Top 9 Properties of 03-24-09

1. Burger King in Niagara Falls, NY: 2471 SF restaurant across from Target in a tourist town. 100% absolute NNN corp lease with 14 yrs remaining from Carrols Corporation with 560 restaurants and over $750M in annual sales. NOI $113K/yr. $1.465M. 7.75% cap.
2. Denny’s in Sparks, NV: 9922 SF restaurant built in 2006 on 1.28 acres of land in a fast growing and high income Reno metro. New 20 yrs absolute NNN ground lease (you own the land and tenant owns the building). NOI $111K/yr with 10% rent bump every 5 yrs. $1.59M. 7% cap.
3. Office building in Austin, TX: 43,920 SF office building complex constructed in 1996 on 3 acres lot. 100% leased to the state of TX. NOI $264K/yr. $2.8M. 9.5% cap.
4. Buffalo Wild Wings restaurant in Weatherford, TX: 5800 SF restaurant on 1.5 acres parcel directly across a 400,000 SF brand new power center anchored by Target, Lowe’s, Kohl' s, Best Buy, Ross, PetSmart and Office Depot near Fort Worth. 10 yrs NNN ground lease (you own the land but if tenants does not renew the lease, you own both land and building) by Buffalo Wild Wing (NYSE: BWLD) with over 520 locations. NOI $80K/yr with 10% rent bump every 5 yrs. Only $970K. 8.25% cap.
5. Denny’s in Weatherford, TX: 5500 SF 24-hr restaurant on 1.5 acres lot across from 400,000 SF brand new regional shopping center West of Fort Worth. 20 yrs absolute NNN ground lease (you own the land but if tenants does not renew the lease, you own both land and building). NOI $85K/yr with 10% rent bump every 5 yrs. $1.097M. 7.75% cap.
6. Walgreens in Bel Air, MD: 12,649 SF brand new drug store on .91 ac lot in the growing and high income Baltimore suburb. 25 yrs absolute NNN lease. NOI $452K/yr. $6.156M. 7.35% cap. $4.6M financing available at low 6.12% interest.
7. Rare Office building in Orinda, CA: 12,807 SF office building in a very wealthy Bay Area with AHI over $190K/yr! 94% leased. NOI $249K/yr. $3.525M. 7.07% cap.
8. Office building in Denton, TX: 49,812 SF office building on 3.7 acres parcel in the Dallas suburb. 100% leased by to the State of Texas and Denton County Social Services Agencies with long-term leases. NOI $427K/yr. $4.75M. 9% cap.
9. Strip center in Campbell, CA: 7400 SF 7-unit strip center on the busy Bascom Ave. Projected NOI $199K/yr. $2.624M. 7.5% proforma cap.
   
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