Circle K Ground Lease Market Report Summary
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Every sale and listing, plus the numbers behind each chart.
Closed Circle K ground leases traded at a 5.25% median cap rate across 56 sales, Mar 2023 to Oct 2026; listings ask 5.00%, about 25 bps tighter than trades.
Market report · Data through · Updated · The Finem Group
- Average sold cap rate, 2026
- 5.17%
- 15 sales
- Median asking cap rate
- 5.00%
- 7 listings
- Median sold cap rate
- 5.25%
- 56 sales, all years
- Average rent per site
- $192K
- 56 sales, reported NOI
At a glance
Credit
- Parent
- Alimentation Couche-Tard
- S&P
- BBB+ (last affirmed Jul 2025)
- Moody's
- Baa1 (upgraded from Baa2 in 2023)
- Guarantor
- Circle K Stores, Inc., the U.S. operating company, on most corporate leases in the offering memoranda we read; franchisee leases are not Circle K guaranteed. Confirm the entity in each lease.
Ratings as listed in Couche-Tard's first-quarter fiscal 2027 report (Sep 2026); the affirmation and upgrade dates are from news reports of the agencies' actions. Guarantor from 17 broker offering memoranda, 2024 to 2026. In July 2026 Couche-Tard agreed to buy a controlling stake in Zabka, funded with debt, which raises its leverage.
A typical lease
- Structure
- Ground lease, new construction
- Term
- 24 of 43 at 15 yrs, 16 at 20
- Increases
- 5% on 15 of the 28 comps that state an increase; the rest vary in size and timing
- Options
- Four to seven renewal options on most (36 of 41 that state them)
- Lot size
- Median 1.75 acres
Company overview
Circle K is the convenience and fuel banner of Alimentation Couche-Tard, which counted 17,267 stores worldwide in April 2026, more than 7,100 of them in the U.S.
About 14,563 of those sites are company-operated and 2,704 licensed, so a corporate Circle K lease is typically backed by the operating company rather than a franchisee.
The short version
In 2026, 15 Circle K ground leases sold at an average 5.17% cap rate. Asking cap rates today are a median 5.00%, lower. A lower cap rate means a higher price.
The average closed site pays about $192K a year in rent. Rent is the annual net operating income reported on each sale.
Corporate-guaranteed sales (46 of the 56) averaged a 5.19% cap rate on about $3.3M of price and $167K of rent. The 10 franchisee-guaranteed sales averaged 6.44%, roughly 125 bps wider.
Want the longer write-up? Read our full Circle K analysis.
Cap rates over time
SoldAsking
A cap rate is the yearly rent divided by the price. A lower cap rate means a higher price. Each mark is one comp.
Sales March 2023 to October 2026. Years with few sales can swing a lot. Reported, not verified.
Recent sales
The 10 most recent of 56 sales. Yearly rent is the net operating income reported on the sale.
| Location | Sold | Price | Cap rate | Acres | Yearly rent |
|---|---|---|---|---|---|
| Midland, TX | Oct 2026 | $3,098,039 | 5.10% | 1.00 | $158,000 |
| MONTGOMERY, AL | Oct 2026 | $5,290,000 | 6.10% | 1.52 | $322,770 |
| Wildwood, FL | Sep 2026 | $3,900,000 | 5.13% | 3.28 | $200,000 |
| Port Richey, FL | Sep 2026 | $4,007,634 | 5.24% | 2.82 | $210,000 |
| Mount Dora, FL | Aug 2026 | $3,700,000 | 5.14% | 2.66 | $189,996 |
| Surprise, AZ | Aug 2026 | $3,429,000 | 5.25% | 1.84 | $180,000 |
| Kissimmee, FL | Jul 2026 | $3,725,000 | 5.10% | 1.92 | $190,000 |
| Phoenix, AZ | Jul 2026 | $1,650,000 | 5.09% | 0.68 | $84,000 |
| Seminole, FL | Jun 2026 | $4,260,000 | 4.98% | 1.46 | $212,148 |
| McAllen, TX | May 2026 | $2,530,000 | 5.14% | 1.88 | $130,042 |
The full report lists every sale with its address and source. Prices and cap rates are as reported by brokers and public sources.
On the market now
All 7 Circle K ground leases listed for sale today. These are asking prices, not closed sales.
| Location | Asking price | Asking cap rate | Acres | Yearly rent |
|---|---|---|---|---|
| Buckeye, AZ | $4,333,333 | 4.50% | 1.97 | $195,000 |
| Tucson, AZ | $3,700,000 | 5.00% | 1.73 | $185,000 |
| Ocala, FL | $5,900,000 | 5.00% | 3.72 | $295,000 |
| Lafayette, IN | $3,090,000 | 5.00% | 2.55 | $154,500 |
| Weeki Wachee, FL | $3,137,000 | 5.00% | 1.78 | $160,000 |
| Dardenne Prairie, MO | $3,283,000 | 5.30% | 1.72 | $174,000 |
| Robertsdale, AL | $2,799,000 | 5.36% | 1.78 | $150,000 |
Asking prices can change. Reported, not verified.
Full report
Get the Full Report
The full report has every comp with its source, cap rates by year, how asking caps compare with closing caps, and the tenant profile.
Own a Circle K property? Call us and we will tell you what it would sell or lease for today.
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Questions investors ask
What cap rate do Circle K ground leases sell at?
Closed Circle K ground leases in this data set traded at a median 5.25% cap rate (56 sales, March 2023 to October 2026), ranging 4.15% to 7.10%.
What are Circle K ground leases asking?
On-market Circle K ground lease listings asked a median 5.00% cap rate across 7 listings as of Nov 12, 2026, against a 5.25% median on closed sales.
How much rent does a Circle K ground lease pay?
The average closed Circle K site in this data set pays about $192K a year (net operating income reported on the sale, 56 sales, Mar 2023 to Oct 2026).
How current is this Circle K data?
The newest closed sale here is from October 2026, and the data runs to Nov 12, 2026. The page was last updated Nov 12, 2026.
Does Circle K have a credit rating?
Yes. Its parent, Alimentation Couche-Tard, is rated BBB+ by S&P and Baa1 by Moody's, both investment grade, as listed in its September 2026 quarterly report.
Does the guarantor change the price?
Yes. In this sample, sales backed by the corporate Circle K entity averaged a 5.19% cap rate and sales backed by a franchisee averaged 6.44%, about 125 bps wider.
Talk to the team
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Sources
- Couche-Tard first-quarter fiscal 2027 report, with its S&P and Moody's ratings (opens in a new tab)
- Couche-Tard agreement to acquire a controlling stake in Zabka, July 31, 2026 (opens in a new tab)
Cite this report
Use the figures with a link back to this page. Suggested citation:
Finem Group at Meybohm Commercial. Circle K Ground Lease Market Report Summary. October 2026. https://finemgroup.com/marketreportcirlcek25
Data: CoStar / Crexi / OMs, 56 closed and 7 on-market ground lease comps, as of Nov 12, 2026. Sales Mar 2023 to Oct 2026, including 10 franchisee-guaranteed. The 7 listings were read from Crexi on Nov 12, 2026. Rent is the OM or Crexi NOI where reported, otherwise price times cap rate. Information is believed reliable but is not guaranteed. An independent market report; not investment, legal or tax advice. 948 Reynolds Street, Augusta, GA 30901.