500 Paddock Way Irving, TX 75039

Property Details for 500 Paddock Way

Year built

1986

Lot size

2.58 lot acres

Property size

17,845 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a fully leased, 17,845 square foot veterinary imaging facility situated on 2.58 acres in Irving, Texas. The property, built in 1986 and featuring three buildings, boasts a 100% occupancy rate with a strong, creditworthy tenant, Altano Group, a global leader in equine clinics with over 70 locations across 10 countries. The current lease, an absolute NNN structure with annual CPI increases, commenced June 1, 2021, and expires May 31, 2031, with a single 5-year renewal option. The property generates a substantial NOI of $162,630, representing a 6.75% cap rate and a price per square foot of $135. The tenant operates a state-of-the-art imaging center, including a rare 3 Tesla MRI system, providing services for various animal species. The prime location along E Royal Ln and Riverside Dr offers high visibility to approximately 30,000 vehicles per day in an affluent area with average household incomes exceeding $105,000 within a 3-mile radius. The property benefits from its proximity to major transportation arteries (I-35, I-635, and Route 348), as well as numerous retail amenities and healthcare facilities. This investment offers secure, long-term cash flow within a recession-resistant industry, backed by a globally recognized parent company. The property's strong fundamentals and location within the thriving Dallas-Fort Worth metroplex make it an attractive opportunity for discerning investors.