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Shopping Strip

Two Tenant Precision Health & Veterinary Clinic

9675 4th St N, St. Petersburg, FL 33702

Listing Price: $4,490,000

Cap Rate
6.24%
Gross SF
14,960
Rentable SF
14,960
Price/Gross SF
$300.13
Lot Size
1.59 acres
Year Built
2023

Investment Overview

Marcus & Millichap is pleased to present for sale a two tenant medical building
located at 9675 4th Street in Saint Petersburg, Florida. This 14,960 square foot
building is situated on a 1.6 acre waterfront parcel, with just one fixed bridge
between it and the Tampa Bay. The property sits at the junction where Gandy
Blvd feeds into 4th ST N. Gandy is one of five bridges that span the Tampa Bay;
by feeding into 4th St. N, Gandy connects Downtown St. Pete to Downtown
Tampa. The two tenants are a national emergency veterinarian and a medical
laboratory. This location is perfect for these two tenants because both rely a
regional draw and thus require the central location, proximity to the highway,
and the short drive time to South Tampa, and to all of Pinellas County – the most
densely populated county in Florida.
Precision Health Solutions (PHS) is a regional diagnostic laboratory, specializing in
personalized medicine, molecular diagnostics, infectious disease, and antibiotic
stewardship. PHS has met the requirements to operate in 49 states, and it has
been recognized by both the College of American Pathologists and American
Proficiency Institute. With offices in Florida and Tennessee, PHS services a
broad base of physicians and direct-to-patient testing. PHS occupies 7,160
square feet at $12.73 per square foot, on a triple net lease with seven years
remaining. Their rent is less than half of market, and represents an opportunity
for mark to market growth.
Veterinary Emergency Group (VEG) is an avante-guarde, industry disrupting
emergency veterinary practice with over 60 locations nationwide, and growing.
VEG treats over 300,000 pet emergencies per year, and has the highest
Net Promoter Score (NPS) in the industry. VEG is the largest 24/7 veterinary
emergency hospital chain in the country, with plans to grow to over 1,000 units.
Funding this growth are Sequoia Heritage, D1 Capital Partners and Fidelity
Management & Research Company, with over $150 million invested in VEG so
far. VEG is viewed as a market leader and a premier veterinary practice within
the growing veterinary industry. VEG occupies 7,800 square feet at $25 per
square foot, on a triple net lease, with 10 years remaining to its term.
Saint Petersburg is a city in Pinellas County Florida with a population of 258,308
making it the fifth-most populous city in Florida and the second-largest city in
the Tampa Bay Area. Along with Clearwater, these cities are part of the Tampa-
Saint Petersburg-Clearwater Metropolitan Area with a population of 2.8 million.
Saint Petersburg is located on the Pinellas Peninsula between Tampa Bay and
the Gulf of Mexico and is connected to mainland Florida to the north. Majoremployers in the St. Petersburg Area include Raymond James, John
Hopkins Children’s Hospital, Home Shopping Network, St. Anthony’s
Hospital, Publix Super Market, The Continental Group and Spectrum.
This asset represents an uncommon blend of stability and opportunity.
The two tenants are solid, with long-term leases, offering stability. At the
same time, Precision is paying half market rent, which represents a value add
opportunity should they leave. Finally, being a large 1.6 acre site, on
the water, with Bay access, future redevelopment to multi-story residential
is a long term possibility.

Investment Highlights

  • 14,760 Square Foot Building on a Large 1.6 Acre – Waterfront – Lot
  • Positioned with Access to Major Area Highways, and Close to Both Downtown Tampa and Downtown Saint Petersburg.
  • Two, Strong, stable tenants: Veterinary Emergency Group, a National, Cutting Edge, Industry Leading Emergency Veterinarian and Precision Health Solutions, a Regional Medical Lab Offering Crucial, Esse
  • Precision is Paying 50% of Market Rent.
  • Pinellas Park is the Most Densely Populated County in Florida. Commercial Land is Rare and a Premium.
  • Florida is a No-Income Tax State

