NNN Properties for Sale in Bucks & Montgomery County PA
Triple net properties along the major commercial corridors of Bucks and Montgomery County — Route 1, Route 611, Route 309, Route 202, Route 422, and the Pennsylvania Turnpike interchange nodes — represent one of the most accessible passive income investments available to qualified buyers in the Philadelphia suburbs. A single-tenant NNN property with a creditworthy national tenant on a 10 to 20-year absolute lease requires no active management, no repair calls, and no tenant relationship beyond collecting the net rent check. For a business owner, physician, or professional investor seeking real estate exposure without becoming an active landlord, NNN investment in this corridor is the answer.
Josh Wernick - REALTOR®
· Commercial & Investment Real Estate · Bucks & Montgomery County PA · Keller Williams Real Estate
What Is a Triple Net (NNN) Property?
A triple net lease — written NNN — is a commercial lease structure where the tenant pays base rent plus three additional categories of operating expenses: property taxes, building insurance, and maintenance costs. The landlord receives a net rent check. The tenant handles the building. In an absolute NNN lease, the tenant assumes all costs with zero landlord responsibility — including roof, structure, and major capital expenditures. Standard NNN leases may retain some structural responsibilities with the landlord. Absolute NNN leases with creditworthy tenants command the lowest cap rates and highest purchase prices in the NNN market.
NNN vs. Gross vs. Modified Gross — The Economic Comparison
In a gross lease the landlord pays all operating expenses — taxes, insurance, maintenance — and the tenant pays one all-inclusive rent figure. In a modified gross lease expenses are split. In a NNN lease the tenant covers all or most operating costs. The critical comparison point: NNN base rents are lower than gross lease rents because the tenant is absorbing operating costs. A $25/SF NNN lease and a $32/SF gross lease on comparable spaces may produce nearly identical landlord economics once operating expenses are accounted for. Never compare NNN and gross lease properties on headline rent alone — convert to equivalent economics before evaluating.
NNN Cap Rates in the Bucks and Montgomery County Market
Cap rates in the Philadelphia suburban NNN market currently range from approximately 5% to 7% depending on tenant credit quality, remaining lease term, and location. National credit tenants — Dollar General, CVS, Walgreens, McDonald's, Wawa, Starbucks — trade at 5% to 5.75%. Regional and local tenants with shorter remaining lease terms trade at 6.5% to 7.5% reflecting the re-tenanting risk at lease expiration.
Active NNN Tenant Categories Active in Bucks and Montgomery County
Current inventory sourced from LoopNet and Crexi. Call 267-934-5674 to set up a showing with Josh Wernick - REALTOR® on any listing below.
Wawa
Wawa NNN leases are structured as absolute triple net — no landlord management obligations. Rent increases every five years. Cap rates 4% to 5% depending on remaining lease term. Wawa is ranked number 21 on the Forbes list of America's Largest Private Companies as of 2026. Among the most sought-after single-tenant NNN assets in the Philadelphia suburban market. High-traffic signalized corner sites with hard-corner real estate.
101 Easton Rd Willow Grove, PA19090
$7,179,000
Flagship Car Wash
Flagship Carwash is the most aggressive car wash NNN tenant expanding in your market right now. Spotless Brands — backed by Access Holdings with a $450 million credit facility — acquired Pete's Express Car Wash's six Philadelphia-area sites in November 2025 and is converting all locations to the Flagship brand. By end of 2027, Flagship expects to operate 36+ locations across Greater Philadelphia with 30+ de novo developments already underway. Sale-leaseback activity from that buildout is producing NNN car wash investment opportunities backed by Spotless Brands corporate credit. Car wash NNN properties nationally average a 6.21% cap rate as of April 2026 with pricing typically ranging from $2M to $6M. For Flagship Carwash NNN sale-leaseback opportunities in the Bucks and Montgomery County market — call 267-934-5674.
18 West Germantown Pike East Norriton PA 19401
$6,950,000
233 Easton Rd Horsham PA 19044
$6,750,000
Walgreens
Walgreens NNN is the most important story in the 2026 NNN market — and not for the reasons most investors expect. Here is what you need to know before buying or selling a Walgreens NNN property in Bucks or Montgomery County.
A CVS at $5.34 million traded at a 6.50% cap with 12 years of remaining term. A Walgreens at $5.30 million traded at an 8.01% cap with 12 years of remaining term — both similarly sized fee-simple net lease assets on the same street corner. That 150 basis point spread between the two pharmacy brands is the most important number in the 2026 NNN pharmacy market.
