· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
A cap rate is the yearly return from rent, as a percentage of the price. It moves opposite to price: a higher cap rate means a lower price for the same rent. In the third quarter of 2026, cap rates on single-tenant net-lease properties rose a little across the U.S. for a second quarter in a row, while the 10-year Treasury jumped from 4.44% to 5.29%. Florida stayed the exception. Florida properties for sale ask less yield than the national market, and Florida sales in Q3 closed at a middle (median) cap rate of 5.87%, close to what Florida listings ask.
All figures: Ironmark Florida & National Net-Lease Brief, 3Q 2026. “Asking” = what sellers list at; “closed” or “paid” = what buyers actually paid. We never average the two. Each source is listed under Sources.
What Happened in Net Lease in Q3 2026?
Three things defined the quarter. Borrowing got more expensive, prices moved only a little, and Florida kept its premium.
- Interest rates jumped. The 10-year Treasury (what the U.S. government pays to borrow for 10 years) rose from 4.44% on 30 June to 5.29% on 30 September. It first closed at 5% or more on 15 September.
- Cap rates rose only slightly. The national closed cap rate rose 0.06 points, to 6.95%. Asking cap rates rose 0.10 points, to 6.92%. So the extra return a buyer earns over a safe Treasury shrank, and long-term loans now often cost more than a property earns.
- Buyers kept buying. About $17.3 billion of U.S. single-tenant property over $2.5M sold in Q3, up 14.7% from Q2 and 41.7% from a year earlier.
- Listings sit longer. There were 5,754 net-lease properties for sale nationally in Q3. In Q2, the average listing had been for sale for about 12 months, up from 9.8 at the end of 2025.
What Are Net-Lease Cap Rates in Q3 2026?
Nationally, single-tenant net-lease properties sold at an average cap rate of 6.95% in Q3 2026 (sales over $2.5M), and single-tenant retail at 6.93%. Listed properties asked a median of 6.92%. The gap between what sellers ask and what buyers pay widened slightly, to 0.25 points for retail and industrial and 0.50 points for office.
Florida runs lower. That means higher prices for each dollar of rent, because more buyers want Florida property than the market supplies.
| Measure, Q3 2026 | What it is | Florida | U.S. |
|---|---|---|---|
| Cap rate buyers paid | Closed sales, single-tenant-style retail | 5.87% median (160 sales) | 6.93% average, retail; 6.95% all types |
| Same, sales of $2.5M and up | Like-for-like with the U.S. figure | 5.84% average (99 sales) | 6.93% average, retail |
| Cap rate sellers ask | Listings, 30 Oct 2026 | 5.75% median (689 listings) | 6.35% median, same source |
Florida closed figures are Ironmark’s analysis of reported Florida sales; U.S. figures are from national net-lease research. See Sources.
What Did Florida Net-Lease Buyers Actually Pay?
In Q3 2026, 160 Florida sales of single-tenant-style retail buildings had a reported cap rate. The middle (median) was 5.87%, and half of them fell between 5.0% and 6.7%. These are buildings typically leased to one business: fast food, restaurants, banks, auto service, convenience stores, gas stations, drug stores, day care and other freestanding stores. Other retail sales with a cap rate (storefronts, small centers and partly leased buildings) sold higher, at a 6.53% median (60 sales).
| Building type | Median cap rate paid, Q3 2026 | Sales |
|---|---|---|
| Convenience store | 4.95% | 13 |
| Fast food | 5.42% | 33 |
| Restaurant | 5.83% | 22 |
| Other freestanding store | 6.30% | 47 |
| Drug store | 7.40% | 8 |
| All single-tenant-style | 5.87% | 160 |
Florida sales with a reported cap rate, 1 Jul–30 Sep 2026, single-property investment sales. Building type, not a confirmed single tenant. About 37% of investment sales report a cap rate, so these figures describe reported deals.
Smaller deals pay more yield. Sales under $1 million closed at a 7.0% median, $1–2 million at 6.05%, and over $2 million at about 5.6%. Large, well-leased properties draw the most buyers, so they sell for the lowest cap rates.
