NNN Cap Rate Database
Florida NNN Cap Rates by Tenant Type & County
Cap rate ranges for Florida single-tenant NNN properties, organized by tenant category and Florida county. Data reflects actively trading Florida product as observed by MaxLife Commercial brokers — updated quarterly. Use these ranges for initial underwriting context; deal-level cap rates depend on tenant credit, lease term, location, and building condition.
4.25%
Tightest FL NNN cap rate
7.00%+
Value-add / shorter lease
12
Tenant categories tracked
14
Florida counties covered
NNN Cap Rates by Tenant Category
Florida market — Q2 2025 representative ranges
| Tenant Category | Examples | Cap Rate Range | Typical Price | Lease | Credit | Trend |
|---|---|---|---|---|---|---|
Quick Service Restaurant — Investment Grade Absolute NNN | McDonald's, Chick-fil-A, Starbucks, Wawa | 4.25% – 5.00% | $2.5M – $5M | 15–20 years | Investment Grade | ↘Compressing |
Pharmacy / Drug Store Absolute NNN or NNN | Walgreens, CVS | 5.25% – 6.25% | $3M – $6.5M | 10–20 years | Investment Grade | ↗Expanding |
Dollar Store / Discount Retail NNN | Dollar General, Dollar Tree, Family Dollar | 5.75% – 7.00% | $1.2M – $2.8M | 10–15 years | Investment Grade | →Stable |
Convenience Store + Fuel Absolute NNN — Ground Lease | Wawa, 7-Eleven, Circle K, RaceTrac | 4.75% – 5.75% | $3.5M – $8M | 15–20 years | Investment Grade | ↘Compressing |
Auto Parts / Service NNN | AutoZone, O'Reilly Auto Parts, Advance Auto Parts, Pep Boys | 5.75% – 6.75% | $1.6M – $3.5M | 10–15 years | Investment Grade | →Stable |
Medical / Dialysis / Urgent Care NNN or Modified Gross | DaVita, Fresenius, Concentra, BrightSpring | 5.25% – 6.25% | $2M – $6.5M | 10–15 years | Corporate | →Stable |
Bank / Financial Services Absolute NNN or NNN | Chase Bank, Wells Fargo, TD Bank, Truist | 4.50% – 5.50% | $2.5M – $5.5M | 10–20 years | Investment Grade | ↗Expanding |
Tire / Auto Service NNN | Mavis Discount Tire, Firestone, Goodyear, Midas | 5.75% – 6.50% | $1.5M – $3.2M | 10–15 years | Corporate | →Stable |
Casual / Fast Casual Dining NNN or NN | Panera Bread, Applebee's, Denny's, IHOP | 5.50% – 6.75% | $1.8M – $3.5M | 10–15 years | Franchisee / Regional | →Stable |
Discount / Value Retail NNN | Five Below, Aldi, Sprouts, Burlington Coat Factory | 5.50% – 6.50% | $3M – $7M | 10–15 years | Investment Grade | ↘Compressing |
Childcare / Education Absolute NNN | Bright Horizons, KinderCare, Learning Care Group | 5.75% – 6.75% | $2.5M – $5.5M | 15–20 years | Corporate | ↘Compressing |
Dental / Urgent Care NNN | Aspen Dental, Western Dental, American Family Care | 5.50% – 6.50% | $1.5M – $4M | 10–15 years | Corporate | →Stable |
Quick Service Restaurant — Investment Grade
Investment Grade4.25% – 5.00%
$2.5M – $5M · 15–20 years
McDonald's, Chick-fil-A, Starbucks, Wawa
Pharmacy / Drug Store
Investment Grade5.25% – 6.25%
$3M – $6.5M · 10–20 years
Walgreens, CVS
Dollar Store / Discount Retail
Investment Grade5.75% – 7.00%
$1.2M – $2.8M · 10–15 years
Dollar General, Dollar Tree, Family Dollar
Convenience Store + Fuel
Investment Grade4.75% – 5.75%
$3.5M – $8M · 15–20 years
Wawa, 7-Eleven, Circle K, RaceTrac
Auto Parts / Service
Investment Grade5.75% – 6.75%
$1.6M – $3.5M · 10–15 years
AutoZone, O'Reilly Auto Parts, Advance Auto Parts, Pep Boys
Medical / Dialysis / Urgent Care
Corporate5.25% – 6.25%
$2M – $6.5M · 10–15 years
DaVita, Fresenius, Concentra, BrightSpring
Bank / Financial Services
Investment Grade4.50% – 5.50%
$2.5M – $5.5M · 10–20 years
Chase Bank, Wells Fargo, TD Bank, Truist
Tire / Auto Service
Corporate5.75% – 6.50%
$1.5M – $3.2M · 10–15 years
Mavis Discount Tire, Firestone, Goodyear, Midas