Why the spread exists: Walgreens is below investment grade — privatized by Sycamore Partners, 7,500 stores, cap rates running 8.6% to 9.5%, with bankruptcy risk flagged by analysts. Not suitable for investment-grade portfolios. The company announced a store closure program encompassing 1,200 pharmacy locations over three years, with 500 closures in FY2025, representing significant operational and credit deterioration.
The lease structure: Walgreens NNN leases feature 25-year initial terms — among the longest in retail — providing landlords with exceptional lease income visibility. For NNN investors holding Walgreens properties, careful evaluation of refinance and exit strategies is prudent given the elevated credit risk profile and lack of public ratings transparency post-privatization.
The real estate hedge: Most Walgreens stores are located on hard corners in dense neighborhoods that offer potential for alternate uses. A Walgreens building on a signalized hard corner in Montgomery County on a busy commercial arterial has re-leasing optionality that a rural Walgreens does not — the real estate quality partially offsets the credit risk.
The bottom line for buyers: The side-by-side CVS versus Walgreens comparison with identical lease terms perfectly illustrates the 150+ basis point credit quality spread between the two pharmacy brands. Walgreens at an 8% to 9.5% cap is priced to reflect the risk. CVS at 6.5% is priced to reflect investment grade credit. If you are buying a Walgreens NNN today you are buying yield — not credit certainty. Know which one you are buying.
For sellers of Walgreens NNN property: The buyer pool has narrowed and the cap rate has widened. Pricing expectations must reflect the current credit reality, not the pre-2024 investment grade premium. The right buyer for a Walgreens NNN in 2026 is a yield-focused private investor, not an institutional 1031 exchange buyer seeking credit certainty. I know how to find that buyer pool and price accordingly.
Call Josh Wernick - REALTOR® at 267-934-5674 to discuss active Walgreens NNN listings in Bucks and Montgomery County or to evaluate a Walgreens property you currently own.
2803 Ridge Pike Norristown PA 19403
$5,400,000
CVS Pharmacy
CVS is the investment grade pharmacy standard in the 2026 NNN market — and the direct comparison to Walgreens tells the whole story. A CVS at $5.34 million traded at a 6.50% cap with 12 years of remaining term in Q1 2026. A Walgreens at $5.30 million traded at an 8.01% cap with 12 years of remaining term. Same street corner. Same physical product. Same lease term. The 150 basis point spread is the market's pricing of one notch of credit deterioration — CVS retains investment grade, Walgreens does not.
Credit rating: CVS Health carries BBB from S&P, Baa3 from Moody's, and BBB from Fitch — investment grade across all three agencies, with a full CVS Health corporate guaranty on every lease obligation.
Lease structure: CVS NNN leases come in two formats. Fee-simple NN leases — approximately 85% of CVS transactions — place roof and structure on the landlord while CVS covers taxes, insurance, and CAM. Base term is 25 years with ten 5-year options and 5% rent bumps at each option. Ground lease NNN deals — approximately 15% of transactions — are absolute NNN with zero landlord responsibilities. Ground lease terms run 20 to 25 years with a 10% bump at year 7.5 followed by 7.5% every five years thereafter. Ground leases price 40 to 60 basis points tighter than fee-simple because the landlord owns the land and has no physical exposure to the building.
Cap rates in 2026: Average CVS NNN cap rate is 6.44% as of Q1 2026 — up from 6.21% in 2024 as investors demanded wider spreads over a volatile Treasury curve. CVS HealthHUB conversions in major metros still clear sub-6% yields. Legacy stores flagged for closure trade in the high 6% to low 7% range. Average CVS NNN sale price is approximately $5.5 million.
The store closure nuance: CVS completed its 900-unit consolidation program — closing the final 300 stores by Q4 2025 — while simultaneously debuting HealthHUB locations and retrofitting more than 1,000 legacy locations for clinic and digital services. Capital allocation is now favoring primary care acquisitions and Medicare Advantage expansion over raw unit growth. For NNN investors evaluating a CVS, the distinction between a HealthHUB conversion and a legacy store flagged for closure matters materially — they trade at different cap rates and carry different renewal probability.
