Aspen Dental
Lowest
Cap Rate
5.40%
Lowest cap rate over past 24 months
Average
Cap Rate
6.75 %
12 mo avg with 5+ yr lease term
Overview
Aspen Dental properties are commonly structured as absolute NNN leases, offering long-term, passive cash flow for investors. These are usually freestanding buildings or end-cap retail locations, often located in strong suburban markets or near grocery-anchored centers.
Leases are typically corporate-guaranteed by Aspen Dental Management, Inc. (ADMI) or the franchisee entity operating under their support model.
Average Property & Lease
| Average Sale Price | $1,700,000 - $3,200,000 |
| Average NOI | $120,000 - $225,000 |
| Building SF | 3,000 |
| Lease Term | 10 Years |
| Escalations | 10% Every 5 Years |
| Stock Symbol | N/A |
CREDIT RATING
TENANT DESCRIPTION
Aspen Dental is one of the largest and fastest-growing branded dental service providers in the U.S., serving millions of patients annually. Locations are typically part of a dental support organization (DSO) model, where back-office functions are handled by ADMI while dentists retain clinical control.
PROS
-
Healthcare Sector Stability: Medical-related use is recession-resistant
-
Long-Term Leases: 10–15 years with strong annual rent growth
-
High Renewal Probability: Strong brand identity and patient loyalty
-
Freestanding Sites: Often in growing suburban or retail corridors
-
Essential Service: In-person dental care is non-discretionary and cannot be digitized
CONS
-
Private Tenant: Limited transparency into financials
-
Franchise Risk: Many locations are franchisee-operated (check lease guarantor)
-
Specialized Buildout: Requires tenant-specific improvements — harder to repurpose
-
Limited Credit Ratings: No public bond rating due to private ownership
COMPANY QUICK STATS
| Founded | 1998 |
| Headquarters | Chicago, Illinois |
| Number of Locations | 1,100 |
| Revenue | $108.2 B |
| Company Website | https://www.aspendental.com/ |
| Key Principal | Bob Fantana |
7-Brew
7-Eleven
Advance Auto Parts
ALDI
Amazon
and continues to lead the quick-lube industry with a strong brand
and high consumer trust.
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Aspen Dental
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Jiffy Lube was created to meet the growing need for fast
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reliable oil change services. The company quickly became a household name
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which later merged with Shell. Today
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