Building Details

Year Built 1989

Year Renovated 2018

Tenancy Single

Listing Agency: Marcus & Millichap - Cleveland

Listed By: William Skoch · License #OH #SAL.2021008491 Show Phone

Source: Crexi

Added: May 27 Changed: Aug 8 Last Checked: Jul 25 at 8:11AM

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Investment Insights

Based on property information with market context.

The Hilton Veterinary Care Hospital is a single-tenant veterinary care facility built in 1989 and renovated in 2018. The property totals 6,634 square feet and has undergone multiple improvements over time, including two new HVAC units for the reception area in 2019, a new generator in 2020, and new state-of-the-art flooring scheduled for the beginning of 2026. The hospital currently supports five practicing veterinarians providing a range of veterinary services.

Mission Pet Health Partners (MPH), formerly known as Mission Veterinary Partners (MVP), has practiced in Hilton since 2021 and is the 100% tenant. The original 10-year lease term has 5.6 years remaining, with one 5-year renewal option. The lease is structured as a double-net (NN) arrangement with two percent annual rent increases. Staff parking is provided through 12 spots from the neighboring Cilo Lodge.

Ownership and lease structure are supported by a long-term operator platform, with MPH recently merged with SVP into a larger network of veterinary hospitals. The property also benefits from regional access, with Hilton located 16 miles northwest of Rochester.

Key Highlights

• Single‑tenant veterinary care hospital built in 1989 and renovated in 2018
• 100% leased to Mission Pet Health Partners (MPH), formerly Mission Veterinary Partners (MVP)
• MPH lease includes 5.6 years remaining on original 10‑year term with one 5‑year renewal option

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

$76,483

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

3.84%

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%

$1,529,660 $1.5M

Cap Rate 7%

$1,092,614 $1.1M

Cap Rate 9%

$849,811 $849.8K

Market Conditions

NOI Build-Up for 6,634 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

$145.7K $21.96/SF

− Vacancy

−$18.2K −$2.75/SF

EGI

$127.5K $19.22/SF

− OpEx

−$51.0K −$7.69/SF

NOI

$76.5K $11.53/SF

Area

Monroe County, NY

Vacancy

12.50%

Lease Rate

$21.96 /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%

$1,529,660

Cap Rate 7%

$1,092,614

Cap Rate 9%

$849,811

Alternative Uses

Best Use

Healthcare Medical

$1.09M

$956.0K – $1.27M (±1% cap)

NOI $76,483 @ 7.0% cap · market cap 3.84%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.27M

$1.11M – $1.49M (±1% cap)

NOI $89,147 @ 7.0% cap · market cap 4.48%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Hilton Veterinary Care ... Veterinary Clinic Susan Cousins, D.V.M. Veterinary Clinic

Suggested Use

Top Pick Law Firm Building Supply Bakery Auto Parts Store (Bike/Boat/Book/etc) Store Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

283

Businesses Nearby

Explore this area Business Placement

Demographics for 14468, NY

19,174

Population

7,245

Households

2.6

Avg Household Size

44

Median Age

35%

College-Educated

96%

High-School Grad

52.6 sq mi

ZIP Area

365

Density / Sq Mi

$97,476

Median Household Income

$50,399

Median Earnings

$1,160

Median Rent

$213,900

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this medical centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical center - Single-tenant veterinary hospital built in 1989, renovated in 2018, leased on a double-net basis to MPH.

Where is this medical center located?

The property is located at 251 East Avenue Hilton, NY.

What is the asking price?

The asking price for this property is $1,990,000.

What are key features of this property?

This property features: Single‑tenant veterinary care hospital built in 1989 and renovated in 2018; 100% leased to Mission Pet Health Partners (MPH), formerly Mission Veterinary Partners (MVP); MPH lease includes 5.6 years remaining on original 10‑year term with one 5‑year renewal option