The CVS versus Walgreens decision: CVS at 6.44% is the investment grade pharmacy credit. Walgreens at 8% to 9.5% is yield with elevated credit risk. If you are a 1031 exchange investor or institutional buyer requiring investment grade credit, CVS is the pharmacy play. If you are a yield-focused private investor underwriting the real estate rather than the credit, Walgreens at 150 basis points wider may be worth underwriting — but only with eyes open on the credit story.
Call Josh Wernick - REALTOR® at 267-934-5674 to discuss active CVS NNN listings in Bucks and Montgomery County or to evaluate a CVS property you currently own.
101 Easton Rd Suite B Horsham PA 19044
$4,695,000
1031 Exchange and NNN Properties
NNN properties are among the most popular 1031 exchange replacement properties for investors completing exchanges out of residential or actively managed commercial real estate. The passive income, long lease terms, and creditworthy tenants make NNN investments ideal for investors who want to defer capital gains tax while transitioning from active management to passive ownership. Pennsylvania has 154 NNN properties listed on LoopNet and 103 on Crexi statewide. If you are completing a 1031 exchange with a 45-day identification deadline, call Josh Wernick - REALTOR® at 267-934-5674 immediately — the identification clock does not wait.
Montgomery County NNN Market — Current Data
Seven active NNN properties are currently available for sale in Montgomery County PA, spanning 33,719 square feet with an estimated market value of $17,733,000 per current data. Sale prices range from $1,260,000 to $7,520,000 with an average of $4,433,250. Notable active listings include a Walgreens absolute NNN lease in Norristown with zero landlord responsibilities, located on DeKalb Pike and E Township Line Road with 175,000+ residents within 5 miles and 36,000+ vehicles per day. Wyndmoor mixed-use NNN property near the Philadelphia County line with strong demographics and 2019 construction.
Bucks County NNN Market
A single-tenant medical office NNN property is active at 866 W Bristol Road, Warminster Township, Bucks County — representing the type of healthcare-tenanted NNN investment that commands lower cap rates due to the long-term lease stability of medical tenants. Bucks County's Route 611 corridor, Route 1 (Lincoln Highway), and Route 309 produce consistent single-tenant retail NNN inventory from national brands serving the suburban Philadelphia consumer base.
Absolute NNN vs. Standard NNN — The Distinction That Matters
In a standard NNN lease the landlord may retain responsibility for roof, structure, and major capital expenditures. In an absolute NNN lease — sometimes called a bondable lease — the tenant assumes all costs with zero landlord responsibility for any expense during the lease term. Absolute NNN leases command the lowest cap rates (highest prices) in the NNN market because they eliminate landlord risk entirely. When evaluating NNN properties, confirm whether the lease is standard NNN or absolute NNN before making any valuation judgment — the economic difference between the two is significant.
Call or text Josh Wernick - REALTOR® at 267-934-5674 to discuss active NNN inventory in Bucks and Montgomery County, 1031 exchange strategy, or to list a NNN property.
Josh Wernick - REALTOR®
· NNN Investment Properties · 1031 Exchange · Bucks & Montgomery County PA · Keller Williams Real Estate
NNN Properties For Sale in Bucks and Montgomery County PA - FAQ
What are NNN cap rates in Bucks and Montgomery County PA?
Cap rates in the Philadelphia suburban NNN market range from approximately 5% to 7% depending on tenant credit quality and remaining lease term. National credit tenants trade at 5% to 5.75%. Regional tenants trade at 6% to 7%. Local tenants with shorter lease terms trade at 7% to 7.5%.
What types of NNN properties are available in Bucks and Montgomery County?
Dollar stores, pharmacies (CVS, Walgreens), quick service restaurants (McDonald's, Wawa), medical office, and automotive service represent the most common NNN tenant categories in this corridor. Seven active NNN listings are currently available in Montgomery County alone ranging from $1.26M to $7.52M.
Can I use a 1031 exchange to buy NNN properties in Pennsylvania?
Yes. NNN properties are among the most popular 1031 exchange replacement properties. Pennsylvania has 154 NNN properties listed on LoopNet alone. Call Josh Wernick - REALTOR® at 267-934-5674 immediately if you have a 45-day identification deadline — the clock does not wait.
What is the difference between NNN and absolute NNN?
In a standard NNN lease the landlord may retain responsibility for roof, structure, and major capital expenditures. In an absolute NNN lease the tenant assumes all costs with zero landlord responsibility. Absolute NNN leases command lower cap rates (higher prices) because they eliminate landlord risk entirely.