This page tracks ATI Physical Therapy net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the ATI Physical Therapy credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
ATI Physical Therapy is not rated. Our ratings database records no public rating for ATI Physical Therapy from S&P Global Ratings, Moody’s or Fitch. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the ATI Physical Therapy credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
4 ATI Physical Therapy NNN properties observed for sale across 2 states as of October 2, 2026. Median asking cap rate 7.63% (range 7.25% to 8.50%). Median asking price $1.45M. Average remaining lease term 3.3 years (among 3 listings that state a term). Median building 3,756 SF. Figures update automatically from listing broker materials.
ATI Physical Therapy is not rated. Our ratings database records no public rating for ATI Physical Therapy from S&P Global Ratings, Moody’s or Fitch. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
ATI Physical Therapy NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant ATI Physical Therapy properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Addison, IL | $1,403,172 | 7.25% | $101,730 | n/a | 1987 | Not stated | Get full property data |
| Round Lake Beach, IL | $1,502,700 | 8.00% | $120,216 | 4.4 yrs | 2020 | NN | Get full property data |
| Keego Harbor, MI | $691,000 | 8.50% | $57,797 | 3.0 yrs | 1995 | NNN | Get full property data |
| Ann Arbor, MI | $2,699,000 | 7.26% | $195,966 | 2.5 yrs | 1986 | NN+ | Get full property data |
Search all 4 ATI Physical Therapy properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Get new ATI Physical Therapy listings in your cap rate band
New ATI Physical Therapy net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own an ATI Physical Therapy? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a valuation benchmark against the live ATI Physical Therapy listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
ATI Physical Therapy reported 866 clinics in 24 states, plus 16 clinics under management service agreements, at December 31, 2024. It leases all of its clinic properties under operating leases with initial terms that it says typically range from seven to ten years with renewal options, and its typical clinic occupies approximately 1,000 to 5,000 square feet (ATI Physical Therapy Form 10-K for 2024).
ATI said it expected that 10-K to be its last SEC filing unless it is required to, or elects to, file again. The New York Stock Exchange suspended trading in its stock after the close on December 3, 2024 and delisted it on December 4, 2024, and on March 17, 2025 ATI filed a Form 15 to end its SEC registration and suspend its reporting obligations. Without public filings, the lease’s financial reporting rights and the guarantor named in it carry more weight in underwriting.
Across the current inventory, 0% of listings with a reported build year were delivered in the last four years, and 50% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
ATI Physical Therapy Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| 7.00% and above | 4 | 100% | $1.57M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 2 | 50% | 7.88% |
| $1.5M to $2.5M | 1 | 25% | 8.00% |
| $2.5M to $3.5M | 1 | 25% | 7.26% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| Under 5 years | 3 | 7.92% |
| Lease Type (as marketed) | Listings |
|---|---|
| NN | 1 |
| NN+ | 1 |
| NNN | 1 |
| Not stated | 1 |
How to read the pricing
The spread inside the ATI Physical Therapy inventory runs from 7.25% to 8.50%, against a median of 7.63%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where ATI Physical Therapy NNN Properties Are For Sale
Current inventory spans 2 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| IL | 2 | 7.63% | $1.45M |
| MI | 2 | 7.88% | $1.70M |
ATI Physical Therapy as a 1031 Exchange Replacement Property
The median asking price in the current ATI Physical Therapy inventory is $1.45M, and about 50% of listings fall between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace. The points below are general information, not tax or legal advice; confirm your own situation with your qualified intermediary and tax advisor.
- Identify from the live list, not a stale one. Listings move. Replacement property must be identified within 45 days of the sale of the relinquished property (Internal Revenue Code section 1031(a)(3)), and the three-property rule in Treasury Regulation section 1.1031(k)-1(c)(4) lets you identify up to three properties regardless of value, so keep a backup that is realistically still available.
- Debt replacement matters. Liabilities on the relinquished property that the other party assumes, or that the property is transferred subject to, are treated as money received, and they can be offset by liabilities on the replacement property and by cash the taxpayer adds (Treasury Regulation section 1.1031(d)-2). Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage, so run your debt numbers before you identify.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, weigh remaining term and options alongside cap rate.
- Certainty of closing matters. The replacement property must be received within 180 days of the sale, or by the due date, including any extension, of the tax return for the year of the sale if that comes first (Internal Revenue Code section 1031(a)(3)). A clean estoppel, a current lease and no pending relocation reduce closing risk.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
ATI Physical Therapy NNN Due Diligence Checklist
These are the items that change the value of an ATI Physical Therapy listing and are rarely resolved by the offering memorandum.
- Guarantor and financial reporting. Identify the lease signatory and any parent guaranty, and confirm what financial statements the lease entitles you to now that ATI no longer files public reports.
- Lease term and renewal history. ATI describes initial lease terms typically ranging from seven to ten years. Compare the remaining term with your hold period and ask for the renewal history at the site.
- Space and reuse. Clinics are small-format spaces. Review the building’s options for another medical or retail user if the clinic closes.
- Escalations and options. Verify the escalation schedule and the number, length and rent of any renewal options.
How Investment Grade Works With ATI Physical Therapy Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On an ATI Physical Therapy acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On the majority of transactions, there is no separate fee to you as the buyer, because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing ATI Physical Therapy properties can use this page as a valuation benchmark. If you are weighing a sale, we can discuss an off-market sale to a qualified 1031 buyer as well as a broad marketing process.
Frequently Asked Questions
How many ATI Physical Therapy NNN properties are for sale right now?
As of October 2, 2026, 4 single-tenant ATI Physical Therapy net lease properties are observed for sale across 2 states. The count updates automatically as listings are added and removed.
Is ATI Physical Therapy investment grade?
Our ratings database records no public rating for ATI Physical Therapy from S&P Global Ratings, Moody’s or Fitch. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked September 27, 2026.
What cap rate do ATI Physical Therapy NNN properties sell at?
The current median asking cap rate is 7.63%, with the inventory ranging from 7.25% to 8.50%. Longer term, stronger markets and absolute NNN structures generally ask cap rates at the lower end of the range.
How much does an ATI Physical Therapy NNN property cost?
The median asking price in the current inventory is $1.45M, with listings from $0.69M to $2.70M. About 50% fall between 1.5 and 3.5 million dollars.
Who signs the lease on an ATI Physical Therapy property?
ATI leases all of its clinic properties, according to its Form 10-K for 2024, so the tenant on a listing is the ATI entity named in the lease. ATI no longer files reports with the SEC, so confirm the signatory, any guaranty and the financial reporting the lease requires.
Is an ATI Physical Therapy property a good 1031 exchange replacement?
It depends on your equity, your debt replacement requirement and your hold period. The median asking price is $1.45M and about 50% of inventory sits between 1.5 and 3.5 million dollars. Term, lease structure and certainty of closing matter as much as the headline cap rate within the 45-day identification period.
Working an ATI Physical Therapy acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
