Harbor Freight Tools
Privately held tool retailer rated BB- by S&P (Moody's B1, outlook negative), still adding ~100 stores a year, often by backfilling vacant boxes. Short 10-year NN leases are typical, so the appeal is real estate and sales, not long-term credit.
- US units
- 1,700
- 2026 (approx.)
- 3Y net growth
- +25.9%
- vs. 2022 (approx.)
- Credit rating
- BB-
- Sub-investment grade
- Typical term
- 10 yr
- NN
- Model
- Corporate
- Private
Unit count
Harbor Freight Tools in the news
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Harbor Freight Tools net lease FAQ
What is Harbor Freight Tools's credit rating?
Harbor Freight Tools is rated BB-, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Harbor Freight Tools locations are there in the US?
Harbor Freight Tools reported about 1,700 US locations as of 2026 (approx.). That is +25.9% versus 1,350 in 2022 (approx.).
What does a typical Harbor Freight Tools net lease look like?
Lease type: NN. Initial term: 10 yr. Rent increases: 5-10% at options. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Harbor Freight Tools corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.