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NNN Concentra Urgent Care for Sale
Concentra is the largest provider of occupational health services in the U.S. by number of locations and is publicly traded (NYSE: CON). It operated 633 occupational health centers as of June 30, 2026 (Concentra Q2 2026 results). An NNN Concentra property puts one tenant on the lease, so who that tenant is matters. Confirm which Concentra entity signed it, how long it runs and who handles the roof and structure.
A triple net lease generally shifts property taxes, insurance and maintenance to the tenant, which can suit investors leaving hands-on real estate through a 1031 exchange. Neither The Boulder Group nor Matthews profiles Concentra, so we don’t quote a cap rate here. Call us for current pricing on a specific property.
None found
S&P or Moody’s rating for Concentra; ask your lender
633
Occupational health centers, June 30, 2026
$2.16B
2025 revenue, up 13.9% from 2024
NYSE: CON
Publicly traded parent
Varies
Lease term and rent increases, set in each lease
Confirm
Lease type: ask who handles roof and structure
Sources: Concentra Form 8-K, Q2 2026 results (centers, as of June 30, 2026); Concentra Q4 2025 results release (2025 revenue); Form 10-K, fiscal 2025. We did not find an S&P or Moody’s rating in Concentra’s filings. Neither The Boulder Group nor Matthews profiles Concentra.
Key Takeaways
Public Parent, Verify the Tenant Entity
Concentra Group Holdings Parent, Inc. trades as NYSE: CON, but we did not find an S&P or Moody’s rating in its filings. A lease may be signed by an operating subsidiary: one Marcus & Millichap listing names Concentra Health Services, Inc. as tenant with no guarantee. Confirm the tenant and any parent guarantee.
Lease Terms Vary by Property
Neither The Boulder Group nor Matthews publishes typical Concentra lease terms, so we don’t quote one. That same listing is a double net lease, which The Boulder Group says generally leaves roof and structure with the landlord (Net Lease Tenant Profiles, September 2026). Read each lease for the term, rent increases and who handles the roof and structure.
No Published Cap Rates
Concentra isn’t in The Boulder Group’s September 2026 profiles or Matthews’ 2026 tenant report, so we don’t show a cap rate range. Ask our team for current pricing on a specific property instead of relying on a general number.
Growing, With Debt to Weigh
Concentra raised its 2026 revenue guidance to $2.325 billion to $2.375 billion and expects net leverage below 3.0x (Concentra Q2 2026 results). Its debt principal was about $1.59 billion on June 30, 2026 (Form 10-Q). Review both before you buy.
Concentra NNN Cap Rates and Lease Data
If you’re weighing a Concentra property, three things shape what you’ll earn: who the tenant is, how the lease is structured and what yield you’re paying for. Concentra is different from the tenants in some of our other guides, because the standard market reports don’t cover it. Here’s what we can say with a source, and what we can’t.
On the tenant, we can describe the company but not rate it. Concentra Group Holdings Parent, Inc. is publicly traded, and at June 30, 2026 it had $650 million of 6.875% senior notes and about $938 million left on its term loan.1 We did not find an S&P or Moody’s rating in its filings, so ask your lender how it views the credit. Leases are often signed by an operating subsidiary, so the parent’s numbers only help if the entity on your lease is Concentra Group Holdings or is guaranteed by it.
On the lease and the yield, we have to be straight with you. The Boulder Group’s September 2026 profiles and Matthews’ 2026 tenant report don’t include Concentra.2 That means there’s no published typical lease term, rent increase, building size or cap rate range to quote, and we won’t estimate one. For a sense of one real deal, a Marcus & Millichap listing for an 11,900 SF Concentra center in Albuquerque shows a double net lease with about 6.8 years remaining, 2% annual rent increases and a 6.28% cap rate, with no parent guarantee.3 One listing isn’t a market rate, but it shows what to look for: a shorter remaining term, a subsidiary tenant and a double net structure.
What we can do is look at a specific property with you. Ask for the lease and the offering memorandum, then compare the remaining term, rent increases and landlord duties against comparable sales. Talk to Our Team and we’ll walk through current pricing.
