Thrive Pet Healthcare (2025) - Marathon, FL
NNN Vet Asset - Florida Keys | Tax Free State | 400+ Unit Operator | 3% Annual Increases
Marketing description
Sands Investment Group is pleased to exclusively offer for sale this 6,000 SF single-tenant Marathon Veterinary Hospital, located at 5001 Overseas Hwy in Marathon, FL. The property is leased to Thrive Pet Healthcare (a 400+ unit operator), which has executed the first of four (5-year) renewal options, featuring 3% annual rent escalations and minimal landlord responsibilities. The property has dedicated parking and is located on a well-trafficked corridor with direct access and visibility from the main thoroughfare. With consistent rent growth and reliable cash flows, this offering is a rare opportunity to acquire the largest credit-backed veterinary asset in a supply-constrained Florida Keys market.
Investment highlights
Leading Veterinary Services Platform: Thrive Pet Healthcare is a leading national veterinary services platform, operating more than 400 clinics across 37 states; Founded in 2003 and headquartered in Austin, Texas, Thrive has built a vertically integrated network offering primary, specialty, and emergency veterinary services, with a focus on innovation, affordability, and exceptional clinical care.
Long-Term Tenant Stability: Thrive Pet Healthcare has executed the first of four (5-year) lease renewal options, featuring 3% annual rent increases and minimal landlord responsibilities, offering investors stable, predictable, and passive cash flow with built-in growth.
Strategic Location in the Heart of the Florida Keys: Situated in Marathon, FL, a central hub in the Florida Keys, this location captures year-round demand from both residents and seasonal visitors, enhancing client volume and long-term stability.
Premier Full-Service Veterinary Facility in the Florida Keys: Marathon Veterinary Hospital is the largest and best-equipped animal care facility in the region, offering comprehensive services including advanced surgery, dentistry, exotic pet care and emergency care to existing patients.
State-of-the-Art Animal Care Center: High barrier-to-entry market - limited commercial real estate availability and strict zoning regulations in the Keys create significant barriers to new veterinary competitors, protecting the long-term value of this established location.
AAHA-Accredited Veterinary Hospital: The hospital holds AAHA (American Animal Hospital Association) accreditation—a distinction earned by about 15% of veterinary practices in the U.S. This accreditation signifies that the hospital meets or exceeds over 900 rigorous standards for patient care, safety, and operational excellence—providing clients with the assurance of top-tier veterinary service. Practices that achieve AAHA accreditation often see measurable business benefits, including higher revenue, improved client retention, increased new patient acquisition, and reduced client lapses.
Secure outdoor area and dog yard with eight-foot fence height.
Diesel whole-hospital generator to ensure 24/7 servicing.
40+ parking space, with additional parking available via two adjoining surface lot easements.
Category 5 Hurricane rated building with elevated parking areas. The building sustained no damage during Hurricane Irma, and the parking lot has no history of flooding.
Close proximity to Florida Keys Marathon International Airport.
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