New York Pet Hospital Building
- Price: $1,850,000
- Cap Rate: 7.90%
- Year Built: 1930
- Rentable Area: 6,987 SF (total)/ 4,375 SF (single-story animal hospital)/ 2,712 SF (two-story apartments)
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Miller- Clark Animal Hospital
Mamaroneck, New York
Investment Highlights
- Sales Price: $1,850,000
- Cap Rate: 7.90%
- Years Remaining: 9 years
- Net Operating Income: $146,201
- Annual Increases: 2%
- Lot Size: 1.70 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 net leased, mixed-use, corporate guaranteed, Miller-Clark Animal Hospital investment property located in Mamaroneck, New York (New York City MSA). The offering includes a single three-story building, comprised of commercial space on the first floor and 4 single-bedroom apartments on the second and third floors. The property is currently 100% occupied, and provides multiple sources of potential income for a future investor. The primary tenant, PetVet Care Centers (New York), LLC, has approximately 9 years remaining in their initial term with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. With more than 260 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
Miller-Clark Animal Hospital is strategically located within the heart of an extremely dense neighborhood that includes Florence Park, a popular community park with a quarter-mile jogging/walking path perfect for walking dogs. The Town of Mamaroneck, with its beautiful Long Island Sound waterfront and easy access to highways, airports, and Metro North train service to New York City is a prime suburban residential community. In addition, the asset is located adjacent to Rye Neck Senior High School, increasing exposure for the animal hospital. The 5-mile trade area is supported by more than 197,500 residents and 95,000 daytime employees. Residents within 3 miles of the subject property boast an affluent average household income of $209,000.
