Cascade Animal Clinic 121 S Ferry Ave 4,306 SF Retail Building Monroe, WA 98272 $1,570,000 ($364.61/SF) 7.21% Cap Rate

Marcus & Millichap is pleased to offer for sale 121 S Ferry Ave, a 4,306 SF single tenant veterinary clinic in Monroe, WA, fully occupied by National Veterinary Associates (NVA), dba Cascade Animal Clinic. The property is offered at $1,570,000 reflecting a 7.20% cap rate and $364.61 per square foot, with a current NOI of $113,156. The tenant operates under a double net (NN) lease running through September 2028, with a full corporate guarantee. Annual rent escalations are the greater of 2% or CPI. Landlord expense responsibility is limited to roof and structural replacement only, and the tenant is responsible for utilities, repairs & maintenance, insurance, and real estate taxes.
Monroe is located approximately 30 miles northeast of Seattle at the convergence of US Route 2, SR 522, and SR 203, serving as the primary commercial hub for over 90,000 Skykomish Valley residents. The property sits within a growing downtown corridor where the city is actively incentivizing commercial development, and ongoing WSDOT investment to expand both SR 522 and US Route 2 reinforces Monroe's long term regional connectivity.
Cascade Animal Clinic has served Monroe and the Sky Valley for over 35 years, building deep community roots and a loyal patient base that would be costly for any operator to replicate. The clinic operates with five active DVMs across four exam rooms, a real capacity constraint that strengthens renewal probability, with three distinct onsite paths to expand the clinical footprint further. The sale also includes a transferable parking easement on the adjacent parcel, conveying with the deed to the incoming owner, a meaningful operational benefit for a clinic already near full capacity.
NVA operates approximately 1,400 locally branded general practice hospitals, equine practices, and pet resorts across the US and Canada, making it one of the largest veterinary networks in the world. Founded in 1997, NVA has grown exponentially since its 2019 acquisition by JAB Holding Company, expanding from roughly 500 to over 1,300 locations. JAB Holding Company is a Luxembourg based private investment firm controlled by the Reimann family, with a global portfolio spanning consumer brands, food and beverage, and pet care. JAB is actively preparing NVA for IPO, an institutional commitment that offers even higher lease strength for any acquirer of this asset.