Single-Tenant Veterinary
For Sale
$1,570,000
121 S Ferry Ave, Monroe, WA 98272
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 Market46
Property Features for 121 S Ferry Ave
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Single-Tenant Office Medical
Occupancy
100%
Lease Type
NN
Additional Details
Cap Rate
7.2%
Highway Access
Yes
Amenities
Double-Net Lease | Corporate Guarantee | Landlord Only Responsible for Roof and Structure
Greater of 2 Percent or CPI Annual Escalations
Five Active DVMs
Building Details
Building Size
3,500 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 327-5424
Listed By:
Scott Barrow · License #License(s): CA: 02181418
(312) 327-5424
Source:
Marcusmillichap
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 22 at 3:41AM
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 - Chicago Downtown
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
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
$62,340
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
3.97%
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%
$1,246,800
$1.2M
Cap Rate 7%
$890,571
$890.6K
Cap Rate 9%
$692,667
$692.7K
Market Conditions
NOI Build-Up for 3,500 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
$95.8K $27.36/SF
− Vacancy
−$12.6K −$3.61/SF
EGI
$83.1K $23.75/SF
− OpEx
−$20.8K −$5.94/SF
NOI
$62.3K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,246,800
Cap Rate 7%
$890,571
Cap Rate 9%
$692,667
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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)
