Top 10 Properties Among 370+ on 08/03/09

1. Quality Inn in Sacramento, CA: 132-unit motel on 2.45 acres lot near I-80 exit. Currently [mis]-managed by an absentee owner. NOI $536K/yr. at 48% occupancy and $62 daily average rate. $6.7M. 8% cap. Just over $50K/unit. Potential upside if better managed.
2. Retail Center in Omaha, NE: 17,790 SF retail center on 1.43 acres parcel. 100% leased by 3 national tenants: Firestone Auto Care, O’Reilly Auto Parts and Subway. NOI $92K/yr. $1.025M. 9% cap.
3. Del Taco restaurant in Lehi, UT: 2729 SF brand new Mexican franchised fast food restaurant on ¾ ac parcel in a booming South of Salt Lake City. 20 yrs absolute NNN lease by the #1 Del Taco franchisee. NOI $166K/yr with 10% rent bump each 5 yrs. $2.075M. 8% cap.
4. Walgreens in Clovis, CA: 14,490 SF drug store on a corner lot just Off Hwy 168 in Fresno metro with excellent demographics. NOI $310K/yr. $4.134M. 7.5% cap.
5. Neighborhood Center in Irving, TX: 41,891 SF neighborhood shopping center on 5.28 acres lot in a middle class Dallas metro. 100% leased. NOI $568K/yr. $6M. 9.47% cap.
6. Urgent Care Center in Annapolis, NC: 6000 SF free standing urgent care medical center in Charlotte suburb. 100% NNN leased by NextCare Urgent care. NOI $144K/yr with strong 2.5% annual rent bump. $1.515M. 9.5% cap. Recession-insensitive tenant.
7. Family Dollar Store in Dover, FL: brand new 9180 SF single-tenant retail store on 1.2 acres lot in Tampa metro. New 10 yrs NNN lease. NOI $163K/yr. $1.849M. 8.85% cap. Recession-resistant tenant.
8. TX Land & Cattle Steakhouse in Plano, TX: 7479 SF franchised restaurant on 1.59 acres parcel on a major artery in an affluent Dallas suburb with AHI over $102K/yr. 15 yrs absolute corp lease. NOI $269K/yr with 2% annual rent bump. $2.228M. 11% cap.
9. Church’s Chicken restaurant in Nashville, TN: 3744 SF fast food restaurant on .79 ac parcel. New 15 yrs absolute NNN lease with corp guaranty. NOI $60K/yr. with 1.5% annual rent increase. Only $705K. 8.5% cap.
10. Aaron’s Rent in Sacramento, CA: 7515 SF 2-yrs old single-tenant retail center. 100% NNN leased by a national tenant Aaron Rent, Inc. (NYSE RNT) till 2018. NOI $108K with rent increase to $113K/yr in 2013. Price reduced to $1.45M. 7.45% cap. Seller motivated.
    
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