9650 Shore Dr 10,235 SF 100% Leased Retail Building Norfolk, VA 23518 £2,270,231 (£221.81/SF) 6.12% Net Initial Yield
INVESTMENT HIGHLIGHTS
- NNN LEASE This investment is an opportunity to acquire real estate with mostly passive income.
- LEADING VETERINARY OPERATOR Southern Veterinary Partners is one of the largest veterinary operators in the US with nearly 400 clinics in 25 states.
- TENANT INVESTMENT These are specialty sites with decades of clients making it hard to relocate.
EXECUTIVE SUMMARY
Helios Healthcare Division is pleased to offer an opportunity to purchase a mixed use property occupied by one of the premier
veterinary practice owners in the nation, Southern Veterinary Partners.
This practice is located in the heart of Norfolk, Virginia with a 1 mile average household income over $116,732. This property is situated
beautifully in between the main road, Shore Dr, and the beach. The property has great visibility from Shore Dr and offers ample parking
with great ingress and egress.
The clinic lease features 12 years remaining with 2% annual rental increases, and two (2) five (5) year options to renew. Southern
Veterinary Partners is the nation’s largest vet-founded, vet-led, and majority vet-owned veterinary group. Southern Veterinary Partners
has grown to nearly 400 practices and 9,000 employees. Founded in 2014 by leading veterinarians and formed by Shore Capital Partners
(Private Equity), SVP has been growing ever since.
In addition, included are 3 beautiful apartments resting on top of the clinic. The apartments have a birds eye view of the ocean, fully
occupied, and at market rent.
veterinary practice owners in the nation, Southern Veterinary Partners.
This practice is located in the heart of Norfolk, Virginia with a 1 mile average household income over $116,732. This property is situated
beautifully in between the main road, Shore Dr, and the beach. The property has great visibility from Shore Dr and offers ample parking
with great ingress and egress.
The clinic lease features 12 years remaining with 2% annual rental increases, and two (2) five (5) year options to renew. Southern
Veterinary Partners is the nation’s largest vet-founded, vet-led, and majority vet-owned veterinary group. Southern Veterinary Partners
has grown to nearly 400 practices and 9,000 employees. Founded in 2014 by leading veterinarians and formed by Shore Capital Partners
(Private Equity), SVP has been growing ever since.
In addition, included are 3 beautiful apartments resting on top of the clinic. The apartments have a birds eye view of the ocean, fully
occupied, and at market rent.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
10,235 SF
Building Class
B
Year Built
2018
Price
£2,270,231
Price Per SF
£221.81
Net Initial Yield
6.12%
NOI
£138,928
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
1.31
Lot Size
0.18 AC
Opportunity Zone
Yes
Parking
11 Spaces (1.07 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Swimming Pool
- Security System
- Air Conditioning
- Balcony
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 50001702 | Improvements Assessment | £2,520,957 |
| Land Assessment | £126,671 | Total Assessment | £2,647,629 |
