Veterinary Medical
New
For Sale
$985,000
3451 Hubbell Ave, Des Moines, IA 50317
Freestanding veterinary care facility with an NN lease structure and a five-year renewal option.
Property Size4,000 SF
Price / SF$246.25
Days on Market2
Property Features for 3451 Hubbell Ave
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NN
Additional Details
Cap Rate
7.75%
Amenities
MPH has Over 840 Locations Across the U.S.
Double-Net (NN) Lease Offers Investor Minimal Landlord Obligations
MPH Has 5.7 Years of Term Remaining with One, Five-Year Renewal Option
Lease Features a Multi-Unit Subsidiary Guarantee that is Backed By Two (2) Hospitals
The Pet Industry Expenditure Exceeds $154 Billion
Building Details
Building Size
4,000 SF
Tenancy
Single
Listed By:
Jon Ruzicka · License #License(s) IA: B63379000
(952) 852-9700
Source:
Marcusmillichap
Added: Sep 22
Last Checked: Sep 22 at 1:38PM
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 Jon Ruzicka
Investment Insights
Based on property information with market context.
Located at 3451 Hubbell Ave in Des Moines, Iowa, this 4,000-square-foot veterinary care facility is associated with Mission Pet Health, which operates more than 840 locations across the United States. The property is structured under a Double-Net (NN) lease, with approximately 5.7 years remaining and one five-year renewal option.
The facility serves a trade area with more than 124,000 residents within a five-mile radius. That population is projected to increase by approximately 3.5 percent over the next five years. The property is positioned within the U.S. pet care sector, where annual consumer spending exceeds $154 billion.
The facility serves a trade area with more than 124,000 residents within a five-mile radius. That population is projected to increase by approximately 3.5 percent over the next five years. The property is positioned within the U.S. pet care sector, where annual consumer spending exceeds $154 billion.
Key Highlights
- 4,000‑square‑foot veterinary care facility
- Double‑Net (NN) lease structure
- Approximately 5.7 years of remaining lease term
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
$52,704
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
5.35%
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%
$1,054,080
$1.1M
Cap Rate 7%
$752,914
$752.9K
Cap Rate 9%
$585,600
$585.6K
Market Conditions
NOI Build-Up for 4,000 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
$87.8K $21.96/SF
− Vacancy
−$17.6K −$4.39/SF
EGI
$70.3K $17.57/SF
− OpEx
−$17.6K −$4.39/SF
NOI
$52.7K $13.18/SF
Area
Des Moines, IA
Vacancy
20.00%
Lease Rate
$21.96 /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%
$1,054,080
Cap Rate 7%
$752,914
Cap Rate 9%
$585,600
Alternative Uses
Best Use
Office B
$752.9K
$658.8K – $878.4K
NOI $52,704 @ 7.0% cap · market cap 5.35%
Second Best
Healthcare Medical
$662.4K
$579.6K – $772.8K
NOI $46,368 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$985.1K
$862.0K – $1.15M
NOI $68,959 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 50317, IA
37,221
Population
15,193
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
87%
High-School Grad
22.1 sq mi
ZIP Area
1,684
Density / Sq Mi
$61,569
Median Household Income
$36,641
Median Earnings
$1,079
Median Rent
$165,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Des Moines, IA
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Frequently Asked Questions
What type of property is this?
Medical center - Freestanding veterinary care facility with an NN lease structure and a five-year renewal option.
Where is this medical center located?
The property is located at 3451 Hubbell Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 4,000‑square‑foot veterinary care facility; Double‑Net (NN) lease structure; Approximately 5.7 years of remaining lease term
