| Metric | Details |
|---|---|
| Parent / Legal Entity | NextCare Holdings (parent operating entity) |
| S&P / Moody’s / Fitch | No public rating on record in our ratings database (privately owned) |
| Investment Grade Status | Not Yet Verified |
| Sector | Healthcare: Urgent Care |
| Ownership | Privately owned (company fact sheet, 2026) |
| US Location Count | More than 140 locations (company website, October 2026) |
| Geographic Concentration | AZ, CO, KS, MI, MO, NE, NC, OK, TX, VA, WY (company location finder, October 2026) |
| Median asking cap rate | See the live table below |
| Typical Lease Term Remaining | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the tenant and guarantor entity in the lease |
| Typical Building Size | Varies; confirm for each property |
NextCare Urgent Care Business Overview & NNN Investment Profile
NextCare Urgent Care describes itself as one of the nation’s largest privately owned providers of urgent care, virtual care and occupational health services, with more than 140 locations (company website, October 2026). Unlike Fast Pace Urgent Care, which focuses on rural markets, NextCare’s network includes many metro and suburban markets, including Phoenix and Tucson in its home state of Arizona. In metro markets, NextCare can compete with hospital-affiliated urgent care networks and other chains.
For NNN investors, NextCare sits in the same non-rated, privately owned urgent care category as Fast Pace but with a distinctly different geographic and competitive profile. The company was founded in 1993 with one clinic in Mesa, Arizona, and is headquartered in Tempe, Arizona. Cross-reference against the tenant credit ratings database to see how non-rated urgent care operators price against the full healthcare NNN credit spectrum.
NextCare Credit Rating Analysis
NextCare Urgent Care: no confirmed agency rating. No rating for NextCare Urgent Care has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Our ratings database has no public credit rating on record for NextCare Urgent Care or NextCare Holdings, Inc. from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings. Ratings vary across urgent care operators: our ratings database also shows no public rating for Fast Pace or CityMD / Summit Health, while WellNow’s parent, ADMI Corp / The Aspen Group, carries an S&P issuer credit rating of B-. NNN investors should price NextCare leases as non-rated, privately owned operator credit with specific attention to the guarantor’s financial information, the company’s operating trajectory, and property-specific factors including trade-area demographics and competitive density.
Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.
The primary credit considerations for NNN investors underwriting a NextCare property are: competitive density in the metro markets NextCare occupies, the operating dependence on commercial payer reimbursement and payer mix, and the absence of public financial disclosure that would allow direct rent coverage analysis. Offsetting these considerations: NextCare has operated since 1993, giving it a multi-decade operating history.
NextCare NNN Lease Structure
Initial term, renewal options, expense responsibilities and rent escalations vary by NextCare lease; confirm each in the lease. Confirm whether NextCare Holdings or an operating subsidiary signs or guarantees the lease (Texas clinics are jointly owned with Baylor Scott & White Health); verify the specific guarantor in every transaction and, for larger-dollar purchases, request the most recent audited or reviewed financial statements under NDA.
Clinic size and format vary; confirm the building size for each property. NextCare states that most of its clinics have on-site labs and X-rays. Review the investment grade guide for the framework on evaluating non-rated operator credit within NNN underwriting.
NextCare NNN Cap Rate & Pricing Trends
Live asking cap rates for NextCare Urgent Care and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Fast Pace Urgent Care | n/a / n/a | 7.00% | 6.25% to 7.25% | 21 | +176 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 12, 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: NextCare Urgent Care, AFC Urgent Care, CityMD / Summit Health, HCA Healthcare.
Cross-reference against the NNN cap rates 2026 report for the full cross-sector benchmark context and how metro urgent care prices against rural urgent care and IG healthcare MOB product.
NextCare Real Estate Footprint
NextCare’s more than 140 locations operate under several brands in Arizona (its historical home base, including Phoenix and Tucson), Colorado, Kansas, Michigan (through Michigan Urgent Care), Missouri, Nebraska, North Carolina, Oklahoma (through Access Medical Centers), Texas (through NextCare Urgent Care and Baylor Scott & White Urgent Care +), Virginia and Wyoming, according to the company’s 2026 fact sheet and location finder. This multi-state footprint provides geographic diversification but also exposes the network to metro competitive dynamics including hospital-system affiliate networks.
NextCare has grown in part through acquisitions of regional urgent care brands, and it has also sold clinics, including the 18 that Ardent Health announced it was acquiring in January 2025, so verify that a specific clinic is still NextCare-operated. Cross-reference against AFC Urgent Care, CityMD, and Fast Pace for comparable urgent care NNN tenant positioning.
NextCare Growth Strategy & Forward Outlook
NextCare does not publish a growth plan or financial statements. Its website invites owners of urgent care practices to ask about selling their practice or joining the NextCare family of brands, and its 2026 fact sheet describes four brands across 11 states.
