Overview
We are pleased to present the opportunity to acquire Pine Lakes Animal Hospital, a premier
single-tenant veterinary investment located at 5006 Palm Coast Parkway, Palm Coast, Florida. This 6,818 SF purpose-built/built to suit veterinary facility occupies a highly visible location along Palm Coast Parkway, strategically positioned between U.S. Highway 1 and Interstate 95 in one of the area's primary retail corridors.
The property benefits from exceptional visibility and accessibility, with approximately 24,072 vehicles passing the site daily. It is surrounded by nationally recognized retailers including Publix, Walmart, Chick-fil-A, and numerous other major retailers, providing excellent consumer traffic and strong long-term real estate fundamentals within the growing Palm Coast market.
Completed at the end of 2020, the building was specifically designed and constructed as a build to suit facility for the current tenant. The property features modern construction throughout, including a steel roof, providing an extended roof life and reducing future capital expenditure concerns for ownership.
The property is leased on a triple net (NNN) lease to VetCor, one of the nation's largest veterinary operators, with a network of approximately 900 locations and more than 15,000 employees. The lease has just over five and a half years of remaining term, generates approximately $211,900 in annual net rental income, and includes 2% annual rent escalations, providing investors with
stable and growing cash flow.
Investment Highlights
- Purpose-built 6,818 SF veterinary hospital completed at the end of 2020 specifically for Pine Lakes Animal Hospital, offering investors a modern, high-quality asset with minimal anticipated capital expenditures and a steel roof that provides an extended useful life.
- Strategically positioned at 5006 Palm Coast Parkway in Palm Coast, Florida, the property benefits from direct frontage along one of the city's primary commercial corridors between U.S. Highway 1 and Interstate 95, providing outstanding accessibility and long-term real estate fundamentals.
- Excellent visibility with approximately 24,072 vehicles passing the property daily, creating strong exposure for the tenant while supporting the long-term desirability of the underlying real estate.
- Located within a dominant retail corridor surrounded by national retailers including Publix, Walmart, Chick-fil-A, and numerous other established businesses that generate significant daily consumer traffic and reinforce the strength of the surrounding trade area.
- Leased on a triple net (NNN) basis, providing a passive investment structure where the tenant is responsible for the majority of property operating expenses, reducing landlord responsibilities and creating predictable cash flow.
- Approximately $211,900 in annual net rental income with 2% annual rent escalations, providing investors with stable in-place income and built-in rental growth throughout the remaining lease term.
- Just over five and a half years of remaining lease term with VetCor, one of the nation's largest veterinary operators, providing dependable cash flow backed by an experienced and wellestablished veterinary platform.
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