Top 8 Proeprties 09-17-09

When is the best time to buyer commercial real estate?
Michael Bull, President of Bull Realty will answer this question. He echoes the same advice as Transmercial. He explains it in term of economic cycles. Please click here to read it from my blog.

1. Jiffy Lube in Pearland, TX: 4155 SF J1-yr old Jiffy Lube on 2 acres lot in a high-growth high-income (AHI 86K/yr) Houston suburb. 20 yrs absolute NNN lease from a major franchisee with 110 units in 3 states. NOI $151K/yr with 10% rent bump each 4 yrs. Price just reduced to $1.733M. 8.75% cap.
2. Applebee’s in Mission, KS: 5026 SF franchised restaurant built in 1997 on 1.4 acres parcel in a high income suburban Kansas City. Long term absolute NNN lease. NOI $163K/yr with 2% annual rent increase. $1.92M. 8.5% cap.
3. Just Brakes in Tampa, FL: 3800 SF car service center built in 2008 on ½ ac lot. 100% NNN leased with guaranty from a corp with over 150 stores. NOI $102K/yr. $1.2M. 8.5% cap.
4. CVS in Marietta, GA: brand new 12,900 SF drug store on 2 acres corner lot in a very wealthy (AHI $153K/yr) Atlanta suburb. 25 yrs NNN corp lease with no landlord responsibilities. NOI $351K/yr. $4.68M. 7.5% cap.
5. Rite Aid in Marietta, GA: 13,813 SF drug store built in 2003 on 1.5 acres corner lot on a major artery in a high income suburban Atlanta. Across the street from Publix Supermarkets anchored shopping center. 100% NNN leased till 2023. NOI $377K/yr. $3.678M. 10.25% cap.
6. Apartments Complex in Dallas, TX: 272-unit apartments complex built in 1985 on 7.77 acres lot. 82% occupied. NOI $982K/yr. Price reduced to $4.75M. 9% cap. GRM of 2.23. Just over $17K/unit!
7. Family Dollar store in Arlington, TX: 9180 SF single-tenant store built in 2005 on 1 acres lot in a fast growth, high income Dallas metro. 10 yrs NN lease with 6 yrs remaining. NOI $75K/yr. $915K. 8.3% cap. Recession-insensitive tenant.
8. Rite Aid in Concord, NC: 10,900 SF drug store built in 2002 on .94 acre outparcel to a Food Lion Grocery anchored shopping center. Great demographics: fast growth, high income (AHI $92K/yr) Charlotte metro. 100% NNN leased till 2022. NOI $227K/yr. $2.169M. 10.5% cap. Note: with 30% down, this property offer 17.5% total return!
   
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