Investment Overview

Marcus & Millichap is pleased to exclusively present Miller Clark Animal Hospital and four-unit apartment complex, a mixed-use investment opportunity located in Mamaroneck, New York, within the greater New York-Newark-Jersey City, NY-NJ-PA MSA. The property is 100% occupied and totals 6,987 square feet, comprising a 4,275-square-foot general practice veterinary hospital and 2,712 square feet spread across four residential units. For over 120 years, Miller Clark Animal Hospital has served the Mamaroneck community from this location, establishing itself as a trusted and enduring fixture in the local veterinary landscape. In 2019, PetVet, one of the nation's leading veterinary platforms with more than 420 locations nationwide and backed by KKR, acquired the practice; it has since executed a 10-year lease extension, further reinforcing its long-term commitment to this location and the surrounding community. Complementing this stable commercial income stream, the property's four residential units - two two-bedroom, one-bathroom apartments and two one-bedroom, one-bathroom apartments - are fully leased and offer meaningful upside for a new owner. In-place rents currently sit approximately 30% below market, presenting a compelling value-add opportunity: as leases turn over and rents are brought up to market, an investor can realize a pro-forma cap rate that expands by roughly 150 basis points over in-place returns, along with a projected cash-on-cash return approaching 9.60%. The property sits on 1.62 acres of residentially zoned land in one of Westchester County's most desirable markets. Mamaroneck's demographics reinforce the investment case: median home values within a two-mile radius exceed $988,000, and more than 1,128,000 people reside within a ten-mile radius. Together, a long-term, credit-backed commercial tenant, under-market residential upside, and strong demand in an affluent, densely populated New York City suburb make this a rare opportunity to acquire long-term stability with a clear path to increased returns.