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Single-Tenant Office Medical

Pet Paradise - Houston

7511 Monroe Blvd, Houston, TX 77061

Listing Price: $5,483,983

Cap Rate
6.00%
Tenant Name
Pet Paradise
Years Remaining On Lease
19.2
Guarantor
Corporate Guarantee
Rentable SF
20,733
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$15.87

Investment Overview

We are pleased to offer for sale the fee simple interest in a freestanding, single-tenant full service pet resort and veterinary clinic containing Pet Paradise (the “Property” or “Asset”) located in Houston, Texas. Pet Paradise is a leader in pet industry, with interests in multiple business lines, including grooming, healthcare, boarding, and vet services. This location is home to its premiere facility, featuring a long-term lease with an absolute triple-net structure and 2.0% annual rent increases. The Property is positioned right off of the Interstate-45 exit ramp and is next door to the William P. Hobby Airport. There are nearly 40,000 households within 3 miles of the asset. Houston has consistently been one of the fastest growing markets in the United States. This offering presents the rare opportunity to acquire a stabilized veterinary asset with a completely passive ownership structure for almost 20 years and outstanding security in the value of the underlying real estate.

Investment Highlights

  • The Asset is subject to an ideal absolute triple-net lease with just under 20 years remaining and up to 2.0% annual increases.
  • The Asset is well located in the Houston market adjacent to Hobby Airport and has limited full service competition within the immediate trade area.
  • The Asset has a strategic suburban location, with over 24% of household entertainment spending allotted towards pets and other related hobbies.
  • The Asset is mission critical to the tenant's business, and offers essential services like veterinary services.
  • Houston is one of the fastest growing markets in the country.
  • There is 25 million square feet of office, industrial, and retail within 3 miles providing a substantial consumer base in addition to airport boarding.
  • Texas has zero state income tax.
  • The Asset has a large parcel size.

Exclusively Listed By

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Single-Tenant Office Medical

Pet Paradise - Houston

Listing Price: $5,483,983

Cap Rate
6.00%
Tenant Name
Pet Paradise
Years Remaining On Lease
19.2
Guarantor
Corporate Guarantee
Rentable SF
20,733
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$15.87

Investment Highlights

  • The Asset is subject to an ideal absolute triple-net lease with just under 20 years remaining and up to 2.0% annual increases.
  • The Asset is well located in the Houston market adjacent to Hobby Airport and has limited full service competition within the immediate trade area.
  • The Asset has a strategic suburban location, with over 24% of household entertainment spending allotted towards pets and other related hobbies.
  • The Asset is mission critical to the tenant's business, and offers essential services like veterinary services.
  • Houston is one of the fastest growing markets in the country.
  • There is 25 million square feet of office, industrial, and retail within 3 miles providing a substantial consumer base in addition to airport boarding.
  • Texas has zero state income tax.
  • The Asset has a large parcel size.

Investment Overview

We are pleased to offer for sale the fee simple interest in a freestanding, single-tenant full service pet resort and veterinary clinic containing Pet Paradise (the “Property” or “Asset”) located in Houston, Texas. Pet Paradise is a leader in pet industry, with interests in multiple business lines, including grooming, healthcare, boarding, and vet services. This location is home to its premiere facility, featuring a long-term lease with an absolute triple-net structure and 2.0% annual rent increases. The Property is positioned right off of the Interstate-45 exit ramp and is next door to the William P. Hobby Airport. There are nearly 40,000 households within 3 miles of the asset. Houston has consistently been one of the fastest growing markets in the United States. This offering presents the rare opportunity to acquire a stabilized veterinary asset with a completely passive ownership structure for almost 20 years and outstanding security in the value of the underlying real estate.

Exclusively Listed By

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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