Tractor Supply NNN
lease analysis.
Tractor Supply is a rural-and-suburban retail chain serving farmers, ranchers, and rural residents with feed, equipment, pet supplies, and home improvement products. The company operates over 2,200 stores and continues opening at a steady pace. Tractor Supply NNN has become increasingly institutional as investors recognize the durability of the rural retail thesis. Credit profile is solid investment-grade.
Quick reference · Tractor Supply
- Legal entity
- Tractor Supply Company
- Parent
- Tractor Supply Company (TSCO)
- Credit profile
- Investment-grade (BBB). Consistent same-store sales growth.
- Typical lease
- NNN with corporate guarantee.
- Typical term
- 15 years initial with renewal options.
- Rent bumps
- 10% every 5 years typical.
- Prototype size
- ~15,000–18,000 SF with outside storage area on 3–5 acre site.
- Cap rate band
- 5.75–7.00% (2026)
About Tractor Supply as a NNN tenant
Tractor Supply is a rural-and-suburban retail chain serving farmers, ranchers, and rural residents with feed, equipment, pet supplies, and home improvement products. The company operates over 2,200 stores and continues opening at a steady pace. Tractor Supply NNN has become increasingly institutional as investors recognize the durability of the rural retail thesis. Credit profile is solid investment-grade.
How Tractor Supply structures its NNN leases
Tractor Supply NNN leases are triple net with corporate guarantee. Tenant typically responsible for taxes, insurance, CAM, and structural items depending on vintage.
Store specs and site profile
Prototype Tractor Supply is 15,000–18,000 SF inside with an outdoor fenced storage area for bulk goods on a 3–5 acre site. Hard-corner location preferred; rural highway access typical.
Red flags on a Tractor Supply NNN deal
- Short remaining primary term in a market where Tractor Supply is the only anchor tenant type
- Competing farm-and-ranch retailer in the trade area (relatively rare; Tractor Supply has limited direct competition)
- Basis materially above replacement cost
- Population decline in the immediate trade area
What to underwrite before buying a Tractor Supply property
- Remaining primary term and options
- Trade-area demographics with focus on rural customer base
- Basis vs. local land and improvement replacement cost
- Tractor Supply's same-store sales trend (publicly reported)
Frequently asked questions
Is Tractor Supply a good NNN investment?
Tractor Supply NNN has become increasingly institutional due to strong corporate credit, consistent same-store sales growth, and a durable rural retail thesis. Well-located Tractor Supply with long primary term is a solid long-term passive income asset.
What cap rate do Tractor Supply NNN properties trade at?
In 2026, Tractor Supply NNN with long primary term in primary/secondary markets trades at 5.75–6.50% cap rates. Shorter-term or tertiary-market stores trade wider, typically 6.50–7.25%.
Using Tractor Supply in a 1031 exchange
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