Market Overview

The U.S. convenience store (c-store) market remains a major force in the retail landscape, with 152,255 locations nationwide, according to the latest NACS/NIQ TDLinx Convenience Industry Store Count. That’s only a slight dip from last year’s total of 152,396, emphasizing the sector’s stability and ongoing relevance to consumers. Roughly 80% of all c-stores sell motor fuel, reinforcing the category’s enduring role as a primary fuel retailer as well as a daily convenience stop. With about one store for every 2,233 people in the U.S., c-stores continue to serve as a cornerstone of everyday consumer activity and a consistent area of interest for investors. Operators are broadening their offerings beyond fuel and snacks, investing in upgraded facilities and expanded food, beverage, and service options. Incentives introduced under the One Big Beautiful Bill Act have also supported renewed capital investment in gas stations and c-store assets, accelerating modernization across the sector.

 

Across the investment landscape, activity in the c-store sector remains steady, with 302 properties currently on the market, nearly all of which (300) include fuel components. The average cap rate is 5.57%, with fuel c-stores at 5.56% and non-fuel stores higher at 7.63%, underscoring stronger demand for fuel assets. The average price is $4.92 million with a $270,000 NOI and a 12.6-year lease term. Assets with 10 or more years remaining trade tighter at 5.52% and average $5.59 million, reflecting investor preference for long-term corporate leases.

 

 

QuikTrip

QuikTrip currently has 16 properties on the market with an average price of $5.65 million and cap rates between 5.00-6.00%. Investors favor the brand for its strong operations, prime locations, and loyal customer base. The company plans to reinstate its corporate sale-leaseback program within the next year, which should increase inventory and create new acquisition opportunities. As of late 2025, QuikTrip has approximately 1,180 stores across the U.S., with a 10% increase in store count in the past year. QuikTrip’s selective site strategy and consistent store performance position it as a reliable option within the convenience retail space.

 

 

WAWA

Wawa continues to command a premium position in the market, trading at an average cap rate of 4.74%, the lowest among major brands. The 29 properties on the market carry an average price of $6.14 million, supported by ground-lease structures that minimize landlord responsibilities and enhance asset stability. The company’s plan to open 700 new stores across the Midwest and Southeast underscores its growth trajectory and long-term brand strength. Wawa’s strong credit profile, loyal customer base, and robust foodservice model continue to attract institutional and private investors seeking top-tier net-lease assets.

 

 

Circle K

Circle K maintains steady deal flow with 29 properties on the market, with an average price of $3.42 million, and an average cap rate of 5.70%. Backed by global parent company Alimentation Couche-Tard, the brand benefits from a diversified international platform and consistent performance. Circle K plans to open 500 new stores in North America by fiscal year 2028. Expansion plans include tripling presence in Wisconsin and doubling its stores in New York by partnering with The Briad Group. The company is also expanding its supply chain with new distribution centers in the Midwest. Circle K’s moderate pricing and accessible deal sizes appeal to a wide investor base, offering a balanced blend of yield, stability, and brand strength in the convenience retail segment.

 

 

Kum & Go

Kum & Go currently has 10 properties on the market with an average asking price of $6.13 million and an average cap rate of 5.56%. The brand offers investors a blend of stable returns and solid real estate fundamentals. While inventory remains limited compared to larger chains, Kum & Go’s strong brand presence, newer construction, and corporate-backed leases continue to attract investors seeking reliable income and moderate yield within the convenience store sector. As the company undergoes a rebranding to Maverik following its acquisition, investors are watching closely to see how the transition could influence long-term brand perception, tenant stability, and future market valuations.