Mayde Creek Animal Health Center
3355 N. Fry Road Katy, TX 77449
- Price: $3,505,000
- Cap Rate: 5.25%
- Years Remaining: 10
- Rentable Area: 8,900 SF
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Mayde Creek Animal Health Center
Katy, TX
Investment Highlights
- Sales Price: $3,505,000
- Cap Rate: 5.25%
- Years Remaining: 10
- Lot Size: 1.72 Acres
- Market: Katy, Texas
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, Mayde Creek Animal Health Center investment property located in Katy, Texas (Houston MSA). The tenant, MVP Mayde Creek, LLC, recently signed a brand new 10-year lease with 1 (5-year) option to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option period, steadily growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Mission Veterinary Partners, formerly known as Midwest Veterinary Partners, is a veterinarian-founded network of 175+ animal hospitals throughout the United States.
Location
The subject property is strategically located along N Fry Road, a major retail and commuter thoroughfare averaging 41,200 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large monument sign situated along N Fry Road. Located within a dense retail corridor, the asset is nearby to a variety of national/credit tenants including Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Target, Sam’s Club, Hobby Lobby, 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 nearly 315,000 residents and 76,000 daytime employees with an average household income of $98,842.
