7-Eleven
Baskersfield, CA
7-Eleven is an American-Japanese international chain of convenience stores, headquartered in Irving, Texas, that operates, franchises, and licenses some 56,600 stores in 18 countries. The chain was known as Tote’m Stores until renamed in 1946. Its parent company, Seven-Eleven Japan Co., Ltd., is located in Chiyoda, Tokyo. Seven-Eleven Japan is held by the Seven & I Holdings Co.
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S&P Outlook: Stable
Moody Outlook: Stable
Typical Lease Characteristics
Lease Term: 10-15 Years Years
Lease Type: NNN(absolute Net)
Lease Increases: 10% every 5 years
Lease Extensions: 3-4 (5) Year Options
Lease Guarantor: Corporate and Franchisee
Tenant Overview
7-Eleven is an international chain of convenience stores, headquartered in Irving, Texas, that operates, franchises, and licenses some 56,600 stores in 18 countries. The chain was known as Tote’m Stores until renamed in 1946. Its parent company, Seven-Eleven Japan Co., Ltd., is located in Chiyoda, Tokyo. Seven-Eleven Japan is held by the Seven & I Holdings Co.
Typicall lease terms fall around 10 years with options, are mostly absolute NNN, and usually have increases set in place making these investments passive income producers. It is important to note however that 7-Eleven is moving toward franchising most of its remaining corporate locations inside the US. Although 7-Eleven Corporate has strong financials, this becomes irrelevant in instances where the Net investment is run by a franchisee. As a result, it is important to consider the strength of the franchisee (number of locations runs, and duration of operation).
Positives:
- Public Company, Credit Rated
- Typically Long term leases with increases
- Typically high price per square foot
Negatives:
- Often times franchised, which puts more emphasis on franchisee
- Low Margin product lines
Market Snapshots:
On Market Ranges:
# of Properties in set: 35
Price: $2,758,270 - $3,471,080Average: $3,099,177
PPSF: $970 - $1120Average: $1031
Year Built: 1974 - 2018Average: 2002
CAP Rate Range: 4.58% - 6.11%Average: 5.26%
Size range: 2,396 sq ft - 5,576 sq ft Average: 3,001 sq ft
Last 12 Month Range:
# of Properties in set: 60
Price: $2,444,680 - $2,882,150Average: $2,573,350
PPSF: $807 - $1001Average: $927
Year Built: 1938 - 2018Average: 1993
CAP Rate Range: 4.40% - 6.21%Average: 5.31%
Size range: 928 sq ft - 4,000 sq ft Average: 2,747 sq ft
7-Eleven Company Profile
Headquarters Information
Irving, Texas
Founded in 1927
Company type: Public
Parent Company: Seven & I Holdings Co.
Sector: Convenience Stores
Industry: Retail
# of Employees: 45,000