The ESS Group focuses exclusively on single tenant net lease (STNL) and absolute NNN acquisitions. We source investment-grade STNL properties for accredited investors and 1031 exchange buyers — off-market, attorney-reviewed, and ready to close.
450+
STNL Closings
$900M+
Transaction Volume
50+
Tenant Categories
All 50
States Covered
A single tenant net lease (STNL) property is a commercial building occupied entirely by one tenant — typically a national brand like McDonald's, CVS, Dollar General, or AutoZone — under a long-term lease where the tenant pays all or most property operating expenses.
The terms "STNL," "NNN," "triple net," and "absolute NNN" describe variations of the same structure. In an absolute NNN — the most landlord-favorable variant — the tenant pays property taxes, insurance, and all maintenance including roof and structure. The landlord's only job is to collect rent.
STNL properties are the preferred real estate asset for passive investors, 1031 exchange buyers, and accredited individuals who want corporate-guaranteed income without management responsibilities.
| Expense | Absolute NNN | Modified Net | Gross |
|---|---|---|---|
| Property Taxes | Tenant pays | Tenant pays | Landlord pays |
| Building Insurance | Tenant pays | Tenant pays | Landlord pays |
| Maintenance / Repairs | Tenant pays ALL | Split (varies) | Landlord pays |
| Roof & Structure | Tenant pays | Often landlord | Landlord pays |
| Landlord Role | Collect rent only | Some oversight | Active management |
| Who Uses It | McDonald's, CVS, AutoZone | Office, industrial | Apartments, office |
Not all single tenant net lease properties are equal. The tenant's credit quality is the single most important variable in STNL investing.
McDonald's · Starbucks · CVS · Walgreens · Dollar General · AutoZone · 7-Eleven
Corporate parent guarantees the lease. Rent arrives regardless of individual store performance. Maximum buyer demand = maximum liquidity when you sell.
Chick-fil-A · Dutch Bros · Raising Cane's · In-N-Out · Hobby Lobby · Tractor Supply
Private or family-owned national brands without S&P ratings. Often stronger operators than their rated peers — private ownership means no public debt obligations.
Subway · Burger King (franchise) · Pizza Hut · KFC
The franchisor brand is recognizable but the lease guarantee is from the individual franchisee — not the corporate parent. Higher cap rates reflect higher tenant risk.
From criteria to closing — how The ESS Group manages your single tenant net lease acquisition.
01
Budget, target tenant credit tier, cap rate floor, preferred states, lease term remaining, and 1031 exchange timeline if applicable.
02
We surface deals through broker networks, direct seller outreach, and developer relationships — before they're publicly listed and competitively bid up.
03
Tenant credit analysis, lease abstract review (by a CA-licensed attorney), rent-to-market comparison, site-level sales analysis where available, and title/survey review.
04
We negotiate price, diligence period length, and closing terms on your behalf. Buyer representation means your interests are protected throughout.
05
NNN-specific lenders understand the asset class. We connect buyers with lenders who specialize in STNL financing — often at better rates and LTVs than generalist commercial lenders.
06
Escrow closes, title transfers. You begin collecting corporate rent checks — with no maintenance calls, no tenant management, no overhead.
Most commercial brokers dabble in STNL alongside office, industrial, and multifamily. The ESS Group does nothing else. That means every off-market deal relationship we've built, every lease term we've negotiated, and every tenant we've underwritten is in the single tenant net lease space.
For buyers, this translates to better deal flow, faster due diligence, and representation from an advisor who has seen nearly every STNL lease structure — including the ones that look clean on the surface but aren't.
Pre-market and off-market single tenant net lease properties across all categories — QSR, pharmacy, auto parts, dollar stores, convenience.
Eli reviews every lease as a California-licensed attorney, not just a broker. Landlord-unfavorable clauses get flagged before you're committed.
We work exclusively with corporate-guaranteed STNL deals. No weak tenants, no franchisee-only guarantees at institutional pricing.
Replacement property for 1031 exchange buyers — available within the 45-day identification window.
Tell us your STNL criteria and we'll share current off-market deals — investment-grade tenants, attorney-reviewed leases, nationwide inventory.