AVS Equine Hospital
- Price: $2,626,560
- Cap Rate: 5.00%
- Years Remaining: 13
- Rentable Area: 26,000 SF
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AVS Equine Hospital
Tallahassee, Florida
Investment Highlights
- Sales Price: $2,626,560
- Cap Rate: 5.00%
- Years Remaining: 13
- Lot Size: 16.37 Acres
- Market: Tallahassee, Florida
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 NNN leased, corporate guaranteed, NVA AVS Equine Hospital investment property located in Tallahassee, Florida. The tenant, NVA AVS Equine Veterinary Management, LP, has over 13 years remaining in their initial term with 2 (5-year) options to extend. The lease features annual CPI-based or 2.5% (whichever is greater) rental increases throughout the initial term and each option period, steadily growing NOI and hedging against inflation. The lease is corporate guaranteed by National Veterinary Associates, Inc. and is absolute NNN with zero landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. NVA (National Veterinary Associates) is a nationally recognized brand and operates more than 1,000 animal hospitals worldwide. Built in 2005, the state-of-the-art facility sits on a 16.37-acre lot and features a 26,000 SF hospital building as well as 3 live-in apartment units.
Location
NVA AVS Equine Hospital is located just off State Highway 142, a primary commuter thoroughfare for the trade area averaging 11,600 vehicles passing by daily. Additionally, the site is within close proximity to the community of Bradfordville, FL, a major retail hub for the trade area that features numerous national/credit tenants including Walmart Supercenter, Target, Publix, Ace Hardware, Goodwill, Chick-fil-A, and more. Furthermore, there is very limited competition in the surrounding region, with the asset being one of the only full-service equine hospital options that also deals with complex cases. The next closest facilities are University of Florida, Auburn University, and University of Georgia. The 10-mile trade area is supported by more than 51,600 residents and 8,000 daytime employees. Residents within 1 mile of the subject property boast an affluent average household income of $139,900.
