VetCor NNN Veterinary
For Sale
Contact for pricing
27 13th Avenue Northeast, Hickory, NC 28601
Veterinary-use property in Hickory occupied under a Triple Net lease.
Property Size7,123 SF
Price / SF$163.88
Days on Market19
Property Features for 27 13th Avenue Northeast
General Information
Standard status
Active
Size
7,123 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$81,713
Building Details
Year Built
1953
Year Renovated
2023
Tenancy
Single
Listing Agency:
Sands Investment Group Los Angeles
(844) 474-4666
Listed By:
Chris Sands · License #CA 01387583
Source:
Crexi
Added: Jul 29
Changed: Aug 11
Last Checked: Aug 14 at 8:12AM
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 Sands Investment Group Los Angeles
Investment Insights
Based on property information with market context.
This 7,123-square-foot NNN property at 27 13th Avenue Northeast in Hickory, North Carolina, is occupied by VetCor for veterinary operations. The tenant has operated at the site since 2023, and the lease is structured on a Triple Net basis. The building was constructed in 1953.
VetCor is identified as one of North America's largest veterinary operators, with more than 900 locations, and is backed by leading institutional investors. The property combines an established veterinary use with an in-place NNN lease and a recognizable operating tenant.
VetCor is identified as one of North America's largest veterinary operators, with more than 900 locations, and is backed by leading institutional investors. The property combines an established veterinary use with an in-place NNN lease and a recognizable operating tenant.
Key Highlights
- 7,123‑square‑foot NNN property
- Occupied by VetCor for veterinary operations
- Tenant has operated at the site since 2023
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
$94,045
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
8.06%
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%
$1,880,900
$1.9M
Cap Rate 7%
$1,343,500
$1.3M
Cap Rate 9%
$1,044,944
$1.0M
Market Conditions
NOI Build-Up for 7,123 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
$153.9K $21.60/SF
− Vacancy
−$28.5K −$4.00/SF
EGI
$125.4K $17.60/SF
− OpEx
−$31.3K −$4.40/SF
NOI
$94.0K $13.20/SF
Area
Catawba County, NC
Vacancy
18.50%
Lease Rate
$21.60 /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%
$1,880,900
Cap Rate 7%
$1,343,500
Cap Rate 9%
$1,044,944
Alternative Uses
Best Use
Office B
$1.34M
$1.18M – $1.57M
NOI $94,045 @ 7.0% cap · market cap 8.06%
Second Best
Healthcare Medical
$1.10M
$958.2K – $1.28M
NOI $76,654 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,651 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 28601, NC
53,973
Population
23,400
Households
2.3
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
47.1 sq mi
ZIP Area
1,146
Density / Sq Mi
$67,839
Median Household Income
$41,697
Median Earnings
$951
Median Rent
$236,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Veterinary-use property in Hickory occupied under a Triple Net lease.
Where is this nnn property located?
The property is located at 27 13th Avenue Northeast Hickory, NC.
What is the asking price?
The asking price for this property is $1,167,328.
What are key features of this property?
This property features: 7,123‑square‑foot NNN property; Occupied by VetCor for veterinary operations; Tenant has operated at the site since 2023
