Net Leased Animal Hospital | Tax Free State | 7.2% Cap — Sale in Monroe, WA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Monroe, WA 98272

Photos

Net Leased Animal Hospital | Tax Free State | 7.2% Cap — Sale in Monroe, WA, photo 1 of 2
Net Leased Animal Hospital | Tax Free State | 7.2% Cap — Sale in Monroe, WA, photo 2 of 2

Investment Figures

Cap rate
7.20%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

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, grow

Market Context

This office in Monroe, WA is listed for sale. It is offered at an approximate 7.2% capitalization rate, a key benchmark for income-producing office assets. Compare it against other office listings for sale in Monroe, WA — view the full market.

Contact

Explore this market

Similar Office for Sale in Washington