Wednesday, November 12, 2008

Best Commercial Properties 11-11-08

  1. Strip center in Dallas, TX: 10,429 SF strip center built in 2005 on a outparcel to a shopping center anchored by Wal-mart and Sam’s club next to I-30. 100% NNN leased by 5 good national & regional tenants: Monarch Dental, Check into Cash, Foot Locker, Pizza Hut, and Metro PCS. NOI $212K/yr. $2.727M. 7.78% cap.
  2. Professional Building in Keller, TX: 22,400 SF upscale 2-story office building in a fast growing (56% growth since 2000) and affluent (AHI $115K/yr) Dallas suburb. 90% NNN leased. NOI $256K/yr. $3.2M. 8% cap.
  3. Fast Food restaurant in San Jose, CA: 1660 SF restaurant located at the corner of De Anza Blvd & Hwy 85. High AHI of $144K/yr. within 3 mile radius. Has short remaining lease term. Can be adapted to other usage. NOI $82K/yr. $1.375M.
  4. Burger King in Houston, TX: 2929 SF Burger King restaurant on 1 acre lot with I-10 frontage with over 144K cars per day. New 20 yrs absolute NNN lease by an operator with 50 locations. NOI $114K/yr. $1.579M. 7.25% cap.
  5. Medical office building in Jacksonville, FL: 22,429 SF class-A medical multi-tenant office building constructed in 1999 on 3.21 acres parcel in a stable and strong income area of city. Easy access to I-95. Anchored Océ Imagistics, an international company with $3.5B in revenue. 100% NNN leased with below market rent. NOI $228K/yr. $2.954M. 7.75% cap. Upside potential.

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