Looking to buy an Aspen Dental NNN property? 11 are observed for sale across 8 states, median asking cap rate 6.25%. View Aspen Dental NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | Aspen Dental Management, Inc., part of The Aspen Group (TAG), Chicago, Illinois |
| S&P / Moody’s | B- / no verified rating |
| Investment grade status | Below Investment Grade |
| Network | TAG says it supports independent practices operating more than 1,400 locations in 46 states across five brands, including Aspen Dental |
| Business model | Dental support organization: provides non-clinical business services to independently owned dental practices |
| Median asking cap rate | See the live table below |
Aspen Dental is not investment grade. ADMI Corp / The Aspen Group carries issuer rating of B- from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Aspen Dental Business Overview
Aspen Dental’s management company, Aspen Dental Management, Inc., is part of The Aspen Group (TAG), which says it supports independent healthcare practices operating more than 1,400 locations in 46 states through five brands: Aspen Dental, ClearChoice Dental Implant Center, WellNow Urgent Care, Chapter Aesthetic Studio and Lovet Pet Health Care.
Aspen Dental uses a dental support organization (DSO) model: each Aspen Dental-branded practice is owned and operated by a licensed dentist, and TAG provides administrative and business support services to the practices (aspendental.com, October 2026).
Aspen Dental Credit Profile
S&P’s rating on ADMI Corp., the Aspen Dental entity in our ratings database, is B-, which is not investment grade. The rating applies to that rated entity, not to any individual practice.
For a landlord, the key question is which entity signs and guarantees the lease. A lease may be signed or guaranteed by Aspen Dental Management, Inc., by a local practice entity or by another entity, so confirm the tenant and guarantor in each lease and how they relate to the rated entity; a lease backed only by a local practice entity carries different credit.
Ratings come from our tenant ratings database, which records the source and date of each rating, shown below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings B-, as of May 12, 2025. Ratings checked September 27, 2026.
Aspen Dental NNN Cap Rates
Live asking cap rates for Aspen Dental and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Heartland Dental | B / n/a | 5.50% | 5.25% to 6.25% | 65 | +26 bps |
| Aspen Dental | B- / n/a | 6.25% | 5.83% to 6.35% | 11 | +101 bps |
| Concentra | BB / n/a | 6.57% | 6.26% to 6.85% | 6 | +133 bps |
| DaVita | BB / n/a | 6.75% | 6.15% to 7.30% | 37 | +151 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Pacific Dental Services, Smile Brands.
Asking cap rates on Aspen Dental listings can differ with building age, remaining lease term, rent level and location, so compare a property with listings of the same tenant, building age and remaining term.
What to Check in an Aspen Dental Lease
- Tenant and guarantor: whether Aspen Dental Management, Inc. or another entity signs or guarantees the lease.
- Term and rent: remaining term, renewal options and rent increases; terms vary by lease.
- Expense structure: whether the lease is absolute NNN or leaves roof and structure with the landlord.
- Building: dental buildouts include plumbing and equipment that other medical users may reuse; consider re-leasing options.
- Location: visibility, access and nearby competing dental offices.
Pros and Cons
| Strengths | Considerations |
|---|---|
| TAG reports more than 1,400 supported locations across five brands | S&P rating of B- on ADMI Corp. (not investment grade) |
| Dental care is a recurring, need-based service | Ask for financial statements of the tenant and any guarantor |
| Dental buildouts may be reusable by other medical users | Lease credit depends on which entity signs or guarantees |
Frequently Asked Questions
Is Aspen Dental investment grade?
No. S&P’s rating on ADMI Corp., the Aspen Dental entity in our ratings database, is B-, which is not investment grade.
Who guarantees an Aspen Dental lease?
It depends on the lease. The tenant or guarantor may be Aspen Dental Management, Inc., the management company, a local practice entity or another entity, so confirm both in each lease.
How large is the Aspen Dental network?
Its parent, The Aspen Group, says it supports independent practices operating more than 1,400 locations in 46 states across five brands, including Aspen Dental.
What are the asking cap rates for Aspen Dental properties?
The live table on this page shows the current median asking cap rate for Aspen Dental and comparable healthcare tenants. Asking cap rates are not closed-sale cap rates.
Sources: The Aspen Group company website (teamtag.com), accessed October 2026; ratings from InvestmentGrade.com’s ratings database.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property bought under a written binding contract entered into on or before January 19, 2025 is not treated as acquired after that date (Public Law 119-21, section 70301; IRS Notice 2026‑11). How much qualifies varies widely by property and must be supported by an engineering-based study. If the investor owns only the land, as under a ground lease where the tenant owns the improvements, the land cannot be depreciated (IRS Publication 946), and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation on section 1245 property, including bonus depreciation, is generally recaptured as ordinary income to the extent of gain, while on section 1250 property generally only depreciation in excess of straight-line is (Internal Revenue Code sections 1245 and 1250). A 1031 exchange can defer gain, but recapture can still apply depending on the replacement property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. Medical buildouts can include specialized systems that may qualify for shorter lives, but medical equipment is often owned by the tenant; confirm in the lease. See the Medical NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
Aspen Dental Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Aspen Dental properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
- Ascension
- Athletico
- BioLife Plasma
- Concentra
- Corewell Health
- CSL Plasma
- DaVita Dialysis
- EyeCare Partners
- Fresenius
- Grifols
- Henry Ford Health
- HCA Healthcare
- Heartland Dental
- Mary Washington Healthcare
- McLaren Health Care
- Oak Street Health
- Piedmont Healthcare
- Sparrow Health
- Trinity Health
- U of M Health
- University of Pittsburgh Medical Center (UPMC)
- Acadia Healthcare
- AFC Urgent Care
- ATI Physical Therapy
- CityMD / Summit Health
- Encompass Health
- Fast Pace Urgent Care
- MedExpress Urgent Care
- MyEyeDr
- NextCare Urgent Care
- Octapharma Plasma
- Pacific Dental Services
- Select Physical Therapy
- Smile Brands
- VCA Animal Hospitals
- WellNow Urgent Care
- Banfield Pet Hospital
- Labcorp
- National Vision
- Quest Diagnostics
Aspen Dental NNN Properties Observed For Sale
11 active Aspen Dental net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Somerset, KY | $1,944,984 | 6.30% | 3,509 | 8.0 yrs | View listing |
| Overland, MO | $3,024,000 | 6.25% | 3,500 | n/a | View listing |
| Niles, MI | $2,288,446 | 6.50% | 3,500 | 10.1 yrs | View listing |
| Mount Pleasant, MI | $2,488,320 | 6.25% | 4,000 | 2.8 yrs | View listing |
| Greenville, NC | $2,793,522 | 7.25% | 3,830 | n/a | View listing |
| Whiteville, NC | $3,063,000 | 6.00% | 3,500 | n/a | View listing |
| Stockton, CA | $3,000,000 | 5.35% | 3,500 | 6.1 yrs | View listing |
| Merced, CA | $3,397,527 | 5.50% | 3,664 | 10.0 yrs | View listing |
Search all 11 observed Aspen Dental listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
