Leased Veterinary Hospital
For Sale
$2,062,000
6231 Reynolds Rd, Mentor, OH 44060
Two veterinary hospital properties in Mentor are 100% leased on triple-net terms.
Property Size11,198 SF
Price / SF$184.14
Days on Market54
Property Features for 6231 Reynolds Rd
General Information
Standard status
Active
Size
11,198 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NNN
Amenities
Two Percent Annual Rent Increases
Well Established Veterinary Hospitals
100 Percent Leased to National Veterinary Associates & Two Local Tenants
Building Details
Building Size
11,198 SF
Listing Agency:
Marcus & Millichap | Columbus
(216) 264-2037
Listed By:
Billy Skoch · License #License(s): OH: SAL.2021008491
(216) 264-2037
Source:
Marcusmillichap
Added: Jul 9
Changed: Aug 25
Last Checked: Aug 30 at 1:21PM
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 | Columbus
Investment Insights
Based on property information with market context.
Marcus & Millichap presents The National Veterinary Associates (NVA) Portfolio, offering two veterinary hospital properties located in Mentor, Ohio. The portfolio includes Brightwood Animal Hospital and Mentor Animal Hospital. Both properties are 100% leased to National Veterinary Associates, along with two local tenants, under triple-net (NNN) leases.
The leases include 2% annual rent increases. The portfolio is described as providing a stable income stream with minimal landlord obligations, supported by a credit-rated tenant backed by JAB Holding Company, which is noted as having a Baa1 Moody’s credit rating and managing over $50 billion in assets.
This offering is structured as a two-property NNN portfolio for investors seeking leased veterinary facilities with contractual annual rent escalations.
The leases include 2% annual rent increases. The portfolio is described as providing a stable income stream with minimal landlord obligations, supported by a credit-rated tenant backed by JAB Holding Company, which is noted as having a Baa1 Moody’s credit rating and managing over $50 billion in assets.
This offering is structured as a two-property NNN portfolio for investors seeking leased veterinary facilities with contractual annual rent escalations.
Key Highlights
- Two veterinary hospital properties in Mentor, Ohio: Brightwood Animal Hospital and Mentor Animal Hospital
- Both properties are 100% leased on triple‑net (NNN) terms to National Veterinary Associates and two local tenants
- NNN leases include 2% annual rent increases
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
$124,869
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
6.06%
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%
$2,497,380
$2.5M
Cap Rate 7%
$1,783,843
$1.8M
Cap Rate 9%
$1,387,433
$1.4M
Market Conditions
NOI Build-Up for 11,198 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
$237.8K $21.24/SF
− Vacancy
−$29.7K −$2.66/SF
EGI
$208.1K $18.58/SF
− OpEx
−$83.2K −$7.43/SF
NOI
$124.9K $11.15/SF
Area
Lake County, OH
Vacancy
12.50%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
40.00%
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%
$2,497,380
Cap Rate 7%
$1,783,843
Cap Rate 9%
$1,387,433
Alternative Uses
Best Use
Healthcare Medical
$1.78M
$1.56M – $2.08M
NOI $124,869 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,043 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 44060, OH
60,360
Population
27,276
Households
2.2
Avg Household Size
47
Median Age
35%
College-Educated
96%
High-School Grad
39.9 sq mi
ZIP Area
1,513
Density / Sq Mi
$85,881
Median Household Income
$51,736
Median Earnings
$1,156
Median Rent
$227,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Two veterinary hospital properties in Mentor are 100% leased on triple-net terms.
Where is this medical center located?
The property is located at 6231 Reynolds Rd Mentor, OH.
What is the asking price?
The asking price for this property is $2,062,000.
What are key features of this property?
This property features: Two veterinary hospital properties in Mentor, Ohio: Brightwood Animal Hospital and Mentor Animal Hospital; Both properties are 100% leased on triple‑net (NNN) terms to National Veterinary Associates and two local tenants; NNN leases include 2% annual rent increases
