CareVet - Independence Veterinary Clinic - Independence, Iowa
CareVet - Independence Veterinary Clinic
- Price: $693,333
- Cap Rate: 9.00%
- Years Remaining: 1
- Rentable Area: 3,200 SF
Investment Highlights
- Sales Price: $693,333
- Cap Rate: 9.00%
- Years Remaining: 1
- Lot Size: 0.68 Acres
- Market: Independence, Iowa
Contact Broker
Brian Wine
Description
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, freestanding, Independence Veterinary Clinic investment property located in Independence, Iowa. Independence Veterinary Clinic was opened 2006, making it a well known and trusted business in the community. The Tenant, CareVet, purchased the practice in 2023 and has over 1 year remaining in their initial term with four (4) 5-Year options to extend. The lease features annual rental increases of 2%. The lease is triple net 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 200 practices across 30 states. CareVet recently announced that they are investing $75 million in its facilities in the next five years.
Location
Independence Veterinary Clinic is strategically located on Jamestown Avenue. The site benefits from superior visibility via significant street frontage and a monument sign situated along Jamestown Avenue. It shares this busy Independence area with businesses like Mc Donalds, DQ, True Value, Walmart, and Dollar Tree. The location benefits from the frequent street traffic of Jamestown Avenue, which sees 10,544 vehicles daily. The 5-mile trade area is supported by a population of 7,777 and 4,440 daytime employees with an average household income of $100,504.
