For Sale
$3,200,000

9650 Shore DrNorfolk, VA 23518

Beachfront Vet Clinic & Apartments, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional mixed-use property in Norfolk, VA, presents a compelling investment opportunity. The 10,235 square foot building, constructed in 2018, features a thriving veterinary clinic occupying the majority of the space, currently under a triple-net (NNN) lease with 11.3 years remaining, including two five-year renewal options. The lease boasts a 2% annual rent increase, providing a hedge against inflation. Above the clinic are three fully occupied apartments offering additional income and commanding market rents. The property sits on a 0.18-acre lot, enjoys excellent visibility from Shore Drive, and provides ample parking. The clinic's tenant, a leading national veterinary group, has a strong track record and significant market presence. The property's location benefits from a high-income demographic, with an average household income exceeding $78,033 within a five-mile radius. The asking price is $3,200,000, representing a price per square foot of $312.65, and the current Net Operating Income (NOI) is $177,931. This investment offers a blend of stable income and future growth potential within a resilient industry. The two-story building is 100% occupied.

Highlights

  • NNN Lease: Passive income investment opportunity.
  • Tenant Investment: Long-term, established veterinary tenant with strong client base.
  • Leading Veterinary Operator: Leased to Southern Veterinary Partners, a major US operator with nearly 400 clinics.
  • Annual Rental Increases: 2% annual increases provide inflation protection and growing cash flow.
  • Inflation Hedge: Veterinary clinics demonstrate resilience during economic downturns.
  • Affluent Demographics: Serves a 5-mile radius with 152,614 residents and $78,033 average household income.

Property Details for 9650 Shore Dr

Property type
Mixed-use properties
Square Feet
10,235 SF
Year Built
2018
Stories
2
Lot Size (sq. ft)
7,841 SF

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.9295246
Longitude
-76.1915685
9650 Shore Dr, Norfolk, Virginia

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9650 Shore Dr
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