Top 10 Properties Among 350+ 08-31-09

AHI: Avg Household Income

1. Walgreens in Houston, TX: 14,820 SF brand new drug store on 1.68 acres lot in a booming area with Hwy frontage. 20 yrs NNN lease. NOI $316K/yr. $4.358M. 7.25% cap.
2. Medical Building in Myrtle Beach, SC: 30,000 SF class-A medical office building constructed in 2001 next to South Strand Ambulatory Care Center in a growing coastal city. 65% lease with actual NOI of $284K/yr. $3.65M. 7.8% actual cap. Upside potential when 100% leased.
3. Apartments in Irving, TX: 94-unit 2-story apartment complex built in 1980 on 2.75 acres lot in a good area in Dallas metro. NOI $307K/yr. $3.825M. 8.05% cap. Just over $40K/unit.
4. Office Building in Fort Lauderdale, FL: 18,000 SF story office building on a highly visible location in a wealthy area with AHI over $118K/yr. 100% leased with 7 yrs remaining by Merrill Lynch, a subsidiary of Bank of America with strong S&P rating of A. NOI $350K/yr. $4.375M. 8.04% cap.
5. Walgreens in Orange Park, FL: 15,420 SF drug store built in 2002 on 1.43 acres hard corner lot in a fast growing upper middle-class Jacksonville suburb. 100% NN leased. NOI $343K/yr. $4.208M. 8.15% cap.
6. Joe’s Crab Shack in Fairview Heights, IL: 7076 SF franchised seafood restaurant with 120 locations in 28 states. On ¾ acre parcel near I-64 and St Clair Square Mall in St Louis suburb. 20 yrs NNN corp lease. NOI $117K/yr with 10% rent bump every 5 yrs. Price reduced to $1.178M. 10% cap.
7. Shopping Center in Pasadena, TX: 18,940 SF strip center on a corner lot in Houston metro. Anchored by Sherwin Williams Paint. 100% NNN leased by 6 tenants. NOI $201K/yr. $2.2M. 9.12% cap.
8. Walgreens in Daytona Beach, FL: 13,905 SF drug store on 1.56 acres parcel. 100% NN lease with 8 yrs remaining. NOI $226K/yr. $2.65M. 8.54% cap.
9. Days Inn in San Bernardino, CA: 50-unit motel near I-10 exit in a growing and high income area. NOI $504K/yr. $4.2M. 12% cap.
10. AppleBee’s in Lewisville, TX: 5911 SF franchised restaurant built in 2005 on 1.25 acres lot at the entrance to 1 Million SF Vista Ridge Mall just off I-35 exit. 100% NNN lease by an operator with 27 stores. NOI $244K/yr. $2.88M. 8.5% cap.
    
    © Copyright Transmercial 2009. All rights reserved.