Single-Tenant Veterinary
121 S Ferry Ave Monroe, WA 98272
For Sale
$1,570,000
Fully occupied veterinary clinic operating under a triple-net lease through September 2028 with a corporate guarantee.
Property Size3,500 SF
Price / SF$448.57
Days on Market17
Property Features for 121 S Ferry Ave
General Information
- Standard status
- Active
- Size
- 3,500 SF
- Property subtype
- Single-Tenant Office Medical
Listing Agency:
Marcus & Millichap | New Haven
(312) 327-5424
Listed By:
Scott Barrow · License #License(s): CA: 02181418
(312) 327-5424
Source:
Marcusmillichap
Added: Jul 8
Changed: Jul 23
Last Checked: Jul 23 at 11:33AM
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 Marcus & Millichap | New Haven
Investment Insights
Based on property information with market context.
121 S Ferry Ave is a 3,500-square-foot, single-tenant veterinary clinic offered as a triple-net (NNN) investment. The property is fully occupied and operated under a triple-net lease running through September 2028 with a full corporate guarantee. Landlord responsibility is limited to structural replacement only, while the tenant carries all mechanical systems, insurance, and real estate taxes.
The clinic operates with five active DVMs across four exam rooms. An on-site operational layout includes three distinct on-site expansion paths within the existing property. The property also benefits from adjacent parking from a neighboring parcel included in base rent and secured by a recorded easement that transfers to any future owner.
The building is located 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 serves as the primary commercial hub for the Skykomish Valley and is positioned at the convergence of US Route 2, SR-522, and SR-203. The current tenant, National Veterinary Associates (NVA) dba Cascade Animal Hospital, has served the area for more than 35 years.
The clinic operates with five active DVMs across four exam rooms. An on-site operational layout includes three distinct on-site expansion paths within the existing property. The property also benefits from adjacent parking from a neighboring parcel included in base rent and secured by a recorded easement that transfers to any future owner.
The building is located 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 serves as the primary commercial hub for the Skykomish Valley and is positioned at the convergence of US Route 2, SR-522, and SR-203. The current tenant, National Veterinary Associates (NVA) dba Cascade Animal Hospital, has served the area for more than 35 years.
Key Highlights
- 3,500 SF single‑tenant veterinary clinic in Monroe, WA, fully occupied by NVA dba Cascade Animal Hospital
- Triple‑net (NNN) lease runs through September 2028 with full corporate guarantee
- 7.20% cap rate; current NOI is $113,156; offered at $1,570,000 ($448.57/SF)
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $95.8k | $27.36 |
| − Vacancy | −$12.6k | −$3.61 |
| EGI | $83.1k | $23.75 |
| − OpEx | −$20.8k | −$5.94 |
| NOI | $62.3k | $17.81 |
3,500 SF · lease $27.36/SF/yr · vacancy 13.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$890.6K
$779.3K – $1.04M
NOI $62,340 @ 7.0% cap · market cap 3.97%
Second Best
Healthcare Medical
$732.1K
$640.6K – $854.1K
NOI $51,245 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$976.1K
$854.1K – $1.14M
NOI $68,326 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
FAQs
What type of property is this?
Medical Office Space - Fully occupied veterinary clinic operating under a triple-net lease through September 2028 with a corporate guarantee.
Where is this medical office space located?
The property is located at 121 S Ferry Ave Monroe, WA.
What is the asking price?
The asking price for this property is $1,570,000.
What are key features of this property?
This property features: 3,500 SF single‑tenant veterinary clinic in Monroe, WA, fully occupied by NVA dba Cascade Animal Hospital; Triple‑net (NNN) lease runs through September 2028 with full corporate guarantee; 7.20% cap rate; current NOI is $113,156; offered at $1,570,000 ($448.57/SF)
