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27817812
27817813

2316 Vestal Pkwy E, Vestal, NY 13850 For Sale

FR
IL 475.139806
Marcus & Millichap - Chicago Downtown
BR
IL 475.137849
Marcus & Millichap - Chicago Downtown
MS
IL 475.208710
Marcus & Millichap - Chicago Downtown
Listed by Marcus & Millichap - Chicago Downtown
$2,315,000
270 days on market
Updated 53 days ago

Established Veterinary Clinic-New York-9% cap

Details
Property Type Office
Sub Type Medical Office
Square Footage 8,536
Net Rentable (SqFt) 8,536
Cap Rate 9%
NOI $208,258
Occupancy 100%
Tenancy Single
Lease Type NN
Lease Term 10
Lease Expiration 02/28/2031
Remaining Term 4.6
Rent Bumps Yes
Lease Options 3-5 year
Price per SqFt $271
Class B
Year Built 1960
Year Renovated 2022
Buildings 3
Stories 1
Acreage 1.200
Investment Type Stabilized
Lease Commencement 03/01/2021
Occupancy Date 01/01/1960
Ownership Fee Simple

Veterinary Clinic-Single tenant-New York-5+ years-9% cap rate

Marketing description

Marcus & Millichap is pleased to present Vestal Veterinary Hospital located at 2316 Vestal Pkwy E., Vestal, New York. This veterinary hospital was constructed in 1980 and is comprised of 8,536 square feet situated on 1.20 acres of land. This hospital is 100 percent occupied by Vestal Veterinary Hospital operating under a double-net lease structure with a corporate guarantee. There are three 5- year renewal options with 2% annual rental increases. There are 5 Years of term remaining on the initial lease term.

Vestal Veterinary Hospital provides comprehensive veterinary care for pets in the community. The clinic offers a full range of services, including wellness exams, vaccinations, dental care, surgical procedures, and diagnostic testing. With a focus on compassionate, personalized care, the hospital strives to ensure the health and well-being of both dogs and cats. Equipped with modern facilities and staffed by experienced veterinarians and technicians, Vestal Veterinary Hospital is a trusted destination for pet owners seeking professional and attentive veterinary services in the Vestal area.

Located on Vestal Parkway, also known as Route 434, is a major east–west commercial corridor through Vestal, NY, providing excellent connectivity to surrounding highways and regional routes. It links directly to Route 26, Route 201, and nearby interchanges with Route 17, making travel to Binghamton and other parts of Broome County quick and convenient. The Parkway is lined with a variety of amenities, including grocery stores like ALDI, pharmacies such as CVS, shopping centers, hotels like Holiday Inn Express and Homewood Suites, and civic facilities including the Vestal Town Court. The area also offers recreational options, with the Vestal Rail Trail and bike paths providing safe spaces for walking, running, and cycling. Residential properties and mixed-use developments are interspersed along the corridor, creating a balance between commercial activity and local living.

Investment highlights

NN Lease – This investment offers a potential investor a passive, long-term investment with minimal landlord responsibilities

• Corporate Guarantee Premier Vet Operator – Encore Vet Group is a leading operator of pet healthcare facilities in the U.S. with 60+ veterinary hospitals in 18 states

• Tenant Investment in Location – Veterinary Clinics rarely relocate due to difficulty retaining the same patients in a new location

• Located at a signalized intersection of Vestal Pkwy (30,000 VPD) and African Road

• Multiple Points of Ingress/Egress / 55 Car Parking Spaces

Listing Contacts

FR
IL 475.139806
Marcus & Millichap - Chicago Downtown
BR
IL 475.137849
Marcus & Millichap - Chicago Downtown
MS
IL 475.208710
Marcus & Millichap - Chicago Downtown
Listed by Marcus & Millichap - Chicago Downtown

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$208,258.00
$17,354.83/mo

Valuation Metrics

0
DSCR
9%
Cap Rate
9%
ROI

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Additional Information

Name
John Horowitz
License
10311204479
Brokerage
Marcus&Millichap
Brokerage Phone
212-430-5261
Title
Broker of Record
Brokerage Address
260 Madison Ave., 5th Floor, New York, NY 10016
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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