Named Florida sales this quarter show what moves the number. A Chick-fil-A in Tampa with 19 years left on its lease sold at 4.33%; a Wawa in Tallahassee at 4.80%; a Harley-Davidson in Orlando at 5.89%; an LA Fitness in Coconut Creek at 6.89%. The tenant and the years left on the lease set the price more than the address.
How Do Florida Asking Cap Rates Compare to the Nation?
Three separate sets of listings agree that Florida asks less yield than the national market. On 689 Florida listings the median asking cap rate was 5.75% on 30 October 2026, 0.60 points below the same source’s national 6.35%. A second set of 117 Florida listings also showed 5.75%, against 6.00% nationally. For the same 46 tenants, Florida listings asked 0.59 points less than listings elsewhere.
| City (listings) | Median asking cap rate | City (listings) | Median asking cap rate |
|---|---|---|---|
| Miami (17) | 5.00% | Fort Lauderdale (8) | 5.75% |
| Kissimmee (13) | 5.30% | St. Petersburg (9) | 5.75% |
| Lakeland (11) | 5.45% | Pensacola (14) | 5.79% |
| Tallahassee (18) | 5.63% | Tampa (25) | 5.85% |
| Jacksonville (51) | 5.70% | Fort Myers (11) | 6.25% |
| Orlando (29) | 5.73% | Ocala (16) | 6.50% |
Median asking cap rate on active net-lease listings by city (city limits, not metro areas), 30 Oct 2026. Samples under 10 listings are fragile.
Florida’s retail market also gives owners a cushion. Retail vacancy (the share of retail space that is empty) in Q3 2026 was 3.1% in Miami-Dade, 3.6% in Tampa Bay, 3.7% in Palm Beach, 4.1% in Broward and 4.9% in Jacksonville. When vacancy is that low, a store that closes can usually be re-let.
How Are Higher Interest Rates Affecting Net-Lease Buyers?
The extra return a net-lease buyer earns over the 10-year Treasury shrank to about 2.2 points on Q3 averages, from about 2.5 points in Q2, and nearer 1.7 points at the end of September. Long-term loans now often cost more than a property earns in rent. Buyers who rely on large loans feel that most; all-cash and 1031 exchange buyers have the edge.
The large public REITs (listed companies that own net-lease property) paid 6.6% to 7.7% on their own Q3 purchases and sold properties at lower cap rates than they bought at. Several are pulling back: one cut its 2026 buying plan and another chose to buy back its own shares instead of buying property. Less competition from the largest buyers leaves more room for private and 1031 buyers. Private buyers made up 66% of U.S. single-tenant retail buying so far this year.
How Do the Tenant and the Lease Change the Price?
What a buyer pays depends most on who pays the rent and for how long. Across U.S. single-tenant retail sales through mid-2026, leases with more than 15 years left sold at a 5.9% cap rate on average, leases with 5–15 years at about 6.7%, and leases with under 5 years left at 7.4%. Tenant strength matters too: since 2024, cap rates for top-credit tenants rose about 0.20 points, and for mid- and lower-credit tenants about 0.40 points.
Florida’s most-listed brands span the whole range. Across U.S. sales in the past 12 months, Wawa averaged a 5.2% cap rate and 7-Eleven 5.5%, while Dollar General averaged 7.6% and Walgreens 8.5%.
Which Tax Rules Shape a Florida Net-Lease Deal?
- 100% bonus depreciation is permanent for property bought after 19 January 2025. An owner can deduct in year one the full cost of building parts with a tax life of 20 years or less, such as parking lots, site lighting, landscaping and some interior work, usually identified by a cost segregation study. The building shell (a 39-year asset) does not qualify.
- 1031 exchange rules are unchanged: real property only, 45 days to name a replacement property and 180 days to close.
- Florida has no personal state income tax. Corporate income tax is 5.5%.
- No sales tax on commercial rent for rent periods from 1 October 2025 (it was 2% plus a local surtax). Under an NNN lease (the tenant pays rent plus its share of taxes, insurance and upkeep), the saving goes to the tenant.
- Deed tax (documentary stamp tax) is 70 cents per $100 of price, or $35,000 on a $5 million sale. Miami-Dade is 60 cents plus a 45-cent surtax per $100.
Informational only — not tax or legal advice. Ironmark Capital Advisory is a Florida commercial real estate brokerage. Talk to your CPA or tax attorney before acting on any tax rule.
What Do Ironmark’s Principals Make of Q3 2026?
Matthew L. Phillips, SIOR — for owners and sellers
Florida net-lease listings still ask less yield than the rest of the country, by a quarter to six-tenths of a point. In Q3, Florida sales of single-tenant-style stores closed at a 5.87% median, close to what listings ask. The named deals ran from 4.33% for a Chick-fil-A in Tampa to 6.89% for an LA Fitness in Coconut Creek. That range tells owners what sets the price: the tenant and the years left on the lease, more than the address.
If you own a building with a strong tenant and a long lease, buyers are still here, many of them in 1031 exchanges. If your lease is short or your tenant is weaker, price it for today’s market. Nationally, listings now sit about a year. Retail vacancy in our major metros is 3% to 5%, so a well-located store that goes dark can usually be re-let.
Troy Schaafsma, SIOR — for buyers
The 10-year Treasury rose from 4.44% to 5.29% during the quarter, while national closed cap rates rose only 0.06 points, to 6.95%. The extra return over a Treasury fell to about 2.2 points on quarterly averages, and nearer 1.7 points at the end of September. Long-term loans now often cost more than the property yields, so buyers who lean on debt feel it most.
The public REITs paid 6.6% to 7.7% on their own Q3 purchases, and some are trimming their plans. That leaves room for private buyers, who made up 66% of single-tenant retail buying this year. For a buyer, I would compare after-tax returns, keep loans modest, and favor long leases with rent increases built in.
Buying, selling, or exchanging into net lease in Florida? See Ironmark’s net-lease advisory, 1031 exchange guidance, or read every Florida market brief.
Buying, selling, or exchanging into Florida net lease?
Tell Ironmark what you are working on — an exchange with a clock running, a building your business occupies, or a net-lease asset you are underwriting. You will get a straightforward read on where it sits in this market, with no obligation.
Frequently Asked Questions
What is the average net-lease cap rate in 2026?
In Q3 2026, U.S. single-tenant net-lease properties sold at an average cap rate of 6.95% (sales over $2.5M), up 0.06 points from Q2. Single-tenant retail averaged 6.93%. Listed properties asked a median of 6.92%, the highest in over a decade. A cap rate is the yearly return from rent as a percentage of the price.
What cap rate are Florida net-lease properties selling at?
In Q3 2026, 160 Florida sales of single-tenant-style retail buildings with a reported cap rate closed at a median of 5.87%; half fell between 5.0% and 6.7%. Florida sales of $2.5M and up averaged 5.84%, against 6.93% for similar sales nationally. These figures are Ironmark’s analysis of reported Florida sales.
Are Florida net-lease cap rates lower than national cap rates?
Yes. Florida listings asked a median of 5.75% on 30 October 2026, against 6.35% nationally in the same listings source, and Florida closed sales ran about one point below the national closed average in Q3 2026. Lower cap rates mean higher prices for each dollar of rent, because demand for Florida property is strong.
How did the 10-year Treasury affect net lease in Q3 2026?
The 10-year Treasury rose from 4.44% to 5.29% during Q3 2026, while the national closed cap rate rose only 0.06 points. The extra return over a Treasury shrank to about 2.2 points on quarterly averages, and long-term loans now often cost more than a property earns. All-cash and 1031 exchange buyers have the edge.
How much does lease length change a net-lease cap rate?
A lot. Across U.S. single-tenant retail sales through mid-2026, leases with more than 15 years left sold at about a 5.9% cap rate on average, against about 7.4% for leases with under 5 years left. Tenant credit matters too: weaker tenants’ cap rates have risen about twice as much as top-credit tenants’ since 2024.
Does 100% bonus depreciation apply to a net-lease purchase?
It can. 100% bonus depreciation is permanent for property bought after 19 January 2025, and lets an owner deduct in year one the cost of building parts with a tax life of 20 years or less, usually identified by a cost segregation study. The building shell does not qualify, and a ground lease conveys no building to depreciate. Talk to your CPA before relying on it.
Sources & Methodology
Every figure on this page carries its period. “Asking” cap rates come from properties listed for sale; “closed” cap rates come from completed sales. National figures come from national net-lease research; Florida closed figures are Ironmark’s analysis of reported Florida sales and describe deals that reported a cap rate (about 37% of investment sales). The Ironmark Florida Net-Lease Brief is published quarterly; this is the 3Q 2026 statewide edition.
- National cap rates asked and listings counts — The Boulder Group, Net Lease Market Report Q3 2026 (9 Oct 2026) and Net Lease Tenant Profiles (Sep 2026).
- National cap rates paid, sales volume and buyer mix — Northmarq, MarketSnapshot Single-Tenant Q3 2026 (overall and retail; sales over $2.5M; 28 Oct 2026) and The Top 100 Tenant Expansion Trends Q3 2026.
- Lease length and tenant credit — Marcus & Millichap, Single-Tenant Net Lease Retail Report “3Q 2026” (data through mid-2026). Gap to Treasuries, Q2: CBRE, U.S. Net Lease Investment Figures Q2 2026.
- Time on market and state listings — B+E, Q2 2026 Net Lease Cap Rate Report (8 Sep 2026).
- Florida asking cap rates — Investment Grade, Florida NNN properties page (30 Oct 2026); Net Lease World, NNN Cap Rate Report (1 Nov 2026).
- Florida cap rates paid — Ironmark analysis of reported Florida retail sales, 1 Jul–30 Sep 2026 (single-property investment sales with a reported cap rate; data as of 1 Nov 2026). Named Florida sales: The Boulder Group, Matthews, NX3 Commercial Group and SRS Real Estate Partners releases (Jul–Oct 2026).
- Retail vacancy — Cushman & Wakefield Retail MarketBeats Q3 2026 (21–29 Oct 2026).
- Public REIT purchases — Q3 2026 earnings releases (8-K) of Agree Realty, Essential Properties, NETSTREIT, Getty Realty, Four Corners and Broadstone Net Lease (20–28 Oct 2026).
- 10-year Treasury — Federal Reserve H.15 via FRED, series DGS10.
- Tax rules — IRS Notice 2026-11 and IR-2026-06 (14 Jan 2026); 26 U.S.C. 168 and 1031; Florida DOR TIP 25A01-04 (24 Jul 2025); Florida DOR documentary stamp tax pages; Florida Constitution Art. VII, s. 5.
Information obtained from sources deemed reliable but not guaranteed; verify prior to any decision. Nothing herein is tax, legal, or investment advice.
More Ironmark Research
Ironmark Capital Advisory publishes quarterly Florida market briefs alongside this statewide net-lease edition. The previous edition is the 2Q 2026 net-lease brief. See all Ironmark market reports and insights, or read the metro industrial briefs for Miami-Dade, Tampa, Orlando, Palm Beach, Fort Lauderdale, Jacksonville and Lakeland. Related advisory pages: net lease · 1031 exchange · cost segregation · investment sales · buyer representation · property valuation · industrial outdoor storage.
Ironmark Florida & National Net-Lease Brief — Statewide Edition, 3Q 2026. Published November 2026 by Ironmark Capital Advisory. Prepared by Ironmark Capital Advisory research; informational only — not tax, legal, appraisal, or investment advice. Contact Matthew L. Phillips, SIOR, (561) 621-5466, or Troy Schaafsma, SIOR, (561) 621-5489; main line (561) 621-5450. © 2026 Ironmark Capital Advisory.