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28913871
28913872

3000 Roane State Hwy, Harriman, TN 37748

BW
CA CA 01952225
Brian Wine
Listed by Brian Wine
$513,882
175 days on market
Updated 56 days ago

Roane Veterinary Hospital | NNN Leased | 4 Years

Details
APN 073057 02601
Property Type Retail
Sub Type Animal Hospital, Office - Medical (+1)
Square Footage 2,988
Cap Rate 8.5%
NOI $43,680
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 10.1
Lease Expiration 03/31/2030
Remaining Term 3.8
Price per SqFt $172
Year Built 1968
Buildings 1
Stories 1
Acreage 0.600
Parking Spaces 22 spaces
Parking Per SqFt 7.36
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 03/13/2020
Ownership Simple Interest

Retail | 8.50% CAP | 2,988 SqFt

Marketing description

We are pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, freestanding, Roane Veterinary Hospital investment property located in Harriman, Tennessee. With minimal competion within 10 miles, RVH has been the primary veterinary practice in the area for 57 years and is highly regarded in community. RVH draws clients from an approximate 40 mile radius. The Tenant, Heartland Veterinary Partners, has over 4 years remaining in their extended term, the new option period was renewed early by the tenant showing their commitment to the site. The lease features increases at the start of each option period. The lease is a triple net with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Heartland Veterinary Partners is a veterinary management company that aims to support veterinary practices and their owners. The company was founded in 2017 and is headquartered in Chicago, Illinois, with offices in various locations across the United States.

RVH is strategically located on Roane State Highway. The site benefits from superior visibility via significant street frontage and a facade sign situated along Roane State Highway. It shares this busy Harriman area with businesses like Starbucks, Burger King, Subway, Dunkin and Shell. The location benefits from the frequent street traffic of Roane State Highway, which sees 8,318 vehicles daily. The 5-mile trade area is supported by a population of 19,678 and 7,839 daytime employees with an average household income of $87,706.

Investment highlights

• Over 4 years remaining in their extended term, the option period was renewed early by the tenant showing their commitment to the site

• The lease features increases at the start of each option period

• Heartland Veterinary Partners was founded in 2017 and is headquartered in Chicago, Illinois, with offices in various locations across the United States

• Superior street visibility via significant street frontage and a large facade sign situated along Roane State Highway

• Strategically located off of Roane State Highway, which averages 8,318 vehicles passing by daily

• More than 19,678 residents and over 7,839 employees support the 5-mile trade area

• Those within 1-mile of the subject property boast an affluent average household income of $75,743

• Populated business thoroughfare shared with Starbucks, Burger King, Subway, Dunkin and Shell

• NNN lease with limited landlord responsibilities of HVAC, parking lot, roof and structure

• Ideal, low-management for a passive investor

Listing Contacts

BW
CA CA 01952225
Brian Wine
Listed by Brian Wine

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$43,680.00
$3,640.00/mo

Valuation Metrics

0
DSCR
8.5%
Cap Rate
8.5%
ROI

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