Casual / Fast Casual Dining
Franchisee / Regional5.50% – 6.75%
$1.8M – $3.5M · 10–15 years
Panera Bread, Applebee's, Denny's, IHOP
Discount / Value Retail
Investment Grade5.50% – 6.50%
$3M – $7M · 10–15 years
Five Below, Aldi, Sprouts, Burlington Coat Factory
Childcare / Education
Corporate5.75% – 6.75%
$2.5M – $5.5M · 15–20 years
Bright Horizons, KinderCare, Learning Care Group
Dental / Urgent Care
Corporate5.50% – 6.50%
$1.5M – $4M · 10–15 years
Aspen Dental, Western Dental, American Family Care
2025 Market Context
Quick Service Restaurant — Investment Grade
Drive-thru-only and dual-drive formats command the tightest spreads.
Pharmacy / Drug Store
Closures and lease modifications have pushed caps up from 2022 lows.
Dollar Store / Discount Retail
High volume of new development supply keeps caps firm in most FL markets.
Convenience Store + Fuel
Wawa's Central Florida expansion has driven strong buyer demand for ground leases.
Auto Parts / Service
Durable sector — aging vehicle fleet supports long-term demand regardless of EV trends.
Medical / Dialysis / Urgent Care
Recession-resistant demand and long-term operators provide reliable income streams.
NNN Cap Rates by Florida County
Cap rates reflect all NNN tenant types — investment-grade product, active 2024–2025. Population and median household income are U.S. Census Bureau, ACS 2024 estimates for trade-area context.
| County | NNN Cap Rate | Population | Median HHI | Growth | Market Notes | Activity |
|---|---|---|---|---|---|---|
| Orange County | 4.75% – 6.25% | 1.53M | $82,200 | Growing | Orlando metro core — highest buyer demand, tightest caps for quality product. | High |
| Seminole County | 5.00% – 6.50% | 494,600 | $85,400 | Mature | I-4 corridor and SR-436 retail corridors drive consistent deal flow. | High |
| Osceola County | 5.25% – 6.75% | 468,100 | $77,000 | Fast-growing | Tourism-adjacent growth markets including Kissimmee and St. Cloud. | High |
| Brevard County | 5.50% – 7.00% | 658,400 | $78,200 | Growing | Space Coast tech economy driving growth; Melbourne/Viera corridor most active. | Moderate |
| Polk County | 5.75% – 7.25% | 852,900 | $66,800 | Fast-growing | Lakeland/Auburndale logistics hub; strong dollar store and QSR volume. | Moderate |
| Lake County | 5.50% – 7.00% | 444,200 | $76,600 | Fast-growing | US-27 and SR-429 corridors seeing significant NNN development. | Moderate |
| Hillsborough County | 4.50% – 6.00% | 1.58M | $85,200 | Growing | Tampa metro — investment-grade product trades competitively with Orlando. | High |
| Pinellas County | 4.75% – 6.25% | 963,500 | $72,600 | Mature | St. Pete/Clearwater — limited new supply supports pricing. | Moderate |
| Duval County | 5.25% – 6.75% | 1.02M | $71,300 | Growing | Jacksonville metro; strong dollar store and QSR inventory. | Moderate |
| Palm Beach County | 4.50% – 5.75% | 1.53M | $83,600 | Growing | South Florida premium — sub-5% pricing for trophy NNN locations. | High |
| Broward County | 4.50% – 5.75% | 1.98M | $77,600 | Mature | Ft. Lauderdale market — high competition for all NNN product. | High |
| Sarasota County | 5.00% – 6.50% | 459,500 | $83,400 | Fast-growing | Growing affluent market; Wawa/pharmacy/QSR in high demand. | Moderate |
| Lee County | 5.25% – 6.75% | 817,700 | $76,100 | Fast-growing | Ft. Myers/Cape Coral growth corridor; hurricane-resilient tenants preferred. | Moderate |
| Volusia County | 5.50% – 7.00% | 579,600 | $70,000 | Growing | Daytona Beach market — value-add opportunities with improving demographics. | Lower |
Orange County
High4.75% – 6.25%
Pop 1.53M · MHI $82,200· Growing
Orlando metro core — highest buyer demand, tightest caps for quality product.
