CareVet Oconto Falls - WI
200+ Unit Corporate Guaranty | 7.85% CAP | Recently Acquired Practice
Marketing description
Bang Realty, as exclusive investment sales advisor to the Seller, is pleased to present the opportunity to acquire the fee simple interest in a CareVet-leased veterinary hospital located in Oconto Falls (the "Property").
The Property consists of a 5,682 square foot, purpose-built veterinary facility constructed in 2005 and situated on a 1.94-acre parcel. The tenant, CareVet, acquired the subject practice in February 2024, demonstrating recent capital investment and long-term commitment to the location. The lease has approximately three (3) years of remaining term within the initial five-year base period and includes four (4) five-year renewal options. The lease structure features 2% annual rental increases throughout both the primary term and all option periods, providing steady income growth.
The Property benefits from limited direct competition, as it is the only animal hospital within Oconto Falls, with the nearest competing veterinary clinic located more than a 15-minute drive away. This dynamic supports strong customer retention and reinforces the Property's role as a primary provider within the surrounding trade area.
Strategically located along East Highland Drive, the city's primary retail corridor with traffic counts exceeding 5,000 vehicles per day, the Property is surrounded by a strong mix of national and regional retailers, including Piggly Wiggly, NAPA Auto Parts, Dollar General, Burger King, and Vorpahl's Business Solutions, among others, driving consistent consumer traffic to the area. The Property serves a stable 5-mile population of approximately 5,448 residents, with projections indicating stabilization through 2030. The surrounding area features a mature demographic profile (median age ~42) and solid household incomes up to approximately $78,000, supporting reliable, needs-based demand for veterinary services.
CareVet is a rapidly expanding veterinary practice management platform with more than 200 locations across 35 states. Founded in 2018 and headquartered in St. Louis, Missouri, CareVet partners with veterinarians by providing operational, financial, recruiting, and administrative support while maintaining clinical autonomy. The company focuses on acquiring established community-based hospitals with strong client bases and entrenched market positions. Revenue is driven by recurring, non-discretionary pet healthcare services — including examinations, diagnostics, surgical procedures, and emergency care — supporting consistent demand and long-term customer relationships.
Investment highlights
- CareVet is a rapidly growing, privately held veterinary practice operator headquartered in St. Louis, Missouri. The company operates more than 200 animal hospitals nationwide and provides a full suite of companion animal services including general practice, diagnostics, surgery, and preventative care.
- The subject practice was acquired by CareVet in February 2024, demonstrating the company's recent investment into the location, and long-term commitment to this clinic as part of its national expansion strategy.
- Veterinary services benefit from repeat visitation and strong client relationships. Relocating a clinic is operationally complex, expensive, and risks losing an established client base, resulting in high renewal probability and long-term occupancy stability.
- The Property is positioned along East Highland Drive, the primary retail corridor in Oconto Falls, with traffic counts exceeding 5,000 vehicles per day. The corridor is anchored by a strong mix of national and regional retailers, including Piggly Wiggly, NAPA Auto Parts, Dollar General, Burger King, and Vorpahl's Business Solutions, providing consistent consumer traffic and reinforcing the Property's position within the local trade area.
- The Property serves a stable 5-mile population of approximately 5,400 residents with projected stabilization through 2030. The area features a mature demographic (median age ~42) and solid household incomes up to ~$78,000, supporting consistent, needs-based demand for veterinary services.
- The lease features 2% annual rental increases throughout primary term and all renewal options which provides an excellent against inflation.
- The NN lease offers a passive income stream to the future owner with limited landlord responsibilities.
- Veterinary care is a non-discretionary service, supported by long-term trends in pet ownership and increased spending on animal health. This provides a defensive cash flow profile compared to traditional retail tenants.
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