Noble Fir Partners
STNL Acquisition Criteria.
Noble Fir Partners is actively acquiring single-tenant net lease real estate nationwide. We work directly with brokers and operators on off-market and lightly marketed deals. The criteria below define our buy box.
| Asset Class | Absolute NNN freestanding retail (STNL); medical, industrial & specialty use considered selectively. |
|---|---|
| Price Point | $1.0M — $4.5M per asset |
| Yield | 6.5%+ cap rate on in-place NOI |
| Site | Preference for signalized corners, outparcels, or infill / main-street historical corridors |
| Basis | At or below replacement cost — <$300 PSF retail, <$400 PSF QSR |
| Unit Financials & Health | Mission-critical locations preferred; verified store-level financials where possible |
| Lease Term | 5+ years remaining on the primary term |
| Guarantee | Minimum multi-unit franchisee guaranty; corporate guaranty preferred |
| Other Considerations | Market rents, city demographics, traffic counts, and regional growth trajectory |
| Exclusions | No ground leases. No tenants with extremely high PSF basis (e.g., Checkers QSR, Take 5). |