

Listed by Kidder Mathews Los Angeles West
$2,725,000
East San Rafael Veterinary Clinic
Details
Property Type Office
Sub Type Medical Office, Veterinary Clinic
Square Footage 5,462
Cap Rate 7.00%
NOI $192,000
Tenancy Single
Lease Type NNN
Lease Expiration 12/16/2029
Remaining Term 3.5
Rent Bumps Yes
Lease Options 3, 5 Year Options Remaining
Price per SqFt $499
Year Built 1953
Year Renovated 2010
Lot Size (SqFt) 9,500
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/17/2019
Ground Lease No
Thrive Pet Healthcare Veterinary Hospital | 7.00% CAP | Affluent Marin County Location
Marketing description
PROPERTY HIGHLIGHTS
- High-Performing Veterinary Practice – East San Rafael Veterinary Clinic is a consistently busy operation that is routinely fully booked, reflecting strong demand and an established patient base within the community.
- Purpose-Built Veterinary Facility – The property underwent a comprehensive ground-up renovation in 2010, creating a highly functional veterinary environment designed to support a broad range of medical services.
- Advanced In-House Medical Capabilities – The hospital performs a substantial amount of work internally, minimizing referrals to specialty and emergency facilities. The medical director provides internal medicine, TPLO procedures, major and soft tissue surgeries, ultrasonography, endoscopy, and advanced diagnostics on-site.
- Efficient Clinical Layout – The facility features 6 exam rooms & 2 treatment areas, including a secondary treatment suite converted to accommodate procedures such as ultrasounds, maximizing operational efficiency and patient throughput.
- Established Clinical Team – The hospital currently operates with 3 full-time veterinarians, reflecting the depth of services & strong patient demand.
- Recently Paved Parking Lot (May 2026) – The property’s parking lot was resurfaced & repaved in May 2026, enhancing curb appeal, improving customer accessibility, & reducing near-term capital expenditure requirements for future ownership.
- NNN Lease with Minimal Landlord Responsibilities – Triple-net lease structure with limited landlord obligations, providing investors with passive, low-maintenance income backed by an established veterinary operator.
- Above-Average Rent Growth – The lease features 3% annual rental increases, exceeding the escalation structures commonly found in healthcare & retail investments.
- Long-Standing Community Presence – East San Rafael Veterinary Clinic has built a strong reputation throughout Marin County as a trusted provider of high-quality veterinary care, benefiting from decades of established goodwill and client loyalty.
Investment highlights
TENANT HIGHLIGHTS
- National Scale – Thrive Pet Healthcare operates 400+ veterinary hospitals across the United States, serving millions of pets annually through its extensive network of general practice, specialty, and emergency hospitals.
- Workforce of 8,000+ – Thrive is supported by thousands of veterinary professionals nationwide, providing significant clinical depth and operational infrastructure.
- Strategic Retail Integration with Petco – Thrive operates nearly 100 in-store veterinary clinics through its joint venture with Petco, enhancing accessibility and brand recognition.
- Innovative Technology Platform – Thrive’s mobile application provides pet owners with 24/7 veterinary support, appointment scheduling, medical record access, and personalized pet health recommendations.
- East San Rafael Veterinary Clinic has earned a reputation for delivering comprehensive, high-quality veterinary care, offering a level of in-house expertise and advanced treatment capabilities that are uncommon among traditional general practice hospitals.
LOCATION HIGHLIGHTS
- Established Residential Community – East San Rafael is surrounded by mature neighborhoods with a stable and affluent customer base that supports recurring demand for veterinary services.
- Regional Healthcare & Commercial Hub – As Marin County’s largest city and primary commercial center, San Rafael serves as a regional destination for healthcare, professional services, shopping, and dining, drawing residents from throughout the county and supporting long-term demand for veterinary services.
- Walkable Downtown San Rafael Location – Situated in the heart of Downtown San Rafael, the property benefits from proximity to a diverse mix of restaurants, retail, professional offices, and community amenities, providing exceptional convenience for pet owners and enhancing customer engagement.
- Strong Daytime Population & Activity – The property is surrounded by a dense concentration of residential, office, retail, and civic uses that generate consistent daytime traffic and activity, reinforcing visibility and supporting a steady flow of potential customers throughout the day.
- Affluent Demographics – The average household income within a 5-mile radius of the subject property is $170,262, which is approximately 103% above the U.S. median household income, underscoring the area’s affluent customer base and reinforcing long-term demand for high-quality veterinary services.
- Supply-Constrained Market – Marin County’s limited development opportunities and strict entitlement environment create significant barriers to entry, helping preserve the long-term value of well-located healthcare real estate assets.
- Prime Infill Bay Area Location – Located approximately 20 miles north of San Francisco, the property benefits from the economic strength of the Bay Area while serving one of Northern California’s most established residential communities.
- Central Marin Accessibility – The property enjoys excellent access via U.S. Highway 101 and major local thoroughfares, serving residents throughout San Rafael and the surrounding Marin County communities.
Listing Contacts


Listed by Kidder Mathews Los Angeles West
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Loan Amount
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Annual Cash Flow
$192,000.00
$16,000.00/mo
Valuation Metrics
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DSCR
7.05%
Cap Rate
7.05%
ROI
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Zoning
T5N-40/60 SpecialTransect 5 Neighborhood District
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Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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