SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a multi-tenant investment property located in Minden, Nevada. The asset is comprised of three freestanding buildings across 5.02 acres. The site is 100% occupied and contains an e-commerce resistant lineup of pet/medical tenants including NVA Hospital d.b.a Carson Valley Veterinary Hospital, Carson Valley Kennels & Grooming, and Kelsey’s Groom Shop. The anchor tenant, Carson Valley Veterinary Hospital, is a wholly owned subsidiary of NVA Hospital and recently signed a 5-year lease extension, demonstrating their commitment to the site. Carson Valley Veterinary hospital employs 14 veterinarians and is in the top 10 of hospitals within the nationwide NVA network. The hospital is the biggest private practice veterinary hospital in Northern Nevada and is the busiest employing the most doctors in the area. Along with serving Minden, the hospital pulls clients from all over the region including Lake Tahoe, Mottsville, Sheridan, Dresslerville, Fredericksburg, Gardenville, Carson City, Reno and more. Each lease features annual rental increases throughout the initial term and option periods based on CPI, steadily growing NOI and hedging against inflation. A brand-new parking lot was installed in 2017 along with new HVAC units in the hospital building last year, limiting potential short-term capital expenditures for a new investor.
The asset is strategically located along State Highway 88, a major retail and commuter thoroughfare averaging 12,000 vehicles passing by daily. The site is equipped with a large monument sign, creating excellent visibility along State Highway 88. The property is ideally located less than 2 miles south of Ironwood Shopping Center, a 39,600 SF shopping center anchored by Dollar Tree and Ironwood Stadium Cinema 8. Nearby national/credit tenants include Rite Aid, Grocery Outlet, AutoZone, Walgreens, O’Reilly Auto Parts, Tractor Supply Co., and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover retail exposure for the site. Furthermore, there is extremely limited competition in the surrounding 5-mile area with the asset being of one of only two veterinary hospital options for the city of Minden. Additionally, the asset is surrounded by several apartment complexes including Pebble Creek Apartments (50 units), Crestmore Village (80 units), and Rancho Vista Apartments (36 units), providing a direct consumer base from which to draw. The 5-mile trade area is supported by more than 25,000 residents and 11,400 daytime employees with an average household income of $75,100. Minden is also a quick 20 minute drive east of Lake Tahoe, a major tourist destination that sees more than 20 million visitors annually.