CareVet of Southern Illinois | NNN Leased | 5 Years
About This Property for Sale
Marketing description
We are pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a NNN leased, freestanding, CareVet of Southern Illinois investment property located in Marion, Illinois. The Tenant, CareVet, has over 5 years remaining in their initial term with 2 five (5) year options to extend. The lease features 2% annual rental increases. The lease is a triple net with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 2018, CareVet is an established network of veterinary hospitals with over 200 practices across 30 states. CareVet recently announced that they are investing $75 million in its facilities in the next five years.
CareVet of Southern Illinois is strategically located on IL-37 S. The site benefits from superior visibility via significant street frontage and a pylon sign with an LED screen situated along IL-37 S. It shares this busy Marion area with businesses like Subway, Wendy’s, Marathon, Dollar General. The location benefits from the frequent street traffic of IL-37 S, which sees 6,571 vehicles daily. The 5-mile trade area is supported by a population of 7,940 and 1,195 daytime employees with an average household income of $106,659.
Investment highlights
• CareVet has 5 years remaining in their initial term
• CareVet has 2 Five (5) Year options to extend
• The lease features annual rental increases of 2%
• Founded in 2018, CareVet is an established network of veterinary hospitals with over 200 practices across 30 states
• Superior street visibility via significant street frontage and a large pylon sign situated along IL-37
• Strategically located off of IL-37, which averages 6,571 vehicles passing by daily
• More than 7,940 residents and over 1,195 employees support the 5-mile trade area
• Those within 1-mile of the subject property boast an affluent average household income of $100,665
• Populated business thoroughfare shared with Subway, Wendy’s, Marathon, Dollar General
• Situated adjacent to Lake of Egypt, one of the region’s most established and affluent retirement communities
• Major employers in Marion include Aisin Automotive, Pepsi of Mid-America, Marion Federal Penitentiary, Southern Illinois Healthcare, etc.
• NNN lease with limited landlord responsibilities of Roof, Exterior, and Parking Lot, and Snow Removal (about $1,500 annually depending on the snow fall)
• Ideal, low-management for a passive investor
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