MyEyeDr Credit Rating & NNN Cap Rate Analysis

MyEyeDr Business Overview & NNN Investment Profile

MyEyeDr. is one of the largest and fastest-growing vision care providers in the United States, operating 869 locations (including 48 under the Rx Optical brand) across 27 states as of the end of 2024. The company was founded more than 20 years ago in the Washington, D.C. metro area, where it grew from fewer than 60 locations into the dominant regional vision care provider before expanding nationally. In 2019, Goldman Sachs Asset Management acquired the parent company, Capital Vision Services, alongside Charlesbank Capital Partners and management. Since the Goldman acquisition, MyEyeDr. has roughly doubled its footprint through an aggressive combination of practice acquisitions and, more recently, de novo location development.

MyEyeDr.’s business model mirrors the DSO (dental support organization) framework applied to optometry: the company acquires independent optometry practices and provides business management, marketing, human resources, claims processing, and accounting support while the doctors maintain clinical autonomy. This “supported autonomy” model has proven highly effective at consolidating the fragmented optometry market. The company plans to open 20 de novo locations in 2025 and approximately 50 per year thereafter, targeting suburban retail centers, lifestyle centers, and freestanding locations of 1,800 to 3,000 square feet with strong visibility and co-tenancy alongside grocers and national fast-casual brands.

Why MyEyeDr Matters for NNN Investors

Vision care is one of the most recession-resistant and e-commerce-resistant segments of healthcare. Eye exams, prescription eyeglasses, contact lenses, and medical eye care cannot be delivered online, and the need for vision correction increases with age in a population that is steadily getting older. MyEyeDr. locations are small-format retail properties that landlords love: they generate steady foot traffic, require no special ventilation or hazardous materials handling, operate during standard retail hours, and appeal to a broad demographic. The brand’s flexibility on real estate, from inline spaces to outparcels to converted freestanding buildings, means MyEyeDr. NNN properties exist across a wide range of suburban retail formats.

The properties are also highly re-tenantable. A 2,000 to 3,000 square foot optical shop in a suburban retail center can be converted to virtually any personal services, medical, or small retail use with minimal capital investment. This real estate quality provides meaningful downside protection even at the B3 credit level.

Cap Rate Analysis & Pricing for MyEyeDr NNN Properties

MyEyeDr. NNN properties trade in the 7.00% to 8.50% cap rate range as of Q1 2026. The small format sizes keep total investment amounts modest, typically $800,000 to $3.5 million, making these accessible to individual investors. Per-square-foot rents generally range from $30 to $55 NNN depending on the market and co-tenancy. Properties in high-traffic suburban centers with strong national co-tenants and long remaining terms trade at the tighter end of the range.