Wednesday, December 17, 2008

Top 9 Commercial Properties Among 340+ 12-11-08

  1. PT’s Tavern in Las Vegas, NV: 6000 SF yrs old free-standing tavern on .87 ac parcel. 100% NNN leased by Golden Tavern Group, the largest operator of taverns in NV with 44 locations. NOI $204K/yr with up to 3% annual rent increase. $2.6M. 7.85% cap.
  2. Shopping center in Mesa, AZ: 62,672 SF shopping center on 8 ¼ acres lot in a fast growing city (37% growth within 1 mile). Great visibility with all units facing the main road. 96% leased. NOI $429K/yr. $5.368M. 8% cap. Only $85/SF!
  3. Liquor Store in Colorado Springs, CO: 25,000 SF single-tenant retail store as part of a new larger shopping center in a growing city. 100% long term NNN leased. NOI $277K/yr. $3.75M. 7.5% cap.
  4. Single tenant retail in Fresno, CA: 8000 SF single-tenant store on .7 ac pad. 100% NNN leased by a local specialty furniture store. NOI $115K/yr. $1.195M. 9.64% cap.
  5. Shopping Plaza in Moreno Valley, CA: 23,692 SF multi-tenant retail center built in 1989 in a fast growing city in Riverside county. Anchored by Cadena’s Market with 23 locations in Southern CA. 100% NNN leased. NOI not avail. $4.95M.
  6. Sonic restaurant in Orem, UT: 1796 SF restaurant at a lighted intersection in a growing Salt Lake city metro. New 20 yrs NNN lease by operators with 112 locations. NOI $118K/yr with 10% rent bump every 5 yrs. $1.697M. 7% cap.
  7. Zaxby’s restaurant in Jacksonville, FL: 3438 SF casual restaurant with over 380 locations. Built in 2001 on 1.15 acres lot close to I-95. New 10 yrs NNN lease with personal guaranties from 2 operators with over $7.4M of net worth. NOI $131K/yr. $1.688M. 7.77% cap.
  8. Sam Seltzer’s Steakhouse in St Petersburg, FL: 9000 SF steakhouse on 1.5 acres parcel. 100% NNN leased till 2015 by an operator with 6 locations in FL. NOI $112K/yr. $1.5M. 7.5% cap.
  9. Crown Wine & Spirits in Boca Raton, FL: 8750 SF single-tenant trophy property on .86 ac lot in a wealthy (AHI $162K/yr) Palm Beach city. New 15 yrs NNN lease by a tenant with 30 locations in FL. NOI $180K/yr. with 1.5% annual rent increase. $2.25M. 8% cap. Great property!

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