DaVita Dialysis NNN Properties for Sale in Florida
DaVita Inc. (NYSE: DVA) is the largest dialysis provider in the US with approximately 2,700 centers. DaVita NNN properties trade at wider cap rates due to the company's non-investment-grade credit (BB+), but the specialized build-out and sticky patient relationships make DaVita locations exceptionally difficult to relocate — a key tenant retention factor.
Typical Cap Rate
6.00% - 6.75%
Lease Term
10 - 20 years
Price Range
$2.5M - $5M
Building Size
8,000 - 12,000 SF
Lot Size
0.75 - 1.50 acres
Credit Rating
S&P: BB+
Investment Highlights
- Largest US dialysis provider
- Sticky tenant (specialized build-out hard to replicate)
- Long-term lease terms (10-20 years)
- NNN lease structure
- Recession-resistant (end-stage renal disease is non-discretionary)
- Wider cap rates due to credit profile
Lease Structure
DaVita leases are typically 10-20 year NNN terms with renewal options and 5-10% rent bumps every 5 years. Specialized plumbing, water supply, and electrical requirements make tenant relocations expensive.
DaVita Dialysis Tenant Profile
DaVita operates 2,700+ US dialysis centers and serves ~200,000 patients. Revenue $12B+. Credit: S&P BB+, Moody's Ba2 (non-investment grade but stable). The dialysis market is essentially a duopoly with DaVita and Fresenius.
DaVita Dialysis in Florida
Florida has 200+ DaVita centers. Properties trade at 6-6.75% cap rates depending on lease term and location. Florida's aging population supports long-term dialysis demand.
Why Buy DaVita Dialysis
- +Sticky tenant with high switching costs
- +Non-discretionary medical necessity
- +Wider cap rates than investment-grade NNN
- +Florida demographic tailwinds
- +Long-term lease commitments
Considerations
- •Non-investment-grade credit (BB+)
- •Healthcare reimbursement risk (Medicare changes)
- •Specialized build-out creates higher tenant improvements
- •Verify water supply and specialized infrastructure
Related Medical Tenants
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