Risks to consider for non-rated healthcare tenants include: reimbursement rate pressure on commercial and government payers, metro competitive density which can pressure clinic-level unit economics, a potential sale or recapitalization of the company, and payer mix shifts in trade areas where hospital-affiliate urgent care networks are expanding. For NNN landlords, the practical implication is that landlord-protective lease provisions and single-market concentration analysis deserve more attention than they would for an IG-rated hospital-system credit.
NextCare NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Geographic Diversification: clinics in 11 states (company location finder, October 2026) reduce single-market concentration. | No Public Rating on Record: our ratings database has no S&P, Moody’s or Fitch rating for NextCare; credit underwriting relies on operator disclosure and lease terms rather than letter grades. |
| Texas Health System Partner: NextCare’s Texas clinics are jointly owned with Baylor Scott & White Health under a partnership announced in July 2023. | Ownership Change Risk: NextCare is privately owned; a sale or recapitalization could alter operating strategy or capital structure. |
| 30+ Year Operating History: Founded 1993; provides a multi-cycle operating track record. | Metro Competitive Density: metro markets often have competing urgent care networks plus hospital-system affiliates. |
| Limited Disclosure: NextCare does not publish financial statements, so rent coverage cannot be checked from public sources. |
Comparable NNN Tenants
| Tenant | Rating | Sector |
|---|---|---|
| NextCare Urgent Care | no verified rating | Metro Urgent Care |
| Fast Pace Health | no verified rating | Rural Urgent Care |
| AFC Urgent Care | no verified rating | Urgent Care |
| CityMD / Summit Health | no verified rating | Urban Urgent Care |
| HCA Healthcare | BBB | Hospital / MOB / ASC |
Frequently Asked Questions About NextCare Urgent Care NNN Investments
No investment grade rating is on record. NextCare Holdings, Inc. is privately owned, and our ratings database has no public credit rating for it from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings. NNN investors should price NextCare leases as non-rated, privately owned operator credit and underwrite using the guarantor’s financial information where available, operator trajectory, and property-specific factors including trade-area demographics and competitive density.
What asking cap rates are NextCare NNN properties listed at in 2026?
The live table on this page shows current median asking cap rates for comparable tenants, and for NextCare when at least three NextCare listings with a published cap rate are active. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
NextCare describes itself as one of the nation’s largest privately owned urgent care providers and does not publish its financial statements. Its Texas clinics are jointly owned with Baylor Scott & White Health under a partnership announced in July 2023.
Lease terms vary by property. Confirm the initial term, renewal options, expense responsibilities, rent escalations and the guarantor entity in each lease, including whether NextCare Holdings or an operating subsidiary signs or guarantees it.
NextCare reports more than 140 locations (October 2026) across Arizona (its historical home base, including Phoenix and Tucson), Colorado, Kansas, Michigan (through Michigan Urgent Care), Missouri, Nebraska, North Carolina, Oklahoma (through Access Medical Centers), Texas (through NextCare Urgent Care and Baylor Scott & White Urgent Care +), Virginia and Wyoming. In January 2025, Ardent Health announced its acquisition of 18 NextCare clinics, 12 in Tulsa, Oklahoma and 6 in Albuquerque, New Mexico. NextCare’s network includes metro markets such as Phoenix, Tucson and Dallas, while Fast Pace focuses on rural communities.
All three show no public rating in our ratings database. NextCare describes itself as privately owned, and Fast Pace Health is listed as a current Revelstoke Capital portfolio company (Revelstoke website, October 2026). Lease structures vary, so compare each lease directly, including the tenant and any guarantor. NextCare reports more than 140 locations, and Fast Pace says it serves rural communities. Holding more than one urgent care operator across a multi-property NNN allocation can add diversification within the category.
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 it is acquired and placed in service after January 19, 2025; property is not treated as acquired after that date if a written binding contract to acquire it was entered into on or before that date (IRS Notice 2026-11). How much qualifies varies widely by property and should be documented, for example in an engineering-based study. If the investor owns only the land under a ground lease and the tenant owns the building, there is no building to depreciate, because land cannot be depreciated (Treasury Regulation section 1.167(a)-2); equipment owned by the tenant is not the landlord’s to depreciate. Depreciation on the reclassified property, including bonus depreciation, can be recaptured as ordinary income on a sale (Internal Revenue Code sections 1245 and 1250). A 1031 exchange can defer gain on real property, but recapture can still apply in an exchange 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 much of the medical equipment is often owned by the tenant. See the Medical NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
NextCare Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market NextCare 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
Compare healthcare NNN credit before the 45-day deadline drives the decision
Healthcare net lease properties can look defensive, but the credit stack varies widely by tenant, guarantor, sponsor, reimbursement exposure, and real estate reusability. A 1031 buyer should compare the tenant’s credit support against cap rate, lease term, and alternate-use medical demand before treating the income stream as bond-like.
Use the 2026 NNN cap-rate framework and the investment-grade 1031 tenant shortlist to benchmark this healthcare tenant against stronger-credit replacement-property options.
