Top 7 Properties 01-25-10

AHI: Avg Household Income
NOI: Net Oper Income

1. Walgreens in Schertz, TX: 14,820 SF 2-yrs old new drug store on 2 acres lot directly across from Target in San Antonio metro. Excellent demographics: fast growing area with AHI of $84K/yr. 20 yrs absolute NNN lease. NOI $327K/yr. $4.424M. 7.4% cap.
2. Shopping Center in North Myrtle Beach, SC: 90,722 SF 20-unit shopping center built in 2008 on 9.65 acres lot in coastal town. Anchored by Bi Lo Supermarkets, a regional supermarkets chain with over 200 locations. Property is in front of 2300-acres golf resort community. 80% NNN leased. Proforma NOI $1.176M. Price reduced from $13M to $11.95M. 9.85% cap.
3. Apartments in Berkeley, CA: 8-unit well-kept apartments in high income area (AHI $91K/yr). 100% occupied. NOI $89K/yr. $1.05M. 8.5% cap.
4. Walgreens in Anderson, SC: 14,820 SF drug store built in 2008 on 1.58 acres in a growing city. Surrounded by 10+ Medical Care offices and within ½ miles from 2 large regional hospitals. 25 yrs absolute NNN lease with no landlord responsibilities. NOI $285K/yr. $3.8M. 7.5% cap.
5. Shopping center in Katy, TX: 24,285 SF shopping center built in 2004 in a fast growing (85% growth from 2000-2008) Houston metro. 100% NNN leased by 11 tenants with low rents (which means upside potential.) NOI$378K/yr. $3.95M. 10.2% cap.
6. Rite Aid in Roseville, CA: 17,700 SF drug store developed in 2003 in a prime commercial area NE of Sacramento. Middle upper class area with AHI exceeding $81K/yr. 18 yrs absolute NNN lease with rent increase in 2018 and every 5 yrs thereafter. NOI $476K/yr. $5.96M. 8% cap.
7. Walgreens in Daytona Beach, FL: 13,905 SF drugstore on 1.56 acres parcel. 100% NNN lease with 8 yrs remaining. NOI $226K/yr. $2.5M. 9.04% cap.
   
   Activities:

1. Walgreens in Apple Valley, CA: $5.9M. 7.2% cap. In contract.
2. Shopping center in Miami, FL: 17,813 SF center. Price increased from $4.15M to $4.4M. 7.3% cap.
3. TX Land & Cattle Steakhouse in Plano, TX: $2.448M. in contract.
4. Apartments in Inglewood, CA: 32-unit, $2.25M. In contract.
5. Walgreens in Fort Pierce, FL: $5.99M. 7.6% cap. In contract.
6. Walgreens in Renton, WA: $7.38M. 7.45% cap. In contract.

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