Top 10 Properties 12-01-09

1. Big O Tires in Gilbert, AZ: 5075 SF single-tenant retail tenant store built in 2002 on .87 ac lot in a wealthy & fast growing Phoenix metro with AHI over $96K/yr within 1 mile ring. 100% absolute NNN lease with 9 yrs remaining. NOI $128K/yr. with 2% annual rent bump. $1.69M. 7.6% cap.
2. Shopping center in Rowlett, TX: 49,273 SF shopping center just renovated in 2009 on 5.5 acres lot in a high income (AHI over $86K/yr) Dallas metro. Anchored by Big Lots with a new 10 yrs NNN lease. 100% NNN leased by 3 tenants with new leases. NOI $456K/yr. $4.42M. 10.32% cap. This looks like a very good and stable property.
3. Medical office building in Missouri City, TX: 4746 SF 1-yr old high-quality construction medical office building in an affluent & fast growing Houston metro with AHI over $103K/yr. 100% NNN leased by 2 tenants: a dentist and a doctor. Major retailers directly surrounding the property include Kohl’s, LA Fitness, Bed Bath and Beyond, Home Depot, Super Target, Office Depot, & Kroger Supermarket. NOI $90K/yr. $1.225M. 7.4% cap.
4. Bank-owned Multi-Family in Sacramento, CA: 27-unit townhome complex built in 1980 on 2.39 acres lot in a high income part of town (AHI over $81K/yr). Each unit is on a separate APN. $2.3M. Just $85K/unit.
5. Trader Joe’s in Rancho Cucamonga, CA: rare 22,000 SF 2-unit retail building on 2 acres lot anchored by Trader Joe’s, an upscale regional grocery store chain in CA. NOI $564K/yr. $7.95M. 7.1% cap. Excellent location:
   • Just off Hwy 210 with over 190,000 vehicles per day.
   • Well off area with AHI over $108K/yr.
6. Shopping Center in Concord, CA: 14,912 SF retail center on 1.5 aces lot as a part of a shopping center anchored by Fry’s Electronics. Easy access to I-680 and Hwy 242. Adjacent to 99 Ranch Market, a popular Asian grocery chain. 83% leased. Actual NOI $218K/yr. $3M. 7.29% actual cap. Potential upside when 100% leased.
7. Apartments in Sumner, WA: 41-unit apartments complex in a stable Seattle metro. Always 100% occupied. NOI $282K/yr. $2.999M. 10% cap. Seller financing available.
8. Strip Mall in Orange Park, FL: 8000 SF strip center built in 2002 on an outparcel to Publix grocery anchored shopping center in Jacksonville metro. 100% NNN leased. NOI $122K/yr. $1.475M. 7.85% cap.
9. Pep Boys Auto in Austin, TX: 22,279 SF Pep Boys auto service center on 2 acres lot in a stable city. New 15 yrs absolute NNN lease with corp guaranty by Pep Boy (NYSE: PBY). NOI $227K/yr with 1.5% annual rent increase. $3.032M. 7.5% cap. Recession insensitive tenant.
10. Franchised Motel in Austin, TX: 52-unit motel on 1.8 acres lot just off I-35 exit. NOI $300K/yr. $2.5M. 12% cap.
    
    Status changes:
    1. Ryan’s Grill Buffet in Birmingham, AL: sold, COE.
    2. Shopping center in Palmetto, FL: active to off the market **.
    3. Strip center in Hemet, CA: sold, COE
    4. Retail center in Bakersfield, CA: active to off the market**.
    5. Shopping center in Tempe, AZ: sold, COE.
    6. Strip center in Salina, KS: $1.1M. in contract.
    ** not clear if it’s sold.
    
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