Top 7 Retail Properties of 03-04-09

1. Checker Auto Parts in Colorado Springs, CO: 7000 SF Auto parts store on an outparcel to Lowe’s in wealthy area with AHI over $105K/yr. 15 yrs NN lease. NOI $133K/yr with 10% rent increase every 5 yrs. $1.797M. 7.4% cap. Recession insensitive tenant.
2. Shopping center in Los Angeles, CA: 18,404 SF 2-story shopping/office center in a densely-populated area with 800K residents within 5 miles radius.97% occupied. NOI $249K/yr. 8% cap.
3. Popeye’s in Tampa, NC: 2157 SF chained restaurant on 1.33 acres lot across the street from Walmart in a stable and high income city. 30 yrs NNN lease with 5 yrs remaining from the largest Popeye’s franchisee with 160 locations. NOI $58K/yr with 10% rent increase in 2010. Only $706K. 8.25% cap.
4. Retail center in Glendale, AZ: 12,388 SF retail building developed in 2003 across the street from Arrowhead Towne Center Mall in a fast growing and middle class Phoenix suburb. 100% NNN leased by 2 good tenants: Goodyear Tire and Boot Barn. NOI $187K/yr. $2.435M. 7.7% cap.
   
   Below are 3 regional chained restaurants (with 70 locations in the US) located at the entrance (super premium location) to 3 regional malls in Florida.
   · The rent to revenue ratio is low which means the locations are very profitable and thus should be able to pay the rent.
   · The cap is high, 9% which mean you should get very strong returns.
   · All 3 properties have new 20 yrs absolute NNN lease with 1.75% annual rent increase. If you make a 10% cap offer, there is a good chance the seller may accept it.
   · Last but not least, eFunding may be able to get financing from an international bank which is a good news in this tight credit market.

1. Smokey Bones Barbeque & Grille in Tampa, FL: 8200 SF restaurant built in 2002 on 1.8 acres lot at the entrance to 150-store Westfield Citrus Park Mall. NOI $271K/yr. $3.01M. 9% cap.
2. Smokey Bones Barbeque & Grill in Brandon, FL: 6900 SF restaurant built in 1991 on 2.13 acres lot at the entrance of 974,000 SF Westfield Brandon Town Center in a fast growingTampa suburb. NOI $242K/yr. $2.698M. 9% cap.
3. Smokey Bones Barbeque & Grille in Orlando, FL: 7680 SF restaurant on 1.67 acres lot at the entrance to Waterford Lakes Town Mall in a booming (102% since 2000) Orlando. NOI $244K/yr. $2.71M. 9% cap.
   
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