CareVet - Willow Ridge Animal Hospital
- Price: $1,207,142
- Cap Rate: 7.00%
- Years Remaining: 14.5
- Rentable Area: 5,120 SF
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CareVet - Willow Ridge Animal Hospital
Loves Park, IL
Investment Highlights
- Sales Price: $1,207,142
- Cap Rate: 7.00%
- Years Remaining: 14.5
- Lot Size: 1.50 Acres
- Market: Loves Park, Illinois
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, corporate signed, freestanding Willow Ridge Animal Hospital investment property located in Loves Park, Illinois. The tenant, CareVet LLC, has approximately 14.5 years remaining on the current lease, demonstrating their commitment to the site. The lease features a 3% annual rental increases, 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. Founded in 2018, CareVet is an established network of veterinary hospitals with over 100 practices across 30 states.
Location
Willow Ridge Animal Hospital is strategically located along N. Perryville Rd, which averages 15,805 vehicles passing by daily. The asset profits from direct on/off ramp access to US Highway 51, a major thoroughfare serving the region (66,000 VPD). In addition, the site benefits from excellent visibility via significant street frontage and a large monument sign along N. Perryville Rd, as well as multiple points of ingress/egress. Furthermore, the building is ideally situated in proximity to a local retail corridor consisting of national/credit tenants such as Costco Wholesale, Walmart Supercenter, O’Reilly Auto Parts, Walgreens, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-Mile Trade area is supported by 101,340 residents and 46,514 employees, providing a steady, consistent consumer base from which to draw. Residents within 1 mile of the subject property boast a healthy average household income of $96,955.
