Cap Rate Heatmap
Remaining lease term
is the primary driver
of NNN cap rates.
Not brand. Not location.

A McDonald's with 20 years remaining and a McDonald's with 4 years remaining are fundamentally different assets — same building, same tenant, different cap rates by 250–300 basis points. Most owners price by intuition. Most buyers guess. This heatmap shows you exactly what the market says across the full lease term spectrum.

Free to all users · Built from REvaulti closed transaction data · 2024–2025 · Indicative ranges only
01
Primary driver
Remaining Lease Term
At 20+ years, buyers price a bond-like income stream with negligible re-tenanting risk. At 3 years, they're underwriting real estate fundamentals. Same tenant. Fundamentally different asset.
± 250–300 bps over full spectrum
02
Credit quality
Tenant Credit
Investment-grade corporate tenants (S&P BBB or higher) trade measurably tighter than sub-investment-grade operators. The market prices credit explicitly — not anecdotally.
± 30–50 bps at every term bucket
03
Legal structure
Guarantee Type
Corporate guarantee means the parent balance sheet backs your lease. Franchisee guarantee means an individual operator. The market prices this risk precisely at every term. Corporate is tighter — always.
± 30–50 bps tighter with corporate
04
Geography
Location & Market
High-demand markets (California, Texas, Florida) attract institutional capital and compress cap rates. Midwest and rural markets carry a yield premium to compensate for lower liquidity and exit options.
± 10–25 bps by region
Region
Guarantor
// Rates update live as you filter
// Corp-only tenants show corporate rates regardless of this filter — franchisee guarantee is not applicable for these operators
Tenant 0–3 yrs 3–5 yrs 5–7 yrs 7–10 yrs 10–15 yrs 15–20 yrs 20+ yrs
Highest yield
Premium / Lowest cap
// Gold = premium asset · lower cap rate = higher price per dollar of income · Faded = higher yield, shorter term, more risk
Remaining term
Cap rate range
Guarantee
Region
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Implied Cap Rate
—
Remaining Term
—
Market Cap Rate Range
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Fair Value Range
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Includes comps, asset quality score A–F, demographics, tenant credit, and fair value range.
Know your number
This heatmap shows ranges.
The RIR shows your property.

These are indicative market cap rate ranges. Your actual property trades on its specific lease, tenant, location, and comparable closed transactions. The $99 REvaulti Intelligence Report tells you exactly where your specific asset sits — with real closed comps, not ranges.

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