NNN Veterinary
New
For Sale
$2,012,582
477 Briargate Dr, South Elgin, IL 60177
Veterinary healthcare facility with a long-term NNN lease and contractual annual rent escalations.
Property Size5,500 SF
Days on Market3
Property Features for 477 Briargate Dr
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Commercial
Lease Term
± 9.69 Years
Net Operating Income
$140,881
Additional Details
Highway Access
Yes
Building Details
Building Size
5,500 SF
Year Built
2005
Tenancy
Single
Listing Agency:
Matthews Real Estate Investment Services
(949) 662-2256
Listed By:
Andrew Evans · License #02055475 (CA)
(949) 662-2256
Source:
Matthews
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 2:23AM
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 Matthews Real Estate Investment Services
Investment Insights
Based on property information with market context.
This veterinary hospital at 477 Briargate Drive is subject to an NNN lease with just under 10 years remaining. Contract terms include 2% annual rent increases and one five-year extension option. Mission Pet Health is identified as the national platform operator supporting the animal hospital.
The property is in South Elgin within the Chicago MSA, near Randall Road, Route 31, and I-90. The surrounding area includes established retail, dense residential development, national retailers, and daily-needs traffic drivers. The lease structure assigns minimal landlord responsibilities during the remaining term.
The property is in South Elgin within the Chicago MSA, near Randall Road, Route 31, and I-90. The surrounding area includes established retail, dense residential development, national retailers, and daily-needs traffic drivers. The lease structure assigns minimal landlord responsibilities during the remaining term.
Key Highlights
- Just under 10 years remaining on the NNN lease
- 2% annual rent escalations built into the lease
- One (1), five (5) year option to extend the lease
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
$76,424
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
3.80%
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%
$1,528,480
$1.5M
Cap Rate 7%
$1,091,771
$1.1M
Cap Rate 9%
$849,156
$849.2K
Market Conditions
NOI Build-Up for 5,500 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
$138.6K $25.20/SF
− Vacancy
−$11.2K −$2.04/SF
EGI
$127.4K $23.16/SF
− OpEx
−$50.9K −$9.26/SF
NOI
$76.4K $13.90/SF
Area
Kane County, IL
Vacancy
8.10%
Lease Rate
$25.20 /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%
$1,528,480
Cap Rate 7%
$1,091,771
Cap Rate 9%
$849,156
Alternative Uses
Best Use
Healthcare Medical
$1.09M
$955.3K – $1.27M
NOI $76,424 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,923 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 60177, IL
24,361
Population
8,700
Households
2.8
Avg Household Size
37
Median Age
38%
College-Educated
91%
High-School Grad
8.9 sq mi
ZIP Area
2,737
Density / Sq Mi
$123,700
Median Household Income
$59,266
Median Earnings
$1,612
Median Rent
$296,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Veterinary healthcare facility with a long-term NNN lease and contractual annual rent escalations.
Where is this nnn property located?
The property is located at 477 Briargate Dr South Elgin, IL.
What is the asking price?
The asking price for this property is $2,012,582.
What are key features of this property?
This property features: Just under 10 years remaining on the NNN lease; 2% annual rent escalations built into the lease; One (1), five (5) year option to extend the lease
