Lewisville PetSuites Investment
For Sale
Contact for pricing
490 Oakbend Dr, Lewisville, TX
2021 built PetSuites in Lewisville, TX with long-term lease.
Property Size15,784 SF
Lot Size2.05 Acres
Price / SF$468.43
Days on Market258
Property Features for 490 Oakbend Dr
General Information
Standard status
Active
Size
15,784 SF
Lot size
2.05 Acres
Property subtype
RETAIL
Listing Agency:
Prime Net Lease
(714) 875-2400
Listed By:
Paul Matusik · License #01351021
(714) 875-2400
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Jul 6
Last Checked: Aug 9 at 9:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Prime Net Lease
Investment Insights
Based on property information with market context.
This 15,784 square foot PetSuites facility, constructed in 2021, is located in Lewisville, Texas. The property opened in October 2021 and is operating under a twenty-year absolute NNN lease, which assigns zero landlord responsibilities. The corporately guaranteed lease has approximately 18 years remaining on its initial term. The absolute NNN lease includes 10% rental increases every five years during the base term and provides the tenant with five successive five-year options to extend the lease. The lease is corporately guaranteed by National Veterinary Associates, which has over 1,000 units. The PetSuites benefits from high visibility due to its strategic location next to the I-35 exit, which sees 176,049 vehicles per day, and S Stemmons Fwy, which sees 41,466 vehicles per day. The site is in proximity to residential homes and is located within Vista Ridge Village, which houses major retailers and restaurants. The surrounding area has a five-mile population of 240,163 and a three-mile average household income of $105,208 per year. The area is experiencing growth, with a projected three-mile population growth rate of 2.0% over the next five years. Total consumer spending within a five-mile radius is estimated at $3.2 billion. The property is located within the Dallas–Fort Worth–Arlington metroplex, encompassing 11 counties and serving as the economic and cultural hub of North Texas.
Key Highlights
- 20‑Year Absolute NNN Lease with approximately 18 years remaining, providing zero landlord responsibilities.
- Corporate guarantee by National Veterinary Associates (1000+ Units).
- Located in a high‑traffic area next to the I‑35 exit and S Stemmons Fwy.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$253,705
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,074,100
$5.1M
Cap Rate 7%
$3,624,357
$3.6M
Cap Rate 9%
$2,818,944
$2.8M
Market Conditions
NOI Build-Up for 15,784 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$380.7K $24.12/SF
− Vacancy
−$18.3K −$1.16/SF
EGI
$362.4K $22.96/SF
− OpEx
−$108.7K −$6.89/SF
NOI
$253.7K $16.07/SF
Area
Lewisville, TX
Vacancy
4.80%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,074,100
Cap Rate 7%
$3,624,357
Cap Rate 9%
$2,818,944
Alternative Uses
Best Use
Retail
$3.62M
$3.17M – $4.23M
NOI $253,705 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.26M
$4.60M – $6.14M
NOI $368,361 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
544k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 29%
Shops & Services 27%
Superstores 19%
Apparel 10%
Target
Superstores
104,365 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
38,249 visits/mo
0.2 miles
Burlington
Apparel
37,959 visits/mo
0.2 miles
Total Wine & More
Groceries
33,148 visits/mo
0.1 miles
Dollar Tree
Shops & Services
32,820 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 2021 built PetSuites in Lewisville, TX with long-term lease.
Where is this retail space located?
The property is located at 490 Oakbend Dr Lewisville, TX.
What is the asking price?
The asking price for this property is $7,393,773.
What are key features of this property?
This property features: 20‑Year Absolute NNN Lease with approximately 18 years remaining, providing zero landlord responsibilities.; Corporate guarantee by National Veterinary Associates (1000+ Units).; Located in a high‑traffic area next to the I‑35 exit and S Stemmons Fwy.
