV. Urban infill 7-Elevens (especially NYC, LA, DC) reach $7M–$10M+ purchase price due to corner-lot land value premium. Portfolio deals (5–20 stores) common and trade at tighter economics.
How does 7-Eleven compare to Circle K or Wawa for NNN financing?+
7-Eleven (A rating via Seven & i Holdings) is the tightest-priced convenience NNN. Circle K (Alimentation Couche-Tard) is BBB+ — ~25 bps wider CMBS pricing. Wawa is privately held, unrated, so priced wider (6.5%–7.5%) despite strong operations. For CMBS execution, 7-Eleven is the gold standard in convenience NNN.
Is 7-Eleven NNN 1031 exchange friendly?+
Yes — 7-Eleven is a top-5 1031 replacement property for buyers with $3M–$7M exchange balances. A rating + 15-year lease + corner-lot real estate with strong underlying land value = durable investment. Environmental diligence timeline is longer than drugstore NNN (add 30 days), so start early in the 180-day window.
Deals We Fund
Representative deal profiles showing our typical financing structures and terms.
$12M Hilton-Flag Hotel — Charlotte, NC
6.75% fixed | 65% LTV | 52-day close
$8M Value-Add Multifamily — Tampa, FL
SOFR +395 | 75% LTC | 14-day close
$6.5M Mixed-Use Development — Austin, TX
80% LTC | Interest-only | 18-mo term
$2.8M QSR Franchise — 3 Units — Indianapolis, IN
Prime +2.75% | 25-yr term | 10% down
$3.2M/mo Manufacturing AR — Cleveland, OH
1.5% factor fee | 90% advance | 48-hr funding
$1.8M 6-Unit Rental Portfolio — Phoenix, AZ
7.25% | 75% LTV | No income docs | 1.25x DSCR
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Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Disclaimer: 7-Eleven NNN financing rates, terms, and availability are subject to change based on tenant credit rating, remaining lease term, property condition, sponsor qualifications, and market conditions. Tenant credit ratings change over time; figures in this guide reflect Q1 2026 S&P Global Ratings. Rate ranges quoted reflect approximate April 2026 CMBS conduit pricing and may not reflect current market conditions at the time of reading. 7-Eleven corporate and franchisee lease structures vary — pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. This page is not an endorsement or sponsorship of 7-Eleven or its parent corporation.