Investment Overview

Marcus & Millichap is pleased to present Small Animal Veterinary Emergency & Specialty (SAVES), a veterinary medical investment located at 63 Evans Drive in Lebanon, New Hampshire. The property consists of approximately 9,913 square feet of gross leasable area situated on a 2.74-acre parcel and was originally constructed in 2001. Featuring a multi-tenant configuration, the asset combines specialty veterinary services with complementary pet-related businesses, creating a diversified income stream and enhancing overall operational stability. SAVES is operated by Ethos Veterinary Health, one of North America’s leading veterinary specialty and emergency care providers, with more than 145 emergency and specialty hospitals across the continent. The lease is supported by a corporate guarantee from Ethos, which generates approximately $2 billion in annual revenue, providing investors with strong institutional credit support. Moreover, the facility serves as the only 24/7 emergency and specialty veterinary hospital in the Lebanon market, creating a highly defensible operating position with limited direct competition. Five practicing veterinarians provide a broad range of emergency, specialty, and advanced veterinary care services, supporting consistent demand throughout the region. In addition to SAVES, the property benefits from supplemental income generated by Paws 4 Training and a pet crematory operation, creating diversified revenue sources beyond the primary veterinary tenancy. The lease structure includes a combination of double-net (NN) and gross leases, providing minimal landlord responsibilities while maintaining stable cash flow characteristics. The SAVES lease currently has approximately 1.8 years remaining, with two five-year renewal options, while Paws 4 Training has approximately 1.5 years remaining on its current lease term. The veterinary industry continues to benefit from favorable long-term fundamentals, with annual pet industry expenditures exceeding $152 billion nationwide, driven by increasing pet ownership and continued growth in healthcare spending for companion animals. The property offers investors a unique opportunity to acquire a mission-critical veterinary facility anchored by a nationally recognized operator, complemented by additional income-generating tenants and supported by strong healthcare industry fundamentals.