Mission Pet Health Center
Fully Occupied Asset with National Vet Anchor | 7 Years of WALT | Nearly $2M in Recent Capex
Marketing description
Mission Pet Health Center presents a premier, stabilized veterinary investment opportunity anchored by Mission Pet Health (Saltwater Animal Hospital), which has over 8 years remaining on its NNN lease. The asset has been significantly upgraded with nearly $2M in recent capital improvements and has a full slate of recent lease extensions, leaving minimal near-term cost or vacancy risk for a new owner.
The property is located within a high-density medical and professional submarket, boasting a sub-4% vacancy rate. Saltwater Animal Hospital serves a widespread client base in and outside of the local trade area, spanning from West Seattle through Federal Way. The remaining professional office component is fully occupied with recently extended and signed leases, and provides both immediate income stability and a strategic hedge against vacancy. This is driven by strong leasing velocity in high-demand, sub-1,000 SF suites. Mission Pet Health Center offers an investor an ideal blend of high in-place cash flow and clear upside through scheduled rent growth.
Investment highlights
- The anchor tenant, Saltwater Animal Hospital, occupies 5,300 SF under a NNN lease with 8+ years of remaining term. This extended lease length provides immediate income stability and protects the buyer from near-term rollover exposure.
- The property underwent nearly $2 million in capital improvements over the past 3 years, driven by a growing veterinary operator backed by a strong equity source. This massive tenant infrastructure investment heavily reinforces long-term tenant stickiness and mitigates future TI obligations.
- The asset capitalizes on highly resilient micro-market fundamentals, evidenced by a sub-4% submarket vacancy rate for professional and medical office spaces.
- All tenant leases are reinforced by contractual, annual increases across all active leases.
- The Offering is positioned within a large and growing suburban population base, with a 5-mile population exceeding 171,000 and a median household income of $89,667. This supports long-term demand from medical, health service, and neighborhood office users serving the surrounding community.
- Saltwater Animal Hospital, by square footage and capacity, is the largest veterinary facility within a 3-mi radius. Inflated construction and material costs continue to prohibit further development of any competing product.
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