Looking to buy a WellNow Urgent Care NNN property? 4 are observed for sale across 2 states, median asking cap rate 7.40%. View WellNow Urgent Care NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Entity / Legal Name | WellNow Urgent Care (founded as Five Star Urgent Care) |
| Parent Company | TAG The Aspen Group (ADMI Corp. d/b/a TAG; its brands also include Aspen Dental, ClearChoice, Chapter Aesthetic Studio and Lovet Pet Health Care) |
| Rated Entity | ADMI Corp., which does business as TAG The Aspen Group; WellNow itself is not rated |
| S&P Rating (Parent) | B- |
| Investment Grade Status | Parent Rated Below Investment Grade (ADMI Corp / The Aspen Group); confirm the lease guarantor |
| Sector | Healthcare / Urgent Care |
| Headquarters | Chicago, Illinois (founded 2012 in Big Flats, New York) |
| US Location Count | More than 150 centers in New York, Illinois, Indiana, Michigan and Pennsylvania (company About page, October 2026) |
| Median asking cap rate | 7.40% (live listings we track) |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies by lease; confirm the tenant and guarantor entity in each lease |
| Typical Building Size | Varies by location; confirm for each property |
WellNow Urgent Care is not investment grade. The ratings shown for WellNow Urgent Care are credit rating of its parent company, ADMI Corp / The Aspen Group: B- from S&P Global Ratings; below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked October 3, 2026. See the investment grade credit tenant ratings table.
WellNow Urgent Care Business Overview & NNN Investment Profile
WellNow Urgent Care began in 2012 as Five Star Urgent Care, with a single location in Big Flats, New York, and rebranded as WellNow in 2018. It grew through new openings and acquisitions, including MASH Urgent Care in 2018, Hometown Urgent Care & Occupational Health in 2020 and Physicians Immediate Care in 2022 (company About page). Physicians Immediate Care had 55 locations in Illinois, Indiana and Wisconsin when WellNow announced the completed acquisition (company release, July 2022). Its About page (October 2026) lists more than 150 centers in Illinois, Indiana, Michigan, New York and Pennsylvania, and its corporate office is in Chicago.
WellNow is part of TAG The Aspen Group, a consumer healthcare support organization whose brands also include Aspen Dental, ClearChoice Dental Implant Centers, Chapter Aesthetic Studio and Lovet Pet Health Care. The ratings shown for WellNow Urgent Care are credit rating of its parent company, ADMI Corp / The Aspen Group: B- from S&P Global Ratings; below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. WellNow is a TAG brand, not an Optum or UnitedHealth Group business. For NNN investors, that means the lease should be underwritten on the WellNow tenant entity, any guarantor named in the lease, the location and the rent level, not on a large health system’s balance sheet.
WellNow does not carry its own public credit rating. Its parent, ADMI Corp. (which does business as TAG The Aspen Group), carries a speculative-grade issuer rating from S&P (B-), below the BBB‑ threshold for investment grade. Investors should confirm which entity signs and guarantees each lease and compare it with other tenants in the investment grade credit tenant ratings table.
Why WellNow Urgent Care Matters for NNN Investors
WellNow’s centers are in New York, Pennsylvania, Michigan, Illinois and Indiana. The brand offers walk-in urgent care, occupational medicine and telehealth, and it has expanded through joint ventures with local health systems such as St. Peter’s Health Partners.
WellNow centers offer walk-in urgent care, occupational medicine, physicals and X-rays; building size and format vary by location, so confirm them for each property. Smaller medical-retail buildings can sometimes be re-let to other medical, dental or service users, but re-use depends on the building, zoning and market.
Cap Rate Analysis & Pricing for WellNow NNN Properties
The median asking cap rate across current WellNow Urgent Care listings we track is 7.40%. The table below shows live asking cap rates for WellNow and comparable tenants where at least three listings qualify; asking cap rates are not closed-sale cap rates.
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Aspen Dental | B- / n/a | 6.25% | 5.83% to 6.35% | 11 | +101 bps |
| Concentra | BB / n/a | 6.57% | 6.26% to 6.85% | 6 | +133 bps |
| WellNow Urgent Care (rated entity: ADMI Corp / The Aspen Group) | B- / n/a | 7.40% | 7.30% to 7.63% | 4 | +216 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: MedExpress Urgent Care, NextCare Urgent Care.
Remaining lease term, the guarantor named in the lease, rent level and location all affect pricing.
| Comparable Healthcare NNN Tenant | S&P / Moody’s |
|---|---|
| MedExpress | A+/A2 |
| Concentra Urgent Care (NYSE: CON) | BB |
| NextCare Urgent Care | no verified rating |
Ratings shown are for each tenant’s rated entity in our database, which may be a parent company; confirm whether that entity signs or guarantees a given lease.
No. WellNow does not carry its own public credit rating, and its parent, ADMI Corp. (d/b/a TAG The Aspen Group), is rated speculative grade by S&P (B-), so it does not qualify as investment grade on an agency basis. The specific guarantee structure on each lease determines which entity stands behind the rent.
What asking cap rates do WellNow NNN properties carry?
The median asking cap rate across current WellNow Urgent Care listings we track is 7.40%. Where at least three listings qualify, the live table on this page also shows comparable tenants. 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.
WellNow Urgent Care Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market WellNow Urgent Care 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
- Ascension
- Aspen Dental
- Athletico
- BioLife Plasma
- Concentra
- 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
- Banfield Pet Hospital
- Labcorp
- National Vision
- Quest Diagnostics
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. In a 1031 exchange, replacement property generally must be identified within 45 days after the relinquished property is transferred (26 U.S.C. 1031(a)(3)); this is general information, not tax advice.
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.
WellNow Urgent Care NNN Properties Observed For Sale
4 active WellNow Urgent Care net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Cobleskill, NY | $2,066,400 | 7.50% | 3,500 | n/a | View listing |
| Catskill, NY | $2,021,126 | 8.00% | 3,515 | 6.0 yrs | View listing |
| St Marys, PA | $2,070,000 | 7.30% | 3,515 | n/a | View listing |
| Bradford, PA | $1,974,000 | 7.30% | 3,515 | n/a | View listing |
Search all 4 observed WellNow Urgent Care 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.
