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NNN Aspen Dental for Sale
Aspen Dental properties are single-tenant dental offices leased on double net leases. Boulder rates the tenant B-, which is deep in speculative-grade territory, and its asking cap rates for 10 years of remaining term run 6.40% – 6.80%. This page walks through what the data shows and what to check before you buy.
B-
S&P credit rating (Boulder)
~1,100
Aspen Dental offices
10 Years
Typical lease term
10%
Increase every 5 years
3,700 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; office count per Aspen Dental (nearly 1,100 offices, August 2026); Boulder lists 970 locations. Matthews, 2026 Net Lease Tenant Report, does not cover Aspen Dental.
Key Takeaways
Highly Leveraged, Speculative Grade
Boulder lists Aspen Dental at B- from S&P, which is deep in speculative-grade territory. Its parent was reported in May 2026 to be seeking outside investors to address roughly $3 billion of loans due next year (Bloomberg Law).
Independent Practices, Double Net Lease
Aspen Dental offices are independently owned and operated by licensed dentists, with Aspen Dental Management, Inc. providing business support (Aspen Dental). Boulder shows a typical 10-year double net lease with 10% rent increases every five years, so confirm who signs and guarantees the lease.
Higher Cap Rates
Boulder’s September 2026 asking cap rates are 6.40% – 6.80% with 10 years remaining and 6.90% – 7.25% with 5 years remaining. Boulder does not list a 15-year range, which fits the 10-year typical lease.
Regulatory and Debt Watch
California’s attorney general announced a settlement with Aspen Dental in May 2026 that includes $2 million in penalties and $300,000 in restitution (California Attorney General). Read the tenant’s financial and regulatory position closely before you buy.
Aspen Dental NNN Cap Rates and Lease Data
If you’re weighing an Aspen Dental property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is weaker than for most brands. Boulder lists Aspen Dental at B-, with a typical double net lease of 10 years and a 10% rent increase every five years.1 Those steps work out to about 2% a year, which adds some rent growth, but most of your return still comes from the yield you buy in at. The 10-year term is also shorter than the 15-year terms Boulder lists for brands like 7-Eleven and Advance Auto Parts, so a renewal decision comes sooner.
That’s where cap rates come in. Boulder shows asking cap rates of 6.40% – 6.80% with 10 years left and 6.90% – 7.25% with 5 years left.2 As the remaining term gets shorter, the yield goes up, because you’re being paid more to take on the renewal question. Boulder doesn’t list a 15-year range for Aspen Dental, and Matthews doesn’t cover the brand, so there is no closed-sale average here to check these asking rates against.
In dollars, Boulder puts the average sale price at about $2.6 million with average rent of about $160,000 a year. On a typical 3,700 SF office, that works out to roughly $703 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 8. Credit rating is S&P, as reported by Boulder, which lists ownership as private. Lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 8. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 8. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($2.6 million across a typical 3,700 SF office). ↩
Aspen Dental as a Tenant
How Aspen Dental is structured
Aspen Dental is a dental support organization. Its offices are independently owned and operated by licensed dentists, and Aspen Dental Management, Inc. provides business support such as marketing, accounting and staffing (Aspen Dental press release, August 2026). The company says it has nearly 1,100 Aspen Dental-branded offices, and Boulder lists 970 locations. Because the practice owner is typically a dentist rather than the corporation, find out which entity signs the lease and what guaranty, if any, backs it.
Ownership and debt
Aspen Dental’s parent, The Aspen Group, is owned by Leonard Green & Partners, Ares Management and American Securities. In May 2026 Bloomberg reported that it was exploring outside investors to address maturities on roughly $3 billion of loans due next year, amid weaker earnings, and was close to selling its WellNow urgent care chain (Bloomberg Law). We have not seen a report of how that resolved, so check current news before you buy.
Regulatory scrutiny
On May 7, 2026, California’s attorney general announced a settlement with Aspen Dental Management, Inc. that includes $2 million in penalties and $300,000 in restitution, resolving allegations that it violated the state’s ban on the corporate practice of dentistry and used misleading advertising. The settlement includes what the attorney general described as first-in-state injunctive terms (California Attorney General). Aspen Dental previously settled with New York in 2015 for $450,000 and paid $3.5 million to resolve Massachusetts allegations in 2023 (Dentaltown). None of this changes the terms of a lease, but it is part of the tenant’s risk profile.
Why Investors Buy Aspen Dental Properties
Aspen Dental offers yield and a large national footprint. With 10 years remaining, Boulder’s September 2026 asking range is 6.40% – 6.80%, and the company was still opening offices in 2026, including one in Selma, North Carolina in August (Aspen Dental).
It is worth looking at how the market prices the credit. Aspen Dental’s 10-year asking range of 6.40% – 6.80% overlaps AT&T’s 6.55% – 6.85%, even though Boulder rates AT&T BBB and Aspen Dental B-, and Arby’s, rated B+ in Boulder, asks 5.95% – 6.25% for the same term (The Boulder Group, Net Lease Tenant Profiles, September 2026). Ask what extra yield, if any, you are getting for the lower rating.
Risks and Market Conditions
Credit and debt are the main risks. B- is deep in speculative-grade territory, and the parent has been reported to be seeking outside investors to deal with loan maturities (Bloomberg Law). A lease is only as strong as the entity behind it, so find out who signs and who guarantees.
Regulatory risk is real. California’s May 2026 settlement set first-in-state restrictions on how Aspen Dental operates, and it follows earlier settlements in New York and Massachusetts (California Attorney General; Dentaltown). Dentaltown described the California terms as a template for state enforcement of limits on dental support organizations.
A shorter 10-year term and a double net lease mean you may face a renewal decision sooner and may keep responsibility for the roof and structure. Confirm both in the lease.
Build a Diversified NNN Portfolio
Pairing an Aspen Dental with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Aspen Dental NNN FAQs
What cap rates do Aspen Dental NNN properties offer?
Boulder’s September 2026 asking cap rates are 6.90% – 7.25% with 5 years remaining and 6.40% – 6.80% with 10 years. Boulder does not list a 15-year range, and Matthews does not cover Aspen Dental. Actual cap rates vary by location, remaining lease term and guarantor.
How long are Aspen Dental leases?
Boulder lists a typical 10-year initial term. Renewal options vary by lease, so confirm the term, the options and who guarantees the lease for the specific property.
What does a typical Aspen Dental NNN property look like?
Boulder lists a typical building of 3,700 SF on a double net lease, with average rent of about $160,000 a year on an average sale price of about $2.6 million. Pricing varies by location and lease terms.
What rent escalations are common?
Boulder lists 10% every five years as typical. Review the escalation clauses for the specific property, since they vary by lease.
Questions about NNN Aspen Dental Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.