Top 8 Properties 11/09/09

NOI: Net Oper Income
AHI: Avg Household Income

1. Home Depot in Santa Clara, CA: rare 95,700 SF Home Depot built in 1989 on 6.92 acres corner lot in the heart of high-income Silicon Valley. 100% NNN leased. Home Depot has been here since 1989 and just renewed the lease till 2015. NOI $1.325M. $16.5M. 8.03% cap.
2. Wienerschnitzel restaurant in Tucson, AZ: 1593 SF restaurant built in 2001 on ½ ac. 20 yrs absolute NNN lease with 12 yrs remaining by an experienced operator. NOI $69K/yr. with 10% rent increase in 2011. $910K. 7.65% cap.
3. Arby’s in Peoria, AZ: 3100 SF restaurant built in 2001 on ¾ ac pad site to Home Depot and Sears in a growing area. 20 yrs absolute corp NNN lease with 12 yrs remaining. NOI $131K/yr with annual 1% rent bump. $1.749M. 7.5% cap.
4. Walgreens in Mesa, AZ: 15,525 SF drug store on 1.5 acres corner lot in Phoenix metro. 100% NNN lease with 5 yrs remaining. NOI $240K/yr. $2.026M. 11.8% cap.
5. Pizza Hut in Atlanta, GA: 4250 SF restaurant on a corner lot near Hwy 85/400 in a high income area. 15 yrs absolute NNN lease by an operator with 30 locations. NOI $137K/yr. with 10% rent bump every 5 yrs. $1.421M. 8% cap.
6. Retail Center in Haines City, FL: 8300 SF 3-unit retail center anchored by Tuffy Auto with 20-yr corp guaranted lease and 9.2% rent bump every 5 yrs. 85% NNN lease with 1 small vacant unit. Proforma NOI $167K/yr. $1.95M. 8.6% cap.
7. Strip Mall in Mill Creek, WA: 12,906 SF strip center built in 2006 on 1.2 acres as part of a 23-building 70-store lifestyle center in a thriving and high-income Seattle metro with AHI over $86K/yr. 100% NNN leased by 7 tenants. NOI $375K/yr. $4.95M. 7.6% cap. Buyer to assume $3.4M loan at low 6% interest.
8. Professional Center in Lake Worth, FL: 11,550 SF 2-story office building on 1 ac lot South of West Palm Beach. 95% leased. NOI $128K/yr. $1.55M. 8.3% cap.
   
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