| Metric | Details |
|---|---|
| Entity / Legal Name | Concentra Group Holdings Parent, LLC |
| Parent / Owner | Humana Inc. (majority) + Select Medical (minority) |
| S&P / Moody’s Rating (Humana) | BBB+ / Baa3 |
| Investment Grade Status | Investment Grade — Lower to Upper-Medium Grade |
| Sector | Occupational Health & Urgent Care |
| US Center Count | 559 (as of 2025) |
| Cap Rate Range | 5.50–6.50% |
| Typical Lease Term | 10–15 years (NNN) |
| Guarantee Type | Concentra entity (Humana-backed) |
| Parent Stock Ticker | HUM (NYSE — Humana) |
| Concentra Revenue | ~$1.9B (2024) |
| Typical Building Size | 3,500–6,000 SF |
| Typical Price Range | $2,000,000–$5,000,000 |
Concentra Business Overview & NNN Investment Profile
Concentra is the largest occupational health and urgent care network in the United States, operating 559 centers across 41 states as of 2025 with approximately $1.9 billion in annual revenue. Concentra’s core business is occupational medicine — serving employers and their workers with injury treatment, drug testing, physical exams, and return-to-work programs — supplemented by consumer urgent care services. The company is majority owned by Humana Inc. (NYSE: HUM), the large managed care organization, with Select Medical Holdings holding a minority stake.
Concentra’s Occupational Health Model: Why It Matters for NNN
Concentra’s occupational health focus creates a distinctively durable NNN tenant. Employer-contracted occupational health services — pre-employment physicals, drug testing, workers’ compensation injury treatment — generate contracted recurring revenue from corporate clients rather than depending on individual patient walk-in volumes. This employer-contract revenue base is fundamentally more stable than pure consumer urgent care, providing Concentra with predictable revenue streams through economic cycles that support long-term lease commitment.
With 559 centers across 41 states, Concentra is the dominant national platform in occupational health — a competitive moat that is difficult to replicate given the employer relationships, regulatory compliance infrastructure, and national employer contracts that prefer a single national vendor. This market position supports the investment-grade credit profile and the long-term viability of individual center locations.
Concentra NNN Lease Structure & Cap Rates
Concentra NNN leases carry 10 to 15 year initial terms with 2% to 3% annual escalations. The 3,500 to 6,000 SF format in suburban commercial corridors is accessible and highly re-tenantable. Cap rates trade between 5.50% and 6.50% as of Q1 2026, reflecting the investment-grade Humana parent credit and the essential occupational health services model. Acquisition prices of $2,000,000 to $5,000,000 make Concentra NNN properties among the most accessible investment-grade healthcare formats for individual investors and 1031 exchange buyers.
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Aspen Dental | B / B3 | 7.00–8.50% |
| BioLife Plasma | BBB‑ / Baa3 | 5.75–6.75% |
| DaVita Dialysis | BB / Ba3 | 6.50–8.00% |
Is Concentra investment grade?
Yes. Concentra is majority owned by Humana Inc., which carries BBB+ from S&P and Baa3 from Moody’s. Conservative underwriting anchors to Moody’s Baa3 — the investment grade floor. Concentra is the largest occupational health network in the US with 559 centers and $1.9 billion in revenue.
What cap rates are Concentra NNN properties trading at?
Concentra NNN properties trade at 5.50% to 6.50% as of Q1 2026. The 3,500 to 6,000 SF format and $2M to $5M price range make these among the most accessible investment-grade healthcare NNN formats for individual investors.
The Only Concentra NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Concentra occupational health and urgent care NNN properties sourced with employer contract analysis and lease term review.
Fund It — Investment-grade managed care parent backing at accessible price points. Life companies and CMBS lenders price this credit well.
Exit It — Selling a Concentra property? Top 1031 exchange target for investors seeking investment-grade healthcare at under $5M.
Get Your Free Concentra NNN Consultation →
In a 1031 exchange? Tell us your timeline — we move faster.
Related NNN Tenants
- Ascension
- Aspen Dental
- Athletico
- BioLife Plasma
- 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
Own a Concentra Urgent Care Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Concentra Urgent Care NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Concentra Urgent Care NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Concentra Urgent Care properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Concentra Urgent Care portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Concentra Urgent Care buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