1. Debt as of June 30, 2026: Concentra Form 10-Q for the quarter ended June 30, 2026 (6.875% senior notes, $650.0 million principal; term loan, $938.1 million principal). We looked for an S&P or Moody’s rating in Concentra’s SEC filings and did not find one; that is not proof that none exists. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026 (no Concentra profile in the table of contents); Matthews, 2026 Net Lease Tenant Report, May 2026 (no Concentra page). We checked both documents for Concentra directly. ↩
3. Marcus & Millichap, Concentra Urgent Care listing, Albuquerque, NM: tenant Concentra Health Services, Inc., guarantor “No Guarantee,” double net lease, 11,900 SF, 6.8 years remaining, 2% annual increases, two five-year renewal options at 95% of fair market value, listed at a 6.28% cap rate. A single asking-price listing, as of November 2, 2026. ↩
Concentra as a Tenant
How Concentra operates
Concentra says it is the largest provider of occupational health services in the U.S. by number of locations. As of June 30, 2026 it had 633 occupational health centers, 415 onsite health clinics at employer worksites and a telemedicine business, supporting about 54,000 patients on an average business day (Concentra Q2 2026 results).
Occupational health centers produced 91% of revenue in the first half of 2026. Services include workers’ compensation care, drug and alcohol screening, physical exams and consumer urgent care (Concentra Form 10-Q, June 30, 2026). Concentra says it leases most of its facilities, including its occupational health centers, and owns nine of them (Form 10-K, fiscal 2025).
For a net lease buyer, the lease matters more than the logo. Ask who signed it: Concentra Health Services, Inc., another subsidiary or an outside operator. Then ask whether Concentra Group Holdings guarantees it. The answer decides how much of Concentra’s credit you actually hold.
Financial strength and growth
Concentra reported 2025 revenue of $2.16 billion, up 13.9% from $1.90 billion in 2024 (Concentra Q4 2025 results). It ended 2025 with 628 occupational health centers, up from 552 a year earlier.
For 2026 it now expects revenue of $2.325 billion to $2.375 billion, adjusted EBITDA of $485 million to $495 million and net leverage below 3.0x (Concentra Q2 2026 results). Debt was $1.59 billion in principal at June 30, 2026, mostly the senior notes and a term loan (Form 10-Q).
Concentra is due to report third-quarter results on November 5, 2026 (Concentra announcement). Check those numbers before you commit to a purchase.
Why Investors Buy Concentra Properties
The case for Concentra is scale and a business built on employer-paid services. It runs 633 occupational health centers, and its services include workers’ compensation care, drug and alcohol screening and physical exams (Form 10-Q). Revenue grew 13.9% in 2025.
Under a triple net lease, the tenant generally pays property taxes, insurance and maintenance, which keeps the landlord’s role simple. Not every Concentra lease is triple net, though. The Albuquerque listing above is double net, which can leave the roof and structure with the landlord, so check before you buy.
A single-tenant Concentra property can also work as a 1031 exchange replacement property. Because neither report publishes Concentra cap rates, ask our team for current comparable sales rather than leaning on one quoted number.
Risks and Market Conditions
Credit and structure risk. We did not find an S&P or Moody’s rating for Concentra, it carries about $1.59 billion of debt, and a lease may be signed by a subsidiary without a parent guarantee (Marcus & Millichap listing). Confirm the tenant entity, any guarantee and the lease type before you rely on the parent’s numbers.
Demand and building risk. Occupational health centers produced 91% of Concentra’s first-half 2026 revenue (Form 10-Q), so the center network depends on employer demand for its services. Medical buildings are also fitted out for clinical use, so check the remaining term, renewal options and what the building could be used for if Concentra moved out.
Build a Diversified NNN Portfolio
Pairing a Concentra center with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Concentra NNN FAQs
Who pays property expenses on a Concentra NNN property?
In a triple net lease the tenant generally pays real estate taxes, insurance and maintenance, but the lease controls. Some net leases are double net and leave the roof and structure with the landlord, so read the lease and confirm who handles them.
What is Concentra’s credit rating?
We did not find an S&P or Moody’s rating for Concentra in its SEC filings. Concentra Group Holdings Parent, Inc. is publicly traded (NYSE: CON) and had about $1.59 billion of debt principal at June 30, 2026 (Form 10-Q). Confirm which entity signed your lease and whether the parent guarantees it.
How should I evaluate a Concentra center as a tenant?
Start with the lease: the signing entity, any parent guarantee, the remaining term, rent increases and who handles the roof and structure. Then look at Concentra’s filings and its third-quarter results due November 5, 2026. Neither The Boulder Group nor Matthews publishes Concentra cap rates, so ask our team for current comparable sales.
Questions about NNN Concentra Urgent Care 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.