2505 S 80th St
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2505 S 80th St
27,199 SF Retail Building Tacoma, WA 98409 $14,500,000 ($533/SF) 6.76% Cap Rate
Investment Highlights
- BRAND NEW 10-YEAR LEASE RENEWAL
- M I S S I O N C R I T I C A L FA C I L I T Y
- INVESTMENT GRADE CREDIT TENANT
Executive Summary
The Vara Group at Marcus & Millichap is pleased to present the sale
offering for the NVA Summit Veterinary Referral Center located in Tacoma, WA. Built in
1999, this 27,199 SF facility features the most extensive animal related emergency services
in Pierce County. This single tenant medical office is fully leased to NVA Summit Veterinary
Management LLC and is backed by the largest private owner of freestanding veterinary
hospitals in the United States, National Veterinary Associates Inc. This newly renewed 10-
year, triple-net lease features strong annual rental increases of 3.5%, providing an appealing
return, a hedge against inflation, and minimal landlord responsibilities. NVA has invested
heavily in the medical buildout of the hospital, demonstrating their long-term commitment to
the site.
NVA Summit sits on a generous 1.57-acre lot and includes an ancillary parking lot
that provides an additional 58 stalls. The property is located just off I-5, providing great
access for employees and customers alike. Tacoma’s growing population rate, combined
with over 60% of Washington households owning a pet, positions NVA Summit well for a
continuation of strong profit growth within the veterinary services industry.
offering for the NVA Summit Veterinary Referral Center located in Tacoma, WA. Built in
1999, this 27,199 SF facility features the most extensive animal related emergency services
in Pierce County. This single tenant medical office is fully leased to NVA Summit Veterinary
Management LLC and is backed by the largest private owner of freestanding veterinary
hospitals in the United States, National Veterinary Associates Inc. This newly renewed 10-
year, triple-net lease features strong annual rental increases of 3.5%, providing an appealing
return, a hedge against inflation, and minimal landlord responsibilities. NVA has invested
heavily in the medical buildout of the hospital, demonstrating their long-term commitment to
the site.
NVA Summit sits on a generous 1.57-acre lot and includes an ancillary parking lot
that provides an additional 58 stalls. The property is located just off I-5, providing great
access for employees and customers alike. Tacoma’s growing population rate, combined
with over 60% of Washington households owning a pet, positions NVA Summit well for a
continuation of strong profit growth within the veterinary services industry.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
27,199 SF
Building Class
B
Year Built
1999
Price
$14,500,000
Price Per SF
$533
Cap Rate
6.76%
NOI
$979,644
Tenancy
Single
Building Height
2 Stories
Building FAR
1.18
Land Acres
0.53 AC
Zoning
MI
Parking
71 Spaces (2.61 Spaces per 1,000 SF Leased)
Frontage
233 FT on S 80th St St
Amenities
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 032030-4102 | Improvements Assessment | $5,796,300 |
| Land Assessment | $862,000 | Total Assessment | $6,658,300 |
PROPERTY TAXES
Parcel Number
032030-4102
Land Assessment
$862,000
Improvements Assessment
$5,796,300
Total Assessment
$6,658,300
-
Matthew Herman -
Raymond 'RJ' Vara -
Marcus & Millichap
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2505 S 80th St
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