Springfield MSA
- Price: $685,542
- Cap Rate: 9.67%
- Rentable Area: 2,000 SF
Grace Veterinary Clinic
Chatham, Illinois
Investment Highlights
- Sales Price: $685,542
- Cap Rate: 9.67%
- Years Remaining: 2
- Net Operating Income: $66,292
- Annual Increases: 2%
Contact Broker
Brian Wine
Description
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, Grace Veterinary Clinic investment property located in Chatham, Illinois (Springfield MSA). The tenant, Pathway Vet Alliance LLC, has over 2 years remaining in their initial term with 4 (5-year) options to extend. The lease features 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof, structure, landscaping, irrigation systems, and CAM. Headquartered in Austin, TX, Pathway Vet Alliance operates more than 390 veterinary service locations across 37 states.
Location
Grace Veterinary Clinic is strategically located near the signalized, hard corner intersection of N Main Street and E Walnut Street, averaging a combined 16,800 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage along N Main Street, the primary retail corridor traveling through Chatham. In addition, the subject property is located in the heart of a dense neighborhood, providing excellent visibility to a multitude of families and pet owners. The building benefits from its ideal location just 1 mile north of Chatham Community Park, a public area that includes a variety of amenities and a mixture of open space and recreational facilities. When it comes to walking/running ones dog, it is hard to find a better place to let them roam than Chatham Community Park. The 5-mile trade area is supported by more than 24,000 residents and 6,000 daytime employees with an affluent average household income of $115,000.
