Top 9 Properties 10-26-09

1. Apartments Complex in San Diego, CA: 27-unit apartments built in 1987 with 15 2-br and 12 1-br units in a densely populated City Heights. Gross revenue of $247K/yr. $1.9M. 7.17% cap.
2. Advance Auto Parts in Jacksonville, FL: 7000 SF single-tenant retail center built in 2007 on 1.44 acres near Publix Supermarkets, Food Lion, IHOP, Wal-mart. 15 yrs NNN lease with 12 yrs remaining. NOI $123K/yr. $1.55M. 7.94% cap.
3. Burger King in Waukegan, IL: 3100 SF restaurant on .4 ac parcel in North Chicago. 100% absolute NNN lease with 15 yrs remaining by a successful franchisee. NOI $149K/yr. $1.995M. 7.5% cap.
4. Apartments in Edmonds, WA: 15 unit apartments in Seattle metro. NOI $82K/yr. $1.025M. 8% cap.
5. Medical Plaza in Northridge, CA: 24,275 SF 3-story class-A medical plaza on 1.69 acres corner lot strategically Located Adjacent to Hospitals and Cal State Northridge Campus. High income area with AHI over $97K/yr. 100% leased. NOI $795K/yr. $10.65M. 7.47% cap.
6. CVS Pharmacy in Hanson, MA: 10,125 SF drug store built in 1997 on 5.8 acres lot in a upper middle class Boston metro. 20 yrs NN lease with 8yrs remaining. Store with strong sales of over $875/SF (which means CVS is highly likely to renew lease). NOI $172K/yr. $2.063M. 8.35% cap.
7. Single tenant retail in Orlando, FL: 3200 SF 3-yr old retail building on .57 ac at a traffic light intersection. 15 yrs NN lease by Amscot Financial Services with over 170 locations in FL. NOI $159K/yr with 6% rent increase every 5 yrs. Price reduced to $1.763M. 9.5% cap.
8. Pep Boy Auto in Dallas, TX: 22,491 SF auto center on 2.75 acres lot in a higher income part of Dallas. New 15 yrs absolute NNN lease with corp guaranty. NOI $158K/yr. with 8% rent increase every 5 yrs. $2.115M. 7.4% cap. Recession insensitive tenant.
9. Shopping Center in San Antonio, TX: 32,623 SF 13-unit shopping center built in 2007 on 3 acres lot at a hard corner in a wealthy are with AHI over $94K/yr. 88% NNN leased by 11 tenants. NOI $554K/yr. $6.35M. 9% cap.
   
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