A national auto service chain under new ownership, and what that means for your lease, from a NNN buyer’s broker with 225+ transactions.
A Pep Boys NNN property is a freestanding auto service and tire center with multiple service bays, usually around 7,000 square feet, leased to Pep Boys on a NNN or NN lease. Pep Boys has shifted away from selling auto parts at retail to focus on service and tires. In August 2026, Mavis Tire Express Services, a private company based in White Plains, New York, bought Pep Boys from Icahn Enterprises for about $700 million. Pep Boys keeps its brand name, and the combined Mavis network has more than 4,400 locations.
One detail matters a lot for investors: Icahn Enterprises kept the real estate Pep Boys owned, and Pep Boys is expected to lease most of those sites from Icahn. On any Pep Boys you buy, confirm the tenant entity and any guarantee after the sale, and check whether the store sits near a Mavis location. Solid Investments FL has represented a buyer on a Pep Boys in Orlando, Florida, and helps 1031 exchange buyers sort this out. Our buyer representation is always free to you.
| Tenant | Usually Pep Boys corporate (no franchisees). Confirm the tenant entity and any guarantee after the 2026 sale |
|---|---|
| Parent company | Mavis Tire Express Services Corp. (private), White Plains, New York, since August 2026 |
| Parent credit | Private company; check the tenant entity and guarantor on each lease |
| Locations | Nearly 800 in the U.S. and Puerto Rico; combined Mavis network of 4,400+ |
| Recent performance | Under Icahn, the auto segment’s 2025 revenue fell 3% as underperforming stores closed |
| Building size | Often about 7,000 SF with multiple service bays |
| Lease type | Mix of absolute NNN, NNN and NN (landlord handles roof and structure); read each lease |
| Remaining term | Often shorter on resale listings; check the options |
| Typical cap rate (2026) | About 6%–7.25%, depending on lease term, structure and location |
| Typical price range | About $1.5M–$5M |
Ownership and location counts from Icahn Enterprises releases and listing data as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Mavis bought Pep Boys in August 2026. Get a tenant estoppel confirming who the tenant is and whether any parent guarantees the lease.
Some Pep Boys leases are NN, where the landlord pays for roof and structure. Price in those costs and get a roof and building inspection.
Combining two chains can lead to closures where stores overlap. Check whether there is a Mavis nearby and how your store performs.
Many resale Pep Boys have shorter remaining terms. Check the expiration date, options and any notice deadlines.
Compare the rent per square foot to nearby auto service and retail rents. Rent at or below market makes the building easier to re-lease.
A multi-bay service building suits other auto service, tire and repair users. Favor busy roads with good visibility and access.
We’ve represented a buyer on a Pep Boys in Orlando, Florida:
Auto Parts / Service
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions, including a Pep Boys in Orlando, Florida. We help investors and 1031 exchange buyers find, underwrite and close auto service and retail NNN properties nationwide, and our buyer representation is free.
As of 2026, Pep Boys NNN properties generally trade around 6% to 7.25% cap rates, depending on remaining lease term, whether the lease is NNN or NN, and location.
Mavis Tire Express Services Corp., a private company based in White Plains, New York, bought Pep Boys from Icahn Enterprises for about $700 million in August 2026. Pep Boys continues to operate under its own name.
Icahn Enterprises kept the real estate Pep Boys owned, and Pep Boys is expected to lease most of those sites from Icahn. Properties owned by outside investors keep their existing leases, but you should confirm the tenant and any guarantee with an estoppel.
It varies. Some Pep Boys leases are absolute NNN, while others are NN, where the landlord is responsible for the roof and structure. Read each lease and budget for any landlord costs.
Under Icahn, Pep Boys closed underperforming stores, and the auto segment's revenue fell 3% in 2025. With Mavis now owning both brands, check whether a Mavis operates near the store you are buying.
Confirm the tenant entity and guarantee after the Mavis sale, the remaining lease term and options, whether the lease is NN or NNN, rent per square foot against the local market, and how well the building would suit another auto service user.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you check the tenant, the lease and the site. Tell us your budget and timeline; our buyer representation is completely free.
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