Exclusively Listed By

Financing By

Shopping Strip

Two Tenant Precision Health & Veterinary Clinic

Listing Price: $4,490,000

Cap Rate
6.24%
Gross SF
14,960
Rentable SF
14,960
Price/Gross SF
$300.13
Lot Size
1.59 acres
Year Built
2023

Investment Highlights

  • 14,760 Square Foot Building on a Large 1.6 Acre – Waterfront – Lot
  • Positioned with Access to Major Area Highways, and Close to Both Downtown Tampa and Downtown Saint Petersburg.
  • Two, Strong, stable tenants: Veterinary Emergency Group, a National, Cutting Edge, Industry Leading Emergency Veterinarian and Precision Health Solutions, a Regional Medical Lab Offering Crucial, Esse
  • Precision is Paying 50% of Market Rent.
  • Pinellas Park is the Most Densely Populated County in Florida. Commercial Land is Rare and a Premium.
  • Florida is a No-Income Tax State

Investment Overview

Marcus & Millichap is pleased to present for sale a two tenant medical building located at 9675 4th Street in Saint Petersburg, Florida. This 14,960 square foot building is situated on a 1.6 acre waterfront parcel, with just one fixed bridge between it and the Tampa Bay. The property sits at the junction where Gandy Blvd feeds into 4th ST N. Gandy is one of five bridges that span the Tampa Bay; by feeding into 4th St. N, Gandy connects Downtown St. Pete to Downtown Tampa. The two tenants are a national emergency veterinarian and a medical laboratory. This location is perfect for these two tenants because both rely a regional draw and thus require the central location, proximity to the highway, and the short drive time to South Tampa, and to all of Pinellas County – the most densely populated county in Florida. Precision Health Solutions (PHS) is a regional diagnostic laboratory, specializing in personalized medicine, molecular diagnostics, infectious disease, and antibiotic stewardship. PHS has met the requirements to operate in 49 states, and it has been recognized by both the College of American Pathologists and American Proficiency Institute. With offices in Florida and Tennessee, PHS services a broad base of physicians and direct-to-patient testing. PHS occupies 7,160 square feet at $12.73 per square foot, on a triple net lease with seven years remaining. Their rent is less than half of market, and represents an opportunity for mark to market growth. Veterinary Emergency Group (VEG) is an avante-guarde, industry disrupting emergency veterinary practice with over 60 locations nationwide, and growing. VEG treats over 300,000 pet emergencies per year, and has the highest Net Promoter Score (NPS) in the industry. VEG is the largest 24/7 veterinary emergency hospital chain in the country, with plans to grow to over 1,000 units. Funding this growth are Sequoia Heritage, D1 Capital Partners and Fidelity Management & Research Company, with over $150 million invested in VEG so far. VEG is viewed as a market leader and a premier veterinary practice within the growing veterinary industry. VEG occupies 7,800 square feet at $25 per square foot, on a triple net lease, with 10 years remaining to its term. Saint Petersburg is a city in Pinellas County Florida with a population of 258,308 making it the fifth-most populous city in Florida and the second-largest city in the Tampa Bay Area. Along with Clearwater, these cities are part of the Tampa- Saint Petersburg-Clearwater Metropolitan Area with a population of 2.8 million. Saint Petersburg is located on the Pinellas Peninsula between Tampa Bay and the Gulf of Mexico and is connected to mainland Florida to the north. Majoremployers in the St. Petersburg Area include Raymond James, John Hopkins Children’s Hospital, Home Shopping Network, St. Anthony’s Hospital, Publix Super Market, The Continental Group and Spectrum. This asset represents an uncommon blend of stability and opportunity. The two tenants are solid, with long-term leases, offering stability. At the same time, Precision is paying half market rent, which represents a value add opportunity should they leave. Finally, being a large 1.6 acre site, on the water, with Bay access, future redevelopment to multi-story residential is a long term possibility.

Exclusively Listed By

Financing By

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