Pep Boys NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

8 Pep Boys net lease properties are observed for sale across 7 states as of October 23, 2026, at a median asking cap rate of 6.25%. Investment Grade Research tracks each one across publicly marketed offerings and broker materials, checks the tenant against the investment grade threshold, and publishes the observations here: what is on the market, what it is asking, how pricing breaks down by term, state and lease type, and how an acquisition or 1031 exchange buyer should work through it. The corporate credit story is on the Pep Boys credit rating and cap rate profile.

Pep Boys NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Pep Boys properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Showing the 7 most recently listed of 8 observed listings; listings without a published asking price and cap rate are not shown here.

Market observations aggregated from publicly marketed offerings and broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the offering party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

Mavis Tire Express Services Corp. completed its acquisition of Pep Boys from Icahn Enterprises on August 20, 2026, for approximately $700 million in cash, adding nearly 800 Pep Boys locations to a network Mavis says now includes more than 4,400 service center locations in the United States and Canada (Icahn Enterprises Form 8-K, August 20, 2026). Icahn Enterprises kept the owned real estate Pep Boys had previously transferred to it and said it would lease those properties to Mavis (Icahn Enterprises Form 10-Q for the quarter ended June 30, 2026).

For a buyer of a Pep Boys lease, the question after the sale is which entity the lease names and what stands behind it. The ratings shown on this page belong to Mavis Tire Express Services Corp., Pep Boys’ new parent, and they apply to a specific lease only if Mavis or another rated entity is the tenant or guarantor.

Across the current inventory, 0% of listings with a reported build year are new construction, with a stated year built of 2026 or later, and 13% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

Pep Boys Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the Pep Boys inventory runs from 4.50% to 7.11%, against a median of 6.25%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where Pep Boys NNN Properties Are For Sale

Current inventory spans 7 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Pep Boys as a 1031 Exchange Replacement Property

The median asking price in the current Pep Boys inventory is $2.49M, and about 63% of listings fall between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace. The points below are general information, not tax or legal advice; confirm your own situation with your qualified intermediary and tax advisor.

• Identify from the live list, not a stale one. Listings move. Replacement property must be identified within 45 days of the sale of the relinquished property (Internal Revenue Code section 1031(a)(3)), and the three-property rule in Treasury Regulation section 1.1031(k)-1(c)(4) lets you identify up to three properties regardless of value, so keep a backup that is realistically still available.
• Debt replacement matters. Liabilities on the relinquished property that the other party assumes, or that the property is transferred subject to, are treated as money received, and they can be offset by liabilities on the replacement property and by cash the taxpayer adds (Treasury Regulation section 1.1031(d)-2). Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage, so run your debt numbers before you identify.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, weigh remaining term and options alongside cap rate.
• Certainty of closing matters. The replacement property must be received within 180 days of the sale, or by the due date, including any extension, of the tax return for the year of the sale if that comes first (Internal Revenue Code section 1031(a)(3)). A clean estoppel, a current lease and no pending relocation reduce closing risk.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Pep Boys NNN Due Diligence Checklist

These are the items that change the value of a Pep Boys listing and are rarely resolved by the offering memorandum.

• Tenant and guaranty after the sale. Ask for a current estoppel that names the tenant after the Mavis acquisition, and confirm whether any guaranty from a former parent remains in force or was released in the sale.
• Use and brand provisions. Mavis operates several automotive service brands, so review the use clause and any restrictions on a change of brand name or use.
• Environmental and building condition. Check for in-ground lifts, waste oil and used fluid storage, and the site’s environmental record, and confirm which party maintains the roof, structure and service bays.
• Remaining term and options. Compare the remaining primary term and options with your hold period, and confirm how rent changes in each option period.

How Investment Grade Works With Pep Boys Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Pep Boys acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On the majority of transactions, there is no separate fee to you as the buyer, because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing Pep Boys properties can use this page as a valuation benchmark. If you are weighing a sale, we can discuss an off-market sale to a qualified 1031 buyer as well as a broad marketing process.

Frequently Asked Questions

• Pep Boys Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings