7-Eleven property in Cleburne sells at low 5% cap rate due to tax policies

Cleburne, Texas, September 3, 2026, A single-tenant 7-Eleven in downtown Cleburne, Texas, recently traded in the low 5% cap rate range, marking a significant shift in the local commercial real estate market. The transaction, completed on July 22, 2026, involved a 10-year lease term, with the corporate-guaranteed absolute NNN lease expiring in April 2036. The buyer, a private investor from New York, purchased the asset in cash, without the need for a 1031 exchange, specifically to take advantage of bonus depreciation.

The transaction highlights the growing influence of tax policies on net lease pricing. According to Luke Thomson, a broker at NX3 Commercial Group, the buyer’s decision to focus on the first-year tax deduction has shifted the dynamic of net lease sales, particularly for properties with shorter lease terms. "The remaining lease term is no longer the primary driver of net lease pricing," Thomson noted. "For cash buyers like this, the tax benefits of bonus depreciation are more important than the duration of the lease."

This 10-year lease in the low 5% cap rate range is notably different from comparable 7-Eleven properties listed on LoopNet, which are currently being offered in the 4.90% to high 5% cap rate range. Thomson explained that the low cap rate is a result of the buyer's tax-motivated approach, which is increasingly influencing the market. "For buyers who prioritize the first-year tax deduction, the remaining lease term is less critical," he said.

The real estate market in Cleburne, Texas, supports the transaction. Situated on a bustling downtown corridor, the 7-Eleven benefits from a high daily vehicle count of 30,000 and is surrounded by established retail. The property's corporate credit, rated A by S&P and owned by Seven & i Holdings, adds credibility to its value. Additionally, the 10% escalations every five years provide inflation protection, a feature often absent in flat-rent structures.

The 7-Eleven market in Texas and Florida is experiencing a broader trend of lower cap rates, driven primarily by tax policies. The One Big Beautiful Bill Act, signed in July 2025, permanently restored 100% bonus depreciation for qualified property acquired and placed in service after January 19, 2025. This legislation, along with the phase-down schedule reversal, has significantly impacted net lease pricing. "The tax code is now the primary driver of 7-Eleven cap rates," Thomson stated. "For fueling assets, the compression is even more pronounced due to the larger first-year tax deductions."

The market dynamics are changing for 7-Eleven owners. Thomson suggested that owners of mid-term leases, particularly those with eight to twelve years remaining, may find it easier to sell their assets now than they did two years ago. "Cash, tax-motivated buyers are less rate-sensitive and term-sensitive," he explained. "This opens up the market for properties that would have been difficult to price two years ago."

For owners considering selling, Thomson recommended reaching out to NX3 Commercial Group for an assessment of their property's current market value. "The conventional assumption that long-term leases command higher prices is shifting," he noted. "The tax code is now the primary driver of pricing."

In summary, the 7-Eleven in Cleburne, Texas, sold for a low 5% cap rate with a 10-year lease term, reflecting a broader trend in the market. Tax policies, particularly bonus depreciation, are reshaping the net lease landscape, making shorter-term properties more attractive to certain buyers.