We exclusively represent buyers
NNN DaVita for Sale
DaVita is a publicly traded operator of outpatient kidney dialysis clinics. Boulder lists it at 2,822 locations with an S&P credit rating of BB, which is below investment grade, and typical leases are double net with a 15-year term and 10% rent increases every five years (The Boulder Group, September 2026). Below we walk through the tenant, the lease, current asking cap rates and the risks to weigh before you buy.
BB
S&P credit rating
2,822
Locations
15 Years
Typical lease term
10%
Increase every 5 years
8,000 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 28; DaVita third quarter 2026 results, October 29, 2026.
Key Takeaways
Public Company, Below Investment Grade
DaVita Inc. (NYSE: DVA) is a publicly traded operator of outpatient kidney dialysis clinics. Boulder lists an S&P rating of BB, which is below investment grade, so the tenant’s credit deserves more scrutiny than it would with an investment-grade brand (The Boulder Group, September 2026).
Typically Double Net Leases
Boulder reports typical DaVita leases as double net, with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Confirm in each lease who is responsible for the roof and structure.
Cap Rates by Remaining Term
DaVita properties currently show asking cap rates of 6.50% – 6.80% with 10 years remaining and 6.00% – 6.30% for a new 15-year lease, rising to 7.50% – 7.75% with 5 years left (The Boulder Group, September 2026).
Slow, Steady Treatment Volume
DaVita reported 7,329,644 U.S. dialysis treatments in the third quarter of 2026, with normalized non-acquired treatment growth of 0.4% over the prior year (DaVita, October 29, 2026).
DaVita NNN Cap Rates and Lease Data
If you’re weighing a DaVita clinic, 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 mixed. DaVita is rated BB, which is below investment grade, and a typical lease is double net with a 15-year term and a 10% rent increase every five years.1 That is scheduled, predictable income, but a double net lease can leave the roof and structure with you, so confirm who handles them. The increases work out to only about 2% a year, so most of your return comes from the yield you buy in at, not from rent growth.
That’s where cap rates come in. Boulder shows asking cap rates of 6.00% – 6.30% on a new 15-year lease, 6.50% – 6.80% with 10 years left, and 7.50% – 7.75% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up. You’re being paid more to take on the question of whether DaVita renews when the lease ends.
In dollars, Boulder puts the average sale price at about $3.25 million with average rent of about $220,000 a year. On a typical 8,000 SF clinic, that works out to roughly $406 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 28. Credit rating is S&P, as reported by Boulder; lease terms are typical, as reported by Boulder. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 28. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 28. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($3,250,000 across a typical 8,000 SF clinic). ↩
DaVita as a Tenant
How DaVita operates
DaVita Inc. is a publicly traded operator of outpatient kidney dialysis clinics, headquartered in Denver. In the third quarter of 2026 it reported 7,329,644 U.S. dialysis treatments, an average of 92,780 a day (DaVita, October 29, 2026).
Its U.S. dialysis revenue is driven by treatment volume and by what it is paid per treatment. In its third quarter 10-Q, DaVita attributed higher revenue per treatment over the first nine months of 2026 to Medicare base rate and other annual rate increases (DaVita 10-Q, September 30, 2026). That ties the tenant’s revenue to reimbursement rates, which is worth weighing alongside the lease.
Boulder lists a typical DaVita building at 8,000 SF and 2,822 locations (The Boulder Group, September 2026).
Financial strength and growth
For the third quarter of 2026, DaVita reported consolidated revenues of $3.578 billion, operating income of $499 million and diluted earnings per share of $3.40 (DaVita, October 29, 2026). Review its current credit ratings from the major agencies as part of your due diligence; its SEC filings are available through its investor relations site.
Growth is modest. Normalized non-acquired treatment growth was 0.4% in the third quarter of 2026 compared with the third quarter of 2025 (DaVita, October 29, 2026), which points to a mature operator rather than a fast-growing one.
The other large U.S. dialysis operator, Fresenius Medical Care, is rated BBB- by S&P, the lowest investment-grade rating, while DaVita is rated BB. With 10 years remaining, Boulder’s asking range is 6.50% – 6.80% for DaVita and 6.40% – 6.70% for Fresenius (The Boulder Group, September 2026).
Why Investors Buy DaVita Properties
DaVita pairs an essential service with a long lease. Dialysis patients need regular treatments, and Boulder reports a typical 15-year term with 10% rent increases every five years (The Boulder Group, September 2026).
The yield is also higher than many better-known net lease brands. With 10 years remaining, The Boulder Group’s September 2026 asking range of 6.50% – 6.80% compares with 5.40% – 5.70% for AutoZone and 4.50% – 4.80% for McDonald’s.
In exchange for that higher yield, you take on a below-investment-grade rating (BB) and a double net lease, so compare the credit and the lease terms as well as the cap rate.
Risks and Market Conditions
The main risks are credit and reimbursement. DaVita is rated BB, which is below investment grade, and its U.S. dialysis revenue depends on treatment volume and on payment rates, including Medicare base rate updates (DaVita 10-Q, September 30, 2026). A change in either flows through to the tenant.
Clinics are also purpose-built medical space, so re-leasing a clinic may depend on finding another medical user. When you evaluate a specific clinic, look at the remaining lease term, the lease structure and the clinic’s own patient volume where it is available, as well as the corporate numbers.
Build a Diversified NNN Portfolio
Pairing a DaVita clinic with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
DaVita NNN FAQs
How are DaVita leases structured?
Boulder reports typical DaVita leases as double net with a 15-year term and 10% rent increases every 5 years (The Boulder Group, September 2026). Because a double net lease can leave the roof and structure with the landlord, confirm who handles them in the specific lease.
What do DaVita NNN properties cost, and what do they yield?
Asking cap rates run 7.50% – 7.75% with 5 years remaining, 6.50% – 6.80% with 10 years remaining and 6.00% – 6.30% for a new 15-year lease. Boulder reports an average sale price of about $3.25 million with average annual rent of about $220,000 (The Boulder Group, September 2026). Actual pricing depends on rent, location, remaining term and guarantor.
How creditworthy is DaVita?
Boulder lists DaVita at S&P BB, which is below investment grade (The Boulder Group, September 2026). For the third quarter of 2026 it reported revenues of $3.578 billion and operating income of $499 million (DaVita, October 29, 2026). Review current ratings from the major agencies as part of your due diligence.
Questions about NNN DaVita Properties for Sale?
Choosing Triple Net Companies, Inc. means choosing a partner with decades of exclusive buyer representation, a proven track record, and access to the best properties and financing options.
Contact us today to learn more about how we can help you achieve your investment goals.
Contact Our Team →Disclaimer
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.