Seminole County
High5.00% – 6.50%
Pop 494,600 · MHI $85,400· Mature
I-4 corridor and SR-436 retail corridors drive consistent deal flow.
Osceola County
High5.25% – 6.75%
Pop 468,100 · MHI $77,000· Fast-growing
Tourism-adjacent growth markets including Kissimmee and St. Cloud.
Brevard County
Moderate5.50% – 7.00%
Pop 658,400 · MHI $78,200· Growing
Space Coast tech economy driving growth; Melbourne/Viera corridor most active.
Polk County
Moderate5.75% – 7.25%
Pop 852,900 · MHI $66,800· Fast-growing
Lakeland/Auburndale logistics hub; strong dollar store and QSR volume.
Lake County
Moderate5.50% – 7.00%
Pop 444,200 · MHI $76,600· Fast-growing
US-27 and SR-429 corridors seeing significant NNN development.
Hillsborough County
High4.50% – 6.00%
Pop 1.58M · MHI $85,200· Growing
Tampa metro — investment-grade product trades competitively with Orlando.
Pinellas County
Moderate4.75% – 6.25%
Pop 963,500 · MHI $72,600· Mature
St. Pete/Clearwater — limited new supply supports pricing.
Duval County
Moderate5.25% – 6.75%
Pop 1.02M · MHI $71,300· Growing
Jacksonville metro; strong dollar store and QSR inventory.
Palm Beach County
High4.50% – 5.75%
Pop 1.53M · MHI $83,600· Growing
South Florida premium — sub-5% pricing for trophy NNN locations.
Broward County
High4.50% – 5.75%
Pop 1.98M · MHI $77,600· Mature
Ft. Lauderdale market — high competition for all NNN product.
Sarasota County
Moderate5.00% – 6.50%
Pop 459,500 · MHI $83,400· Fast-growing
Growing affluent market; Wawa/pharmacy/QSR in high demand.
Lee County
Moderate5.25% – 6.75%
Pop 817,700 · MHI $76,100· Fast-growing
Ft. Myers/Cape Coral growth corridor; hurricane-resilient tenants preferred.
Volusia County
Lower5.50% – 7.00%
Pop 579,600 · MHI $70,000· Growing
Daytona Beach market — value-add opportunities with improving demographics.
NNN Lease Structure Guide
Absolute NNN
Tenant pays all operating expenses — taxes, insurance, maintenance, roof, structure. Zero landlord obligations.
NNN (Triple Net)
Tenant pays taxes, insurance, and maintenance. Landlord may retain structural and roof responsibility.
NN (Double Net)
Tenant pays taxes and insurance. Landlord responsible for structural, roof, and often HVAC.
Ground Lease
Landlord owns land only; tenant owns and maintains the building. Ultra-low-management income.
Lease structure has a direct impact on cap rate — absolute NNN ground leases typically trade 50–150 bps tighter than NN leases with landlord obligations.
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How to Use This Data
These ranges reflect Florida NNN transactions as observed by the brokerage — they are market benchmarks, not appraisals or formal valuations. Deal-level cap rates depend on: tenant credit rating, years of lease term remaining, rent escalations, absolute vs. NN structure, building age and condition, traffic counts, and local market supply.
A Dollar General with 3 years remaining will trade 100–150 bps wider than the same tenant with a new 15-year lease. Location matters equally — a Wawa ground lease on a hard corner in Orange County will compress tighter than the same tenant in a secondary Volusia County location.
For a deal-specific cap rate opinion or a list of active Florida NNN listings matching your criteria, submit your investment criteria or contact MaxLife Commercial directly.