Top 5 properties of 04-17-09

eFunding--Commercial Real Estate Investments recently closed 2 transactions in which it represented the buyers:
1. $1.65M Urgent care center in Raleigh, NC.
2. $950K Goodyear auto service center in Morgan Hills, CA.

1. Medical building in Vancouver, WA: 7830 SF single-tenant medical building constructed in 2005. 100% NNN leased till 2021 by Pacific Cataract & Laser Institute with 13 locations in 5 states. NOI $184K/yr. $2.5M. 7.36% cap.
2. Rite Aid in Stockbridge, GA: 10,908 SF drug store on 1.5 aces corner lot close to I-75 in fast growing Atlanta suburb. Surrounded by more than 945,000 SF of retail space: Wal-Mart, Publix, Walgreen, CVS, Dollar General, Wachovia, Suntrust Bank, RBC Centura Bank, Starbucks, Outback, Wendy's and more. 100% NNN leased till 2017. NOI $193K/yr. $2.095M. 9.25% cap.
3. El Patio restaurant in Fremont, CA: 8582 SF restaurant in a middle-class Silicon Valley suburb with AHI over $100K/yr. 10 yrs NNN lease. NOI $228K/yr. $2.81M. 8% cap.
4. Mahogany Steakhouse in Omaha, NE: 6620 SF restaurant built in 2005 on 1.9 acres lot in a growing and very wealthy area with AHI over $149K/yr. 100% NNN leased by an experienced operator till 2022. NOI $283K/yr. $3.324M. 8.75% cap. Note: NE is the financially happiest state in the US according ABC News.
5. Brass Armadillo Antique mall in Phoenix, AZ: 40,000 SF single-tenant building on over 4 acres parcel just off I-17. 10 yrs NNN lease by a antique mall chain with 5 locations in 5 states. The mall attracts over 630 antique vendors which means it’s a good & stable business which also means investors with get the rent. NOI $245K/yr. $2.576M. 9.5% cap. Note: looks like this property with 4 acres of land is worth a lot more than the asking price.
   
   © Copyright eFunding Inc. 2009. All rights reserved.