Miami Animal Hospital
- Price: $1,600,000
- Cap Rate: 5.30%
- Years Remaining: 13
- Rentable Area: 3,985 SF
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Miami Animal Hospital
Coral Gables, FL
Investment Highlights
- Sales Price: $1,600,000
- Cap Rate: 5.30%
- Years Remaining: 13
- Lot Size: 0.24 Acres
- Market: Coral Gables, 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 signed, investment grade, Miami Animal Hospital investment property located in Coral Gables, Florida (Miami MSA). The tenant, Southern Veterinary Partners, LLC, has over 13 years remaining in their initial term with 1 (5-year) option to extend, demonstrating their commitment to the site. The lease features 3% annual rental increases throughout the initial term and option period, steadily growing NOI and hedging against inflation. The lease is signed by Southern Veterinary 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.
Location
Miami Animal Hospital is strategically located at the signalized, hard corner intersection of W 47th Avenue and W Flagler Street, averaging more than 42,000 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign along W Flagler Street. The asset is positioned less than 1 mile from the on/off ramps to State Highway 836 (214,000 VPD), the primary east/west freeway traveling through the Miami metropolitan area. Further, the subject property is ideally situated in the heart of a dense neighborhood and is nearby to Charlie DeLucca Park, a popular community park with a large grass area perfect for pet-owners to walk/run their dogs. In addition, Miami Animal Hospital is surrounded by a variety of national/credit tenants including Target, The Home Depot, Walmart Neighborhood Market, Burlington, Ross Dress for Less, Office Depot, Dollar Tree, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, Miami International Airport (18.7 million annual passengers) is located just 3.5 miles north of the subject property, further increasing exposure for the asset. Miami International is America’s third-busiest airport for international passengers and is a leading economic engine for the state of Florida, generating business revenue of $31.9 billion annually. The 5-mile trade area is supported by nearly 613,000 residents and 396,000 daytime employees with an average household income of $72,000.
