Houston MSA
- Price: $887,872
- Cap Rate: 6.25%
- Year Built: 2010
- Rentable Area: 2,886 SF
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Loving Care Pet Hospital
Santa Fe, Texas
Investment Highlights
- Sales Price: $887,872
- Cap Rate: 6.25%
- Years Remaining: 7
- Net Operating Income: $55,492
- Annual Increases: 1.5%
- Lot Size: 0.44 Acres
Contact Broker
Brian Wine
Description
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN, freestanding, Loving Care Pet Hospital investment property located in Santa Fe, TX (Houston MSA). The tenant, Best Friends Veterinary Services, Inc., has approximately 7 years remaining in their initial term with 3 (5-year) options to extend. The lease features rare 1.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Headquartered in Kent, Washington, Lakefield Veterinary Group currently operates over 50 locations across 9 states.
Location
The subject property is strategically located along State Highway 6, averaging a combined 16,000 vehicles passing by daily. The site is equipped with a large pylon sign, creating excellent visibility along State Highway 6. The animal hospital is within walking distance of Santa Fe Plaza, a 53,000 SF shopping center that is anchored by H-E-B. Nearby retail centers significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. The Santa Fe retail corridor is also home to a variety of national/credit tenants including Tractor Supply Co., CVS Pharmacy, AutoZone, McDonald’s, O’Reilly Auto Parts, and more, further increasing exposure and crossover synergy for the asset. Furthermore, there is extremely limited competition in the surrounding 5-mile area with the asset being one of only two veterinary hospital options for the city of Santa Fe. Additionally, the property is across from Village Manor Apartments (71 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by a population of nearly 43,000 residents with an affluent average household income of $100,297.
