Top 8 Properties of 04-02-09

1. Strip mall in Dublin, CA: 8420 SF Starbucks strip mall built in 2006 on .6 ac parcel just off I-680 in a high income (AHI $122K/yr) Bay area. 100% NNN leased by 5 tenants. NOI $280K/yr. $4M. 7% cap.
2. Starbucks in Houston, TX: 1740 SF brand new Starbucks on .6 acre parcel on I-45 in SE Houston. 10 yrs NNN corp lease. NOI $86K/yr with 10% rent bump every 5 yrs. $1.147M. 7.5% cap.
3. Wendy’s in Jacksonville, FL: 3202 SF franchised restaurant built in 2000 on .93 ac just off I-95. 20 yrs absolute NNN lease from an experienced franchisee with 69 stores. Location with strong sales of over $1M/yr. NOI $79K/yr with CPI-based annual rent increase. $1.05M. 7.5% cap.
4. Popeye’s Chicken & Biscuits in Randallstown, MD: 2300 SF restaurant on ½ acre lot on a major artery in Baltimore suburb. 20 yrs NNN lease froma 29-unit operator with over $28M in annual revenue. NOI $104K/yr. $1.216M. 8.55% cap.
5. Applebee’s in Tucson, AZ: 5033 SF restaurant built in 2001 on 1.13 acres lot on a major East West artery. New 15 yrs NNN lease from the 8-th largest restaurant franchisee with 95 restaurants and 7500 employees. NOI $180K/yr. Store with strong sales of over $2.4M/yr. $2.32M which means tenant should be profitable to pay rent. 7.75% cap.
6. Walgreens in Mesa, AZ: 15,525 SF drug store on 1.8 acres corner lot. Long term NNN lease. NOI $231K/yr. $2.8M. 8.25% cap.
7. Strip center in Lomita, CA: 3750 SF 3-unit strip mall shadow anchored by Albertsons supermarket. 2 units leased with 1 small unit available. Proforma NOI $75K/yr. Only $997K. 7.5% cap.
   · Excellent visibility: Pacific Coast highway frontage.
   · Great location: in a stable, densely-populated (over 400K resident within 5 miles) and strong income (AHI over $94K/yr).
8. Single-tenant retail in Richmond, VA: 5400 SF free-standing building as a part of a larger power shopping center anchored by 82,000 SF Kohl’s and 63,000 SF Ukrops’ grocery store. New 10 yrs NNN leased by Lane Bryant, a brand name tenant. NOI $140K/yr. $1.4M. 10% cap.
   
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