Single-Tenant Office Medical
Net Leased Animal Hospital | Tax Free State | 7.2% Cap
121 S Ferry Ave, Monroe, WA 98272
Listing Price: $1,570,000
Investment Overview
121 S Ferry Ave is a 3,500-square-foot single-tenant veterinary clinic in Monroe, WA, fully occupied by National Veterinary Associates (NVA), dba as Cascade Animal Hospital. The property is offered at $1,570,000 reflecting a 7.20 percent cap rate and $448.57 per square foot, with a current NOI of $113,156. The tenant operates under a triple-net (NNN) lease running through September 2028, with a full corporate guarantee. Annual rent escalations are the greater of 2 percent or CPI. Landlord responsibility is limited to structural replacement only; the tenant carries all mechanical systems, insurance, and real estate taxes.
The property sits at the terminus of a planned light rail expansion from Seattle, within a growing downtown Monroe commercial corridor where the city is offering incentives for commercial development. Monroe is located approximately 30 miles northeast of Seattle at the convergence of US Route 2, SR-522, and SR-203, serving as the primary commercial hub for over 90,000 Skykomish Valley residents. Within five miles: 37,653 residents and a $143,418 average household income. Adjacent parking from a neighboring parcel is included in base rent and secured by a recorded easement that transfers to any future owner.
Cascade Animal Clinic has served Monroe and the Sky Valley for over 35 years, establishing deep community roots and a loyal patient base that would be costly for any operator to replicate. The clinic operates with five active DVMs across four exam rooms, creating a real capacity constraint that materially strengthens renewal probability. Three distinct on-site expansion paths exist within the existing property to grow the clinical footprint further.
NVA operates approximately 1,400 locally branded general practice hospitals, equine practices, and pet resorts across the US and Canada, making it one of the largest veterinary networks in the world. Founded in 1997, NVA more than tripled in size after its 2019 acquisition by JAB Holding Company, growing from roughly 500 to over 1,300 locations. JAB Holding Company is a Luxembourg-based private investment firm controlled by the Reimann family, with a global portfolio spanning consumer brands, food and beverage, and pet care. JAB is actively preparing NVA for IPO, an institutional commitment that translates directly into lease covenant strength for any acquirer of this asset.
Single-Tenant Office Medical
Net Leased Animal Hospital | Tax Free State | 7.2% Cap
Listing Price: $1,570,000
Investment Highlights
- Double-Net Lease | Corporate Guarantee | Landlord Only Responsible for Roof and Structure
- Greater of 2 Percent or CPI Annual Escalations
- Five Active DVMs
Investment Overview
121 S Ferry Ave is a 3,500-square-foot single-tenant veterinary clinic in Monroe, WA, fully occupied by National Veterinary Associates (NVA), dba as Cascade Animal Hospital. The property is offered at $1,570,000 reflecting a 7.20 percent cap rate and $448.57 per square foot, with a current NOI of $113,156. The tenant operates under a triple-net (NNN) lease running through September 2028, with a full corporate guarantee. Annual rent escalations are the greater of 2 percent or CPI. Landlord responsibility is limited to structural replacement only; the tenant carries all mechanical systems, insurance, and real estate taxes. The property sits at the terminus of a planned light rail expansion from Seattle, within a growing downtown Monroe commercial corridor where the city is offering incentives for commercial development. Monroe is located approximately 30 miles northeast of Seattle at the convergence of US Route 2, SR-522, and SR-203, serving as the primary commercial hub for over 90,000 Skykomish Valley residents. Within five miles: 37,653 residents and a $143,418 average household income. Adjacent parking from a neighboring parcel is included in base rent and secured by a recorded easement that transfers to any future owner. Cascade Animal Clinic has served Monroe and the Sky Valley for over 35 years, establishing deep community roots and a loyal patient base that would be costly for any operator to replicate. The clinic operates with five active DVMs across four exam rooms, creating a real capacity constraint that materially strengthens renewal probability. Three distinct on-site expansion paths exist within the existing property to grow the clinical footprint further. NVA operates approximately 1,400 locally branded general practice hospitals, equine practices, and pet resorts across the US and Canada, making it one of the largest veterinary networks in the world. Founded in 1997, NVA more than tripled in size after its 2019 acquisition by JAB Holding Company, growing from roughly 500 to over 1,300 locations. JAB Holding Company is a Luxembourg-based private investment firm controlled by the Reimann family, with a global portfolio spanning consumer brands, food and beverage, and pet care. JAB is actively preparing NVA for IPO, an institutional commitment that translates directly into lease covenant strength for any acquirer of this asset.
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