Looking to buy a Labcorp NNN property? 2 are observed for sale across 2 states, median asking cap rate 7.00%. View Labcorp NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Company | Labcorp |
| Parent | Labcorp Holdings Inc. (parent of Laboratory Corporation of America Holdings since May 17, 2024) |
| Ticker | LH |
| Exchange | NYSE |
| Sector | Healthcare Services |
| S&P Rating | no verified rating |
| Moody’s Rating | no verified rating |
| Investment Grade | Not Yet Verified |
| US Locations | More than 2,200 patient service centers (2025 Form 10-K) |
| Revenue | $13.95B (2025) |
| Median asking cap rate | Fewer than three active Labcorp listings with a published cap rate; see the comparison table below |
| Lease Term | Varies; confirm in the lease |
| Building Sq Ft | Varies; confirm for each property |
Business Overview
Labcorp (Labcorp Holdings Inc.) operates a national clinical laboratory network in the United States. With more than 2,200 patient service centers across the country, Labcorp provides comprehensive diagnostic testing, drug development services, and clinical laboratory testing capabilities to healthcare providers, patients, and pharmaceutical companies.
Labcorp’s extensive real estate footprint consists primarily of patient service centers, reference laboratories, and specialized testing facilities. These properties range from small walk-in centers in retail environments to large laboratories; across its global network, Labcorp performed more than 750 million tests in 2025 (Form 10-K). For triple-net lease investors, Labcorp represents exposure to the healthcare diagnostics sector, with revenue from routine and specialty testing (2025 Form 10‑K).
Explore our comprehensive NNN lease resources for additional healthcare operator analysis.
Credit Rating & Investment Grade Status
Labcorp: no confirmed agency rating. A rating is shown here only after an agency rating action or an issuer filing confirms it. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Source: Our ratings database, checked October 8, 2026.
Labcorp’s 2025 Form 10‑K refers to the investment grade credit ratings it holds from Moody’s and S&P Global Ratings. Labcorp’s September 2024 notes were issued by Laboratory Corporation of America Holdings and guaranteed by Labcorp Holdings Inc. (pricing term sheet, September 16, 2024), so confirm which entity signs or guarantees a lease. A rating is an agency opinion of the issuer’s credit, not of a specific lease. For comprehensive information on rating criteria, refer to our investment-grade credit ratings guide.
Lease Structure & Terms
Labcorp lease terms, rent escalations and renewal options vary by property; confirm them in each lease. Expense obligations also vary, so confirm which property taxes, insurance and common area maintenance costs Labcorp pays.
Patient service center build-outs may include collection rooms, plumbing, electrical work and security systems. Confirm in the lease who owns the improvements and equipment and what the tenant may remove at lease end.
Cap Rate & Pricing Expectations
Live asking cap rates for Labcorp and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fresenius Medical Care | BBB- / Baa3 | 6.75% | 6.25% to 7.25% | 9 | +151 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 19, 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: Labcorp, Quest Diagnostics, HCA Healthcare.
Pricing varies based on property location, patient service center density in the region, remaining lease term, and local market cap rate trends.
Learn more about cap rate fundamentals in our investment grade guide.
Real Estate Footprint
Labcorp’s Diagnostics business has more than 2,200 patient service centers and more than 7,000 in-office phlebotomists across the U.S. (2025 Form 10‑K).
Patient service centers are collection sites with phlebotomy stations, secure specimen storage and private collection areas, while laboratories are larger facilities with specialized HVAC, controlled environments and automated specimen handling. Sizes vary widely, so confirm the size of each property.
Growth Strategy & Market Position
Labcorp’s 2025 Form 10-K describes the company as a partner for hospitals, health systems and regional laboratories and highlights growth in specialty testing. The company seeks to increase drug development services and specialty testing capabilities.
Pros & Cons for NNN Investors
| Pros | Cons |
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Comparable Tenants
| Comparable Company | Credit Rating | Sector |
| Quest Diagnostics | BBB+/Baa1 | Healthcare Services |
| HCA Healthcare | BBB | Hospitals / Outpatient Care |
| Fresenius Medical Care | BBB-/Baa3 | Dialysis Services |
| DaVita | BB | Dialysis Services |
Frequently Asked Questions
What is Labcorp’s credit rating?
Labcorp’s 2025 Form 10‑K refers to its investment grade credit ratings from Moody’s and S&P Global Ratings. Labcorp reported revenues of $13.95 billion and performed more than 750 million tests in 2025 (Form 10-K); reimbursement pressure and the integration of acquisitions are risks its 10-K describes.
What property types does Labcorp operate for triple-net leases?
Labcorp’s Diagnostics business operates through patient service centers, branches, rapid response laboratories, primary laboratories and specialty laboratories (2025 Form 10-K). Sizes vary by property, and the 10-K lists most of its principal Diagnostics facilities as leased.
How does Labcorp’s 2,200+ location strategy affect NNN lease risk?
Each property depends on its own lease, whatever the size of the network, and Labcorp’s 2025 Form 10‑K describes exposure to healthcare policy and reimbursement changes. Confirm the remaining term, renewal options, any early termination right, and the tenant entity and any guarantor named in the lease.
What trends could affect Labcorp NNN property values?
Risks Labcorp’s 2025 Form 10‑K describes include changes to Medicare and Medicaid reimbursement; it says Medicare rate reductions under PAMA are frozen for 2026 and resume in 2027. Property values also depend on the remaining lease term, rent and location.
Discover healthcare diagnostic investment opportunities
InvestmentGrade.com specializes in identifying triple-net lease properties with healthcare tenants for investors seeking portfolio diversification. Connect with our team to explore Labcorp and other diagnostic service operators in your target markets.
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 (IRS Notice 2026-11). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally recaptured on a taxable sale (Internal Revenue Code sections 1245 and 1250). A 1031 exchange (section 1031) can defer the gain, but depreciation recapture can still be triggered in an exchange when the replacement property does not include enough section 1245 or section 1250 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 may be owned by the tenant; confirm in the lease. See the Medical NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
Labcorp Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Labcorp 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.
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Labcorp NNN Properties Observed For Sale
2 active Labcorp 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 | |
|---|---|---|---|---|---|
| New Castle, DE | $4,763,000 | 7.00% | 26,800 | n/a | View listing |
| Waldorf, MD | $350,000 | n/a | 1,449 | n/a | View listing |
Search all 2 observed Labcorp 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.
