Top 8 Properties 01-29-10

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AHI: Avg Household income
NOI: Net Oper Income

1. Shopping Center in Humble, TX: 91,078 SF nice-looking shopping center on 4.73 acres of land across from 1.1 mil SF Deerbrook Mall with exceptional visibility to Fwy-59 in Houston metro. 94% leased by well-established tenants. 8.75% Cap. Buyer to assume $7.250M at below market rate of 5.97% interest rate.
2. Multifamily Building in Orange, CA: well-kept 10-units apartment building with numerous recent upgrades. Conveniently located near schools/parks/restaurants and more in a middle-class area with AHI over 83K/yr. NOI $85K/yr. $1.195M. 7.12% Cap.
3. Apartments Complex in Houston, TX: 3-stories 117-units Class-B apartments constructed in 1984 on 4.5 acres of parcel near Hwy-59. No deferred maintenance. 90% leased. NOI $494K/yr. $4.8M. 10.30% Cap.
4. Mimi’s Café in Montgomery, AL: 7230 SF recently constructed single-tenant restaurant on 1.22 acres of land adjacent to 250,000 SF Shoppes at Eastchase in an affluent (AHI $105K/yr.) neighborhood. 20-years NNN copr ground lease (buyer owns the land). NOI $125K/yr. $1.612M. 7.75% Cap.
5. Public Storage in Seabrook, TX: 97,669 SF well-performing storage facility on 5.73 acres of land along Hwy-146 in fast growing and upper middle-class Houston suburbs (AHI $98K/yr). 91% leased. NOI $541K/yr. $5.950M. 9.06% Cap.
6. Walgreen’s Pharmacy in Coral Springs, FL: 16,161 SF Walgreen’s with drive-thru retail building on 1.92 acres of land at signalized main retail corridor off of Expy-869. Wealthy area with AHI of $114K/yr. 100% NNN leased with 7 yrs remaining. NOI $237K/yr. $3.131M. 7.6% Cap.
7. Medical Office in Columbia, SC: 4200 SF recently constructed medical office on 1.92 acres of land located off of I-20. 100% NNN leased till 2020 by strong operator with CPI rent increases every 5-yrars. NOI $90K/yr. $1.064M. 8.5% Cap.
8. Advance Auto Parts in Hoover, AL: 6000 SF single-tenant retail building at highly visible location in an affluent (AHI $126K/yr.) Birmingham suburbs. Long NNN corp lease. NOI $138K/yr. $1.791M. 7.75% cap.
   
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