Staten Island Pet Hospital Building
- Price: $825,000
- Cap Rate: 7.31%
- Year Built: 1931
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Staten Island Pet Hospital Building
Staten Island, New York
Investment Highlights
- Sales Price: $825,000
- Cap Rate: 7.31%
- Years Remaining: 8
- Net Operating Income: $60,339
- Annual Increases: 2%
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, Aadobe Pet Hospital investment property located in Staten Island, NY (New York City MSA). The offering includes a one-story building designated for commercial use and a two-story building located in the rear with two-bedroom apartments on each level. The property is currently 100% occupied, and provides multiple sources of potential income for a future investor. The primary tenant, PetVet Care Centers, LLC, has approximately 8 years remaining in their initial term with 2 (5-year) options to extend. 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
Aadobe Pet Hospital is strategically located along Forest Avenue, a major commuter and retail thoroughfare averaging 49,600 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and prominent signage on the north/west side of the building. The clinic is ideally situated less than 1 mile west of Clove Lakes Park, a popular community park with a large amount of grass area for pet-owners to walk/run their dogs. In addition, the site is within close proximity to a variety of national/credit tenants including The Home Depot, Target, Lowe’s Home Improvement, Kohl’s, Stop & Shop, ShopRite, Michaels, and more, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. The 5-mile trade area is supported by more than 495,000 residents and 138,000 daytime employees with a healthy average household income of $95,000.
