Urgent and primary care centers from one of the Mid-Atlantic’s best known medical groups, and what to check on the lease, from a NNN buyer’s broker with 225+ transactions.
A Patient First NNN property is a freestanding urgent and primary care center, usually on a busy retail corridor, leased to Patient First on a long term NNN lease. New leases and sale-leasebacks often run 15 to 20 years with 10% rent increases every 5 years. Patient First opened its first center near Richmond, Virginia in 1981 and now operates 79 medical centers in Virginia, Maryland, Pennsylvania and New Jersey.
Patient First centers offer walk-in care every day of the year, with on-site x-ray, lab and prescriptions, which makes them a needs-based, internet-resistant use. The company is privately owned and has no public credit rating, so buyers rely on the corporate lease, the center’s history and the real estate. Solid Investments FL has closed a Patient First deal, and our buyer representation is always free to you.
| Tenant | Patient First corporate entity; confirm the tenant and any guarantor on each lease |
|---|---|
| Ownership | Privately owned; headquartered in Glen Allen, Virginia |
| Credit rating | Not publicly rated |
| Centers | 79 medical centers in VA, MD, PA and NJ (2026) |
| Services | Urgent care, primary care, x-ray, lab, prescriptions, occupational health and telehealth |
| Lease type | Often absolute NNN; confirm expense terms in each lease |
| Lease term | New leases and sale-leasebacks often 15–20 years |
| Rent increases | Commonly 10% every 5 years |
| Typical cap rate (2026) | About 5.5%–6.5%, depending on term, rent and location |
| Typical price range | About $4M–$8M |
Center count from Patient First (2026). Cap rates and pricing reflect current market conditions and vary by deal.
Confirm the lease is signed by the Patient First corporate entity and not a smaller affiliate, and review any guarantee.
Patient First is private and unrated. Ask what financial reporting the lease requires and price the deal on the tenant, the rent and the site.
An established center with years of patient volume is a stronger signal than a brand new location. Ask how long the center has operated.
Sale-leaseback rents can be set high. Compare the rent to local market rents for similar medical retail buildings.
Check the remaining term, renewal options and the rent increase schedule.
Favor visible sites on busy retail corridors in dense, growing neighborhoods, where patients live and work.
We’ve represented a buyer on a brand new 20-year corporate Patient First sale-leaseback in the D.C. metro:
Medical Office
Solid Investments FL is a Florida NNN buyer's brokerage headquartered in Lakewood Ranch (Sarasota), serving investors across Florida and nationwide, with 21+ years in net lease and 225+ transactions, including a 20-year Patient First sale-leaseback. Our buyer representation is free.
As of 2026, Patient First NNN properties generally trade around 5.5% to 6.5% cap rates, depending on remaining term, rent increases and location.
Patient First is a physician-led urgent and primary care group founded in 1981 near Richmond, Virginia. It operates 79 medical centers in Virginia, Maryland, Pennsylvania and New Jersey, open every day of the year.
No. Patient First is privately owned and does not have a public credit rating, so review the tenant entity, the center's history and the real estate carefully.
New Patient First leases and sale-leasebacks are often 15 to 20 years, commonly absolute NNN with 10% rent increases every 5 years. Confirm the terms in each lease.
Patient First NNN properties typically sell for about $4 million to $8 million, depending on building size, rent, location and lease terms.
For many buyers, yes. Urgent care is needs-based and internet-resistant, and Patient First leases are often long term with scheduled rent increases. The key is underwriting the private tenant, the rent and the location.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you confirm the tenant, the lease and the site. Tell us your budget and timeline; our buyer representation is completely free.
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