Cherokee Hospital for Animals
- Price: $1,155,538
- Cap Rate: 6.50%
- Years Remaining: 10
- Rentable Area: 4,657 SF
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Cherokee Hospital for Animals Johnson City, TN
Investment Highlights
- Sales Price: $1,155,538
- Cap Rate: 6.50%
- Years Remaining: 10
- Lot Size: 1.00 Acres
- Market: Johnson City, Tennessee
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, freestanding, Cherokee Hospital for Animals investment property located in Johnson City, Tennessee. The tenant, Cherokee Operating, LLC, has more than 10 years remaining on the initial term with 2 (5-year) options to extend, demonstrating their commitment to the sire. The lease features 1.5% annual rental increases throughout the initial term and 2% annual rental increases throughout option periods, steadily growing NOI and hedging against inflation. The lease is guaranteed by Veterinary Practice Partners, LLC and is NNN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor. Cherokee Hospital for Animals has been serving the community in Johnson City, Tennessee since the year 1985.
Location
The subject property is strategically located near the signalized, hard corner intersection of U.S. Highway 321 and State Highway 67, averaging a combined 33,200 vehicles passing by daily. The street-front property benefits from excellent visibility via a large pylon sign along Cherokee Rd./ State Highway 67. The sire is situated within 1 mile southwest of the on/off ramps to Interstate 26 (63,700 vehicles per day), a major retail corridor featuring a variety of national/credit tenants including Walmart Supercenter, Kroger, Target, Hobby Lobby, Walgreens, Family Dollar, and more. The asset is within close proximity to East Tennessee State University (14,189 students) and is surrounded by student dormitories and housing communities including Pleasant View Estates (65 units), The Villas as Pleasant View (17 units), providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 71,500 residents and nearly 57,000 daytime employees with an average household income of $60,726.
