Top 7 Properties of 10-09-09

NOI: Net Oper Income
AHI: Avg Household Income

1. Strip center in Sandy, UT: 7200 SF strip mall on 2/3 acre lot on a main road in a middle class town in Salt Lake City. 100% NNN 10-yrs leased by 2 tenants: Benjamin Moore Paints and Wallpaper Warehouse. NOI $120K/yr. $1.333M. 9% cap.
2. Brand new mixed used property in San Francisco, CA: 12,500 SF 3-story mixed use building under construction with 8 1200-SF residential units and 3000 SF retail as convenience store. Great demographics: over 700K residents within 5 mile ring and AHI of over $114K/yr. $1.6M.
3. Famous Dave’s restaurant in Metuchen, NJ: 6200 SF franchised restaurant near Menlo Park Mall in upper middle class suburbs of New York/Newark. 20 yrs NNN corp lease (NASDAG: DAVE). NOI $262K/yr. $2.625M. 10% cap.
4. Rite Aid in Palm Desert, CA: 17,272 SF 2-yr old drug store in an affluent Palm Desert trade area and across from Eisenhower Health Center. 20 yrs NNN lease. NOI $522K/yr. $6.5M. 8.03% cap.
5. 24 Hr Fitness Center in Bedford, TX: 40,000 SF fitness center on 3.2 acres parcel in a Dallas metro near freeways 121 & 183. 100% NNN lease with 6 yrs remaining. NOI $662K/yr. $6.3M. 10.5% cap. Buyer to assume existing loan at low 6.25% interest.
6. Macaroni Grill Italian restaurant in Orlando, FL: 7141 SF franchised restaurant on 1.9 acres parcel in a booming (102% since 2000) and high income area. 100% long term absolute NNN lease. NOI $269K/yr. $3.363M. 8% cap.
7. Earl Scheib Paint & Body in Long Beach, CA: 6330 SF free-standing building in a densely populated city in Los Angeles. 15 yrs absolute corp lease. NOI $85K/yr. 1M. 8.5% cap.
   
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