Sell your urgent care
System-backed or physician-owned, in an oversupplied submarket or already dark. The pad usually outlives the clinic.
Urgent Care at a glance
- Typical deal size
- $1.5M – $6M
- Lease structure
- Absolute NNN
- Typical term
- 10–15 years
- Escalations
- 2–3% annually
Overview
What urgent care centers are really worth
Our read
Urgent care is a net lease asset wearing medical clothing. The lease structure, term, and escalations look like retail; the tenant looks like healthcare. Which of those two lenses you use determines whether you price the asset correctly.
The credit question is the same one that governs all single-tenant net lease: who actually signed. A clinic operating under a hospital system's brand may be leased by an independent physician group, and the difference between those two guarantees is substantial. The sign on the building answers none of it.
The risk specific to this asset class is supply. Urgent care expanded hard through the last decade, and a number of suburban submarkets now carry more clinics than patient volume supports. When operators consolidate, they close the weakest locations — and a closure driven by market saturation says nothing bad about the building. That distinction is where the value in a dark clinic hides.
Valuation
How we underwrite it
The method
We identify the actual guarantor first, then weigh it against the operator's own consolidation history. A national platform brings balance sheet strength and a portfolio-level real estate review that a local group never performs, and both of those matter at renewal.
Where patient volume and payer mix are available, they get more weight than remaining term. Volume is the best predictor of whether the location survives a renewal review, and a strong performer with five years left is a better asset than a weak one with ten.
We underwrite the pad separately from the lease. Freestanding urgent care buildings are three to five thousand square feet with parking on a visible corridor, and the medical buildout is shallow enough that dental, physical therapy, veterinary, and general retail users are realistic backfills. That alternative demand sets a genuine floor.
Dark clinics get real numbers for exactly that reason. A closure caused by submarket oversupply is not a verdict on the building.
What moves the number
- 01Whether the lease is guaranteed by a health system, a national platform, or a local physician group
- 02Visibility and traffic count, since urgent care is a convenience-driven walk-in business
- 03Patient volume and payer mix where obtainable, which predicts whether the location survives a renewal review
- 04Tenant improvement depth — imaging, lab, and treatment room buildout that makes the tenant sticky
- 05Competition density, since urgent care overbuilt in many suburban markets
- 06Remaining term against the operator's consolidation history
Capital markets today
- 10-yr Treasury
- 5.24%
- 4.12% a year ago
- SOFR
- 3.87%
- 4.2% a year ago
- 30-yr mortgage
- 7.28%
- 6.3% a year ago
- CRE loan delinquency
- 1.53%
- 1.57% a year ago
- CRE prices, YoY
- 6.58%
- -2.7% a year ago
Sources: FRED DGS10, 2026-10-01 · FRED SOFR, 2026-10-01 · FRED MORTGAGE30US, 2026-10-01 · FRED DRCRELEXFACBS, 2026-04-01 · FRED COMREPUSQ159N, 2026-01-01
Diligence
What a buyer actually looks at in a urgent care
- Check 01
Guarantor entity — system, platform, or physician group
An urgent care under a hospital brand may be leased by an independent group. The credit difference is substantial and the signage does not reveal it.
- Check 02
Patient volume and payer mix, where available
Volume predicts whether the operator keeps the location at renewal far better than remaining lease term does.
- Check 03
Tenant improvement scope and who funded it
Deep medical buildout makes a tenant sticky, but landlord-funded TI that is unamortized is a liability if the tenant leaves early.
- Check 04
Competition within the trade area
Urgent care overbuilt in many suburban submarkets. Three competitors within two miles changes the renewal calculus regardless of the lease.
- Check 05
Medical waste, imaging, and licensing compliance
Radiology equipment, waste handling, and state facility licensing all carry compliance obligations that transfer with the property.
- Check 06
Parking and site access
Walk-in medical depends on convenience. Poor access or insufficient parking directly suppresses volume and therefore renewal probability.
Backfill risk
What happens if the tenant leaves
The tenant-goes-dark scenario
Urgent care sits between medical office and net lease retail on backfill, and it inherits the better half of each. The buildings are typically freestanding pads on visible commercial corridors, roughly three to five thousand square feet, with parking and good access — which is exactly the profile a wide range of retail and service users want.
The medical fit-out is shallower than a dental or imaging suite. Exam rooms, a small lab, and sometimes basic radiology are less specialized than a full imaging suite, so converting to dental, physical therapy, veterinary, or general retail is realistic rather than theoretical.
The risk specific to this asset class is oversupply. Urgent care expanded aggressively in suburban markets and some submarkets now carry more capacity than volume supports. Operators consolidating a market close the weakest performers, and a closure driven by market saturation is different from one driven by a bad building — the building may be fine and the trade area still cannot support another clinic.
Why this matters to you
Every buyer prices the tenant-goes-dark scenario, whether or not they say so out loud. It is the largest hidden input into the cap rate you get offered.
Understanding it before you go to market is the difference between negotiating and being negotiated with.
Who sells to us
Situations we see most often
- Developer selling after completing a build-to-suit and stabilizing the lease
- Physician group that owns its building and wants capital for expansion
- Owner holding a location the operator has flagged for consolidation
- 1031 buyer facing shortening term on a single-tenant asset
- Operator acquired by a platform that is reviewing its real estate footprint
Buy box
What we buy
- 01Freestanding urgent care pads, $1.5M to $6M
- 02System, platform, and physician-group guarantees
- 03Short remaining term considered
- 04Dark clinics in oversupplied submarkets
Process
How selling to Dizposition works
Day 0
01Send us the property
Address, asset type, and the lease if there is one. That is enough for us to start.
