O'Reilly Auto Parts NNN Properties
Absolute NNN · Baa1 / BBB+ credit · 5–6.25% cap rate · $1.9M–$3.8M
Why Investors Buy O'Reilly Auto Parts NNN Properties
O'Reilly Auto Parts is one of the largest specialty retailers of automotive aftermarket parts in the US, with a slightly stronger S&P rating (BBB+) than AutoZone. With 6,100+ locations and $15B+ in annual revenue, O'Reilly's NNN properties trade at comparable — and sometimes tighter — cap rates than AutoZone due to the marginally stronger credit profile. Investors seeking essential retail with investment-grade credit and long-term absolute NNN leases find O'Reilly properties compelling.
Lease Structure
Brand Financials
Why Investors Choose O'Reilly Auto Parts
- Slightly stronger S&P credit rating (BBB+) than AutoZone — investment-grade corporate guarantee
- Essential retail positioning — auto parts are purchased regardless of economic cycle
- 6,100+ US locations with consistent unit growth — expanding market presence
- Absolute NNN lease structure — zero landlord obligations
- Strong institutional buyer demand at disposition — deep net lease investment market
- Consistent same-store sales growth driven by aging US vehicle fleet
Key Risks to Underwrite
- Long-term EV transition creates uncertainty for traditional parts demand (10–20+ year horizon)
- Lower new-construction pipeline than dollar stores or QSR — fewer off-market opportunities
- Some older locations have landlord obligations — lease structure must be carefully verified
Ideal Investor Profile
- 1031 exchange investors prioritizing investment-grade credit
- Income investors wanting essential retail above 5.0% cap rates
- Investors comparing auto parts to QSR and pharmacy NNN opportunities
Is O'Reilly Auto Parts Right for Your 1031 Exchange?
O'Reilly Auto Parts NNN properties are a popular 1031 exchange destination for investors who want to eliminate active management while preserving their equity in a investment-grade corporate-guaranteed asset. With typical prices of $1.9M–$3.8M, these properties fit a wide range of exchange equity positions. The Absolute NNN structure means your 1031 replacement property comes with zero landlord obligations — ideal for investors who have sold multifamily, commercial, or other management-intensive assets and want truly passive income.
Compare Other NNN Tenants
Access Off-Market O'Reilly Auto Parts Properties
We maintain an exclusive inventory of O'Reilly Auto Parts NNN properties — many of which never appear on LoopNet or CoStar. Contact us to see what's available before it trades.