Listed by Matthews
$1,630,198
Powell Animal Hospital | Knoxville, TN | 7.00% CAP
Details
APN 056 12303
Property Type Office, Retail
Sub Type Medical Office, Vet
Square Footage 3,834
Net Rentable (SqFt) 3,834
Units 1
Cap Rate 7%
NOI $114,114
Occupancy 100%
Tenancy Single
Brand/Tenant Thrive Pet Healthcare, VCA
Lease Type NN+
Lease Term 10
Lease Expiration 01/31/2029
Remaining Term 2.6
Rent Bumps Yes
Lease Options Four Five Year Options
Price per SqFt $425
Broker Co-Op Yes
Class A
Year Built 1980
Year Renovated 1990
Buildings 1
Acreage 1.280
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 01/31/2019
Occupancy Date 01/31/2019
Ground Lease No
Ownership Fee Simple
Sale Condition 1031 exchange
Thrive Pet Healthcare Corporate Guarantee (380+ Units)
Marketing description
Just brought out to market Powell Animal Hospital in Powell, TN. It's located 15 minutes away from the University of Tennessee. The lease is backed by Thrive Pet Healthcare, a national industry leader with over 380 locations across 37 states. Thrive is supported by nearly $800 million in committed capital from TSG Consumer Partners.
Investment highlights
- Passive NN+ Lease Structure: Structured as a Double Net Plus (NN+) lease, the tenant is responsible for property taxes, insurance, and maintenance, significantly limiting landlord obligations. Landlord responsibility is limited to roof and structure, supporting a predominantly passive income stream.
- Institutional Grade Corporate Guarantee: The lease is corporately guaranteed by Thrive Pet Healthcare, a national veterinary platform operating more than 380 locations across 37 states. Thrive is supported by approximately $800 million in committed capital from TSG Consumer Partners, providing institutional sponsorship and financial backing.
- Recession-Resilient Healthcare Use: Veterinary services represent a non-discretionary healthcare segment with limited exposure to e-commerce disruption and historical resilience through economic cycles. The global veterinary market is projected to reach approximately $177 billion by 2026, reflecting sustained industry growth.
- Strategic Knoxville Growth Corridor Location: Positioned along US Highway 131 (±19,500 VPD), the property benefits from strong visibility and access within the direct path of Knox County’s ongoing residential and commercial expansion.
- Proximity to the University of Tennessee: Located approximately 15 minutes from the University of Tennessee’s flagship campus (40,000+ students), the asset serves a dense and stable population base, including faculty, medical professionals, graduate students, and affiliated households.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$114,114.00
$9,509.50/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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Zoning
CA CommercialGeneral CommercialGeneral Business
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