Building Details

Year Built 2009

Stories 1

Tenancy Single

Listing Agency: Marcus & Millichap - Cleveland c***@marcusmillichap.com Show Phone

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

Source: Crexi

Added: May 12 Changed: Aug 30 Last Checked: Aug 30 at 1:17PM

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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 - Cleveland

Investment Insights

Based on property information with market context.

Built in 2009, this 9,564-square-foot equine hospital is configured for large-animal veterinary care, including diagnostics, reproduction, internal medicine, critical care, surgery, regenerative therapy, and non-surgical colic care. Seven practicing veterinarians support the facility’s clinical operations, and the property is zoned Commercial (NEC).

The building is fully leased to PetVet Care Centers, which has operated in Hortonville since 2020. The lease provides 9.79 years of remaining term and includes two additional five-year renewal options, with 2% annual rent increases. The double-net structure is designed to limit landlord obligations while maintaining an established healthcare tenancy.

The property is located at 651 Industrial Park Ave in Hortonville, Wisconsin, within the Appleton MSA. Its single-tenant configuration and specialized equine hospital improvements support continued use as a veterinary healthcare facility.

Key Highlights

• 9,564‑square‑foot equine hospital developed in 2009
• 100% leased to PetVet Care Centers
• 9.79 years of lease term remaining

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

$139,715

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

7.30%

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%

$2,794,300 $2.8M

Cap Rate 7%

$1,995,929 $2.0M

Cap Rate 9%

$1,552,389 $1.6M

Market Conditions

NOI Build-Up for 9,564 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

$249.0K $26.04/SF

− Vacancy

−$16.2K −$1.69/SF

EGI

$232.9K $24.35/SF

− OpEx

−$93.1K −$9.74/SF

NOI

$139.7K $14.61/SF

Area

Outagamie County, WI

Vacancy

6.50%

Lease Rate

$26.04 /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%

$2,794,300

Cap Rate 7%

$1,995,929

Cap Rate 9%

$1,552,389

Alternative Uses

Best Use

Healthcare Medical

$2.00M

$1.75M – $2.33M (±1% cap)

NOI $139,715 @ 7.0% cap · market cap 7.30%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.64M

$2.31M – $3.08M (±1% cap)

NOI $184,586 @ 7.0% cap · market cap 9.65%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Hospitals

Suggested Use

Top Pick Real Estate Agency Hair Salon Restaurant Electrical Service Law Firm Auto Parts 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.

Location Intelligence

Trade Area within ½ mile

79

Businesses Nearby

Explore this area Business Placement

Demographics for 54944, WI

9,380

Population

3,552

Households

2.6

Avg Household Size

41

Median Age

28%

College-Educated

97%

High-School Grad

68.9 sq mi

ZIP Area

136

Density / Sq Mi

$98,675

Median Household Income

$51,166

Median Earnings

$820

Median Rent

$318,400

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Hospital - Purpose-built veterinary facility occupied by an established national provider under a long-term lease.

Where is this hospital located?

The property is located at 651 Industrial Park Ave Hortonville, WI.

What is the asking price?

The asking price for this property is $1,913,000.

What are key features of this property?

This property features: 9,564‑square‑foot equine hospital developed in 2009; 100% leased to PetVet Care Centers; 9.79 years of lease term remaining