Murphy USA sits in a specific corner of the net lease market. The brand is built on high fuel throughput and a compact convenience store, often anchored near major retail traffic, which gives investors a credit story most independent stations cannot match. That profile pushes Murphy USA cap rates toward the tight end of the c-store range, around 5.13%, below the national fuel and c-store blended average of roughly 5.6%. For sellers, that means the right Murphy USA location can clear at a premium. For buyers, it means underwriting the lease structure, term remaining, and site economics with discipline rather than chasing the logo alone. C-Store Trader works both sides of these transactions and prices each deal on its specific rent, location, and environmental profile.
What a Murphy USA deal involves
A Murphy USA transaction usually centers on a fuel-forward site with a small high-volume convenience store. These locations are designed for throughput, and a busy station can move 100,000 to 150,000 gallons of fuel per month against a US average near 4,000 gallons a day. That volume drives the economics, even though net fuel profit is only a few cents per gallon after costs.
On the income side, the c-store matters more than its footprint suggests. In-store items carry 20% to 40% margins, and the store typically represents about 30% of revenue but roughly 70% of profit. When you evaluate a Murphy USA deal, you are underwriting both the fuel volume and the in-store contribution. Our due diligence checklist walks through what to pull before you commit, and the buy-side process covers how we represent purchasers.
Murphy USA cap rates and credit
Murphy USA assets trade near a 5.13% cap rate, placing them between 7-Eleven at 5.00% to 5.40% and Circle K at 5.35% to 5.65%, and tighter than the blended national fuel and c-store average of about 5.6%. That pricing reflects the brand strength, fuel volume, and net lease structure buyers associate with the name.
Geography moves the number. Florida is tightest near 5.11%, Texas runs about 5.63%, the Carolinas sit at 5.0% to 5.5%, Tennessee at 5.4% to 5.75%, and weaker markets push to 6.0% to 6.5% and higher. Term remaining, rent escalations, and location quality all factor into where a specific Murphy USA site lands. Run scenarios on our cap rate calculator or read our cap rates by state guide for the full picture.
Why NNN investors target Murphy USA
Net lease buyers come to Murphy USA for predictable income with limited landlord responsibility. A true triple net structure passes taxes, insurance, and maintenance to the tenant, leaving the investor with a clean rent stream. That structure, paired with high fuel throughput and a recognizable brand, is what supports the sub-5.2% pricing these assets command.
For 1031 buyers, Murphy USA can serve as a credible replacement property. Absolute NNN assets with 15 to 20 year terms are the ideal replacements, and the exchange clock is unforgiving at 45 days to identify and 180 days to close in calendar days from your sale closing. Our NNN investing guide and the 1031 deadline calculator help you stay inside the window. Browse current NNN C-store listings to see what is available.
How to value a Murphy USA location
Valuation depends on what is changing hands. A real-estate-inclusive deal prices near 8x EBITDA, ranging 7x to 9x in premium markets, while a business-only fuel operation trades at 2.5x to 4.0x EBITDA, with smaller stores at 2.0x to 3.5x SDE. Combined operations land between 4.0x and 7.0x EBITDA. Some buyers also test fuel value at 0.05 to 0.30 dollars per gallon of monthly throughput.
For income-producing net lease assets, the cap rate method usually governs, since you are buying a rent stream rather than an operating business. Owner profit varies widely, with a small-to-medium station owner often netting roughly 70,000 to 100,000 dollars a year and stronger sites reaching 100,000 to 500,000 dollars. Start with our valuation calculator and read how to value a C-store to ground your number.
How to buy a Murphy USA C-store
Financing a fuel asset takes more equity than standard commercial real estate. SBA 7(a) caps at 5 million dollars and special-purpose C-stores require a 15% minimum equity injection, generally 10% to 15% down, with real estate terms up to 25 years. As of June 2026, SBA rates run roughly 9% to 11.5% APR variable, and closings take 30 to 90 days. Conventional financing demands 30% to 40% down, and many banks avoid underground storage tanks due to CERCLA liability, with closings in 30 to 60 days.
Environmental review is mandatory on fuel deals. A Phase I ESA costs 1,800 to 3,500 dollars under ASTM E1527-21 and is required for SBA fuel financing. Plan your capital stack with our finance page and review the SBA 7(a) loan guide before you make an offer.
How to sell a Murphy USA C-store
Selling a Murphy USA asset starts with positioning the credit and lease terms clearly, since those are what command the tight cap rate. Buyers will scrutinize term remaining, escalations, and the environmental record, so assemble your Phase I, tank records, and lease documents early. A clean file shortens the timeline and protects your pricing.
On fees and timing, business broker commissions run 10% to 20% on business-only deals and roughly 6% to 10% on real-estate-inclusive transactions, with typical sale timelines of 3 to 6 months. Sale-leaseback is another path if you operate the site and want to free capital while staying in place. See our sell-side process, the sale-leaseback service, and our guide on how to sell a C-store.
