West Gate Veterinary Hospital
- Price: $762,000
- Cap Rate: 7.00%
- Year Built: 1969
- Rentable Area: 3,543 SF
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West Gate Veterinary Hospital
Enterprise, Alabama
Investment Highlights
- Sales Price: $762,000
- Cap Rate: 7.00%
- Net Operating Income: $53,364
- Annual Increases: 1.5%
- Lot Size: 1.07 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 NNN, corporate guaranteed veterinary hospital property located in Enterprise, Alabama. The corporate tenant recently executed a 10-year lease extension providing for an initial term through October 2030 with 2 (5-year) options to extend, demonstrating their strong commitment to the site. The lease features 1.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. With more than 330 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.
Location
West Gate Veterinary Hospital is strategically located within a densely populated neighborhood that includes several apartment complexes within walking distance of the animal hospital. Nearby apartments include Heron Cove (200 units), Chateau Village (56 units), Brookdale (44 units), and Meadowbrook (66 units), providing the site with a direct residential consumer base from which to draw. The property is ideally situated near the signalized, hard corner intersection of State Highway 248 and Boll Weevil Circle, averaging a combined 50,600 vehicles passing by daily. U.S. Highway 84 is the primary retail corridor traveling throughout Enterprise, featuring a variety of national/credit tenants including Walmart Supercenter, Lowe’s Home Improvement, Tractor Supply Co., Publix Super Market, Walgreens, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by more than 37,000 and 11,000 daytime employees with an average household income of $68,000.
