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31388155

1020 Jason Pl, Chatham, IL 62629

CM
OH SAL.2014000892, OH #SAL.2014000892 (+1)
Marcus & Millichap - Cleveland
WS
OH OH #SAL.2021008491
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Cleveland
$2,402,000
70 days on market
Updated 41 days ago

The Mission Pet Health Portfolio

Details
Property Type Office
Sub Type Medical Office, Veterinary
Square Footage 7,790
Units 2
Cap Rate 7.75%
NOI $186,148
Occupancy 100%
Tenancy Single
Brand/Tenant Mission Pet Healh
Lease Type NN
Lease Term 10
Lease Expiration 11/10/2030
Remaining Term 4.4
Rent Bumps Yes
Lease Options 1,5yr
Price per SqFt $308
Broker Co-Op Yes
Year Built 1996,1997
Buildings 2
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 11/10/2020
Occupancy Date 11/10/2020

Office | 7.75% CAP | 7,790 SqFt

Marketing description

Marcus & Millichap is Pleased to Present The Capitol Illini Veterinary Services Portfolio, Located in Chatham and Springfield, Illinois. The Two Single Tenant Animal Hospitals are 100% Leased to the National Veterinary Service Provider, Mission Pet Health (Formerly known as Mission Veterinary Partners). Mission Pet Health (MPH) has Practiced in the Springfield MSA Since 2020 and Currently has Just Under 5 Years Remaining on their Original 10 Years Lease with One, 5 Year Renewal Option. The Capitol Illini Vet Services Portfolio is Accredited by The American Animal Hospital Association (AAHA) which is the Only Organization that Accredits Veterinary Practices in the United States and Canada. Since COVID-19, Studies Show Over 23 Million American Households got Pets. Veterinary Practices were Deemed Essential Through the Pandemic and Continue to Grow as Safe and Secure Investments. Mission Pet Health was Originally Founded in 2014 but Recently Formed Upon the Merger of Southern Veterinary Partners & Mission Veterinary Partners, Two of the Nation’s Most Respected and Innovative Veterinary Organizations. Together, Mission Pet Health has Over 840 Veterinary Locations in 41 U.S. States and Pulls in Over $1 Billion in Annual Revenue. Mission Pet Health is Now Majority Owned by Silver Lake Capital who has Over $102 Billion Assets Under Management. Shore Capital Partners Previously Held Majority Ownership on Both Companies and will Remain as a Minority Owner After the Estimated $8.6 Billion Deal. The +/- 1999 Built Animal Hospitals Stands over 7,700 Square Feet and Requires Minimal Landlord Obligation Under the Double-Net (NN) Lease. Five (5) Practicing Veterinarians and 13 Staff Members Provide a Wide Range of Veterinary Medicine Services Including General Wellness/Preventive Care, Senior Wellness, Surgery, Dentistry, Diagnostics, Referrals, Therapy and more. The Coinciding Leases are Backed by the Corporate Entity and Provide a Stable, Long-Term Hedge Against Inflation with Two Percent (2%) Annual Rent Bumps.

Investment highlights

  • MISSION PET HEALTH HAS 850+ LOCATIONS ACROSS 41 U.S. STATES
  • MVP RECENTLY MERGED WITH SISTER CO. “SVP” & SOLD FOR $8.6 BILLION
  • DOUBLE-NET (NN) LEASE OFFERS MIMIMAL LANDLORD RESPONSIBILITIES
  • CIVS HAS FIVE (5) FULL TIME PRACTICING VETERINARIANS & 22 STAFF MEMBERS
  • INVESTMENT PROVIDES STABLE RETURNS FROM THE 2% ANNUAL RENT BUMPS
  • LEASE FEATURES 4.7 YEARS REMAINING W/ ONE, 5 YEAR RENEWAL OPTIONS COMBINED,
  • VICS HAS OVER 500 GOOGLE REVIEWS AT 4.8 STARS
  • PET INDUSTRY EXPENDTIURE EXCEEDS $152 BILLION (UP 8% YOY

Listing Contacts

CM
OH SAL.2014000892, OH #SAL.2014000892 (+1)
Marcus & Millichap - Cleveland
WS
OH OH #SAL.2021008491
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Cleveland

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$186,148.00
$15,512.33/mo

Valuation Metrics

0
DSCR
7.75%
Cap Rate
7.75%
ROI

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Additional Information

Name
Steven Weinstock
License
IL 471.011175
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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