- 02
We underwrite it
Our underwriting runs the income against current market pricing and the cost of capital. No lowball anchor.
10 minutes
03You get a firm offer
In 10 minutes, with the math shown. You will know exactly how we got there.
As fast as 30 days
04Close on your timeline
As fast as 30 days, or as slow as you need. We are the principal, so the date is yours.
FAQ
Selling an urgent care
My tenant is a local physician group, not a hospital system. How does that price?
Wider than a system-guaranteed lease, because the credit is a practice rather than an institution. We underwrite the group's actual volume and tenure where we can get it, which frequently produces a better number than a blanket non-credit discount.
The operator was just acquired by a national platform. Good or bad?
It can be either. A platform brings a stronger balance sheet behind the lease, but it also brings a real estate review that a local group never conducts. If your location is a strong performer, the acquisition helps. If it is not, the renewal decision now sits with someone applying a portfolio lens.
Three competitors opened nearby. Is my building still worth something?
Yes, and the building is often more resilient than the clinic. Freestanding pads with parking and visibility backfill to dental, physical therapy, veterinary, and retail users. We underwrite that alternative demand alongside the in-place lease.
The clinic closed and the building is dark. Can you buy it?
Yes. A dark urgent care is a well-located pad with light medical buildout, which is a considerably easier backfill than most vacant medical space. Send it.
How long does it take to sell a commercial property to Dizposition?
You get a firm written offer within 10 minutes of sending us the property. If you accept, you can close in as little as 30 days — most of that is title work and your own timeline. There is no listing period, no marketing, and no waiting on a buyer's financing contingency.
Can I sell my property as-is?
Yes. We are the buyer, so there is no lender requiring repairs and no inspection contingency to renegotiate against you. Deferred maintenance, a failing roof, an aging tank system — we price it into the offer rather than asking you to fix it first.
Can I sell with a tenant in place?
Yes, and in most cases a tenant makes the property more valuable to us, not less. We will ask for the lease, a rent roll, and any estoppel certificates. You do not need to deliver the property vacant.
What if my lease is short-term or about to expire?
Short remaining term is one of the main reasons owners come to us. A conventional buyer needs lease term to get financing, which is why short-dated assets sit on the market. We underwrite the real estate and the backfill prospects rather than the remaining term alone.
Do I need a broker to sell to you?
No. We buy directly, and there is no commission because there is nothing to market. If you already have a broker, we will pay them. Selling without one saves the commission, but you should understand you are also giving up price discovery — a broker's job is to find out whether someone will pay more than we will.
What documents do I need to get an offer?
The address and the lease are enough to start. To finalize, we will want the rent roll, the last two years of operating statements, the title commitment, any existing survey, and any environmental reports you already have. You do not need an appraisal or a broker package.
How do you determine your offer?
We underwrite in-place income against what the space would re-lease for, adjust for capital needs and any environmental tail, and apply a cap rate supported by comparable transactions. We show you the inputs. If you disagree with an assumption, we would rather argue about the assumption than about the number.
What are typical seller closing costs?
Title and escrow fees, any transfer or recording tax owed in your state, prorated property taxes, and payoff of any existing debt. Because we are the buyer, there is no commission and no marketing cost. Transfer tax varies significantly by state and is often the largest single line.
Will I owe capital gains tax when I sell?
Usually yes, on the gain above your adjusted basis, and depreciation recapture is taxed separately from appreciation. State treatment varies. This is a question for your CPA before you sign, not after — the structure of the sale can change the answer.
Can I do a 1031 exchange?
Yes. A 1031 exchange lets you defer federal capital gains by reinvesting in like-kind property, subject to a 45-day identification window and a 180-day closing window from the date you sell. You must have a qualified intermediary in place before closing — it cannot be arranged afterward. Most states conform to federal treatment, but a few do not.
Can I sell if I am behind on payments or facing foreclosure?
Yes, and speed is the reason to move early rather than late. We can close on a defined date, which is what a lender or a receiver generally needs to see. Send us the payoff figure and any notices you have received.
Can I sell a property I inherited or that is in probate?
Yes. Probate sales take longer because the court timeline governs, not ours, and multiple heirs need to agree on the price before anything can close. We are used to working around both. Inherited property also generally receives a stepped-up basis, which can change the tax math substantially.
What if there is environmental contamination?
Send it anyway. Environmental history is one of the most common reasons a conventional sale falls apart, and it is one of the reasons owners call us. We price the remediation and the residual liability into the offer rather than walking away at the Phase II.
Is there any cost or obligation to get an offer?
None. There is no fee, no listing agreement, and no obligation to accept. If our number does not work for you, you keep the underwriting we showed you and we part ways.
Markets
Top markets we buy urgent care centers in
Where the inventory is
10,042 U.S. establishments · Freestanding ambulatory surgical and emergency centers
- 01Sell an urgent care in California1,223
- 02Sell an urgent care in Texas1,149
- 03Sell an urgent care in Florida871
- 04Sell an urgent care in Georgia490
- 05Sell an urgent care in New York421
- 06Sell an urgent care in Ohio351
- 07Sell an urgent care in Arizona334
- 08Sell an urgent care in New Jersey296
- 09Sell an urgent care in Michigan283
- 10Sell an urgent care in North Carolina275
Sources: U.S. Census Bureau, County Business Patterns, NAICS 621493, 2023
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10-minute offer
Ready to sell your urgent care?
Send us the property and the lease. You'll have a firm offer, with the math shown, in 10 minutes.


