Miller- Clark Animal Hospital
Mamaroneck, New York
New York Pet Hospital Building
- Price: $1,850,000
- Cap Rate: 7.90%
- Year Built: 1930
- Rentable Area: 6,987 SF (total)/ 4,375 SF (single-story animal hospital)/ 2,712 SF (two-story apartments)
Investment Highlights
- Sales Price: $1,850,000
- Cap Rate: 7.90%
- Years Remaining: 9 years
- Net Operating Income: $146,201
- Annual Increases: 2%
- Lot Size: 1.70 Acres
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 net leased, mixed-use, corporate guaranteed, Miller-Clark Animal Hospital investment property located in Mamaroneck, New York (New York City MSA). The offering includes a single three-story building, comprised of commercial space on the first floor and 4 single-bedroom apartments on the second and third floors. The property is currently 100% occupied, and provides multiple sources of potential income for a future investor. The primary tenant, PetVet Care Centers (New York), LLC, has approximately 9 years remaining in their initial term with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. With more than 260 general, specialty and emergency hospitals, PetVet Care Centers is a nationwide veterinary network with a solid commitment to pets and their owners in every community they serve.
