Single-tenant net-lease (STNL) properties with investment-grade tenants — Walgreens, Starbucks, Dollar General, Chipotle — are trading at cap rates of 6.0–6.5%, according to Marcus & Millichap's Q1 NNN report.
That's a 50-basis-point premium over comparable multifamily. The premium reflects the operational simplicity: the tenant pays taxes, insurance, and maintenance, leaving the owner with essentially a mailbox.
Industrial NNN deals are tighter — typically 5.5–6.0% — but supply is constrained. Buyer interest from 1031 exchangers is the largest driver, particularly those exiting management-intensive multifamily.