Top 10 Properties 03-17-10

NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income

1. Starbucks in Houston, TX: 1750 SF Starbucks built in 2008 on an outparcel to a Kroger Supermarket anchored shopping center and across from Walgreens in a strong income area. 10 yrs NN lease with 8 yrs remaining. NOI $58K/yr which will go up to $63K/yr in 2013. $750K. 7.7% cap. Ideal for 1st time investors.
2. Staples in Plainfield, IN: 24,049 SF single-tenant retail center near 850,000 SF Metropolis Mall in a growing and strong income Indianapolis suburb. 15 yrs NN lease with 5 yrs remaining by Staples with S&P rating of BBB. NOI $264K/yr. $2.784M. 9.5% cap.
3. Buffalo Wild Wing Restaurant in Albuquerque, NM: 8018 SF franchised restaurant built in 2008 on 1.6 acres lot across from Target in high income area. 15 yrs absolute NNN lease by the largest franchisee. NOI $226K/yr. $2.668M. 8.5% cap.
4. Advance Auto in West Monroe, LA: 7000 SF single-tenant property built in 2008 on .8 acre lot in a growing city. 15 yrs NNN lease. $1.523M. 8.05% cap.
5. Bank-owned Apartments in Phoenix, AZ: 40-unit apartments built in 1985 on 2/3 acre lot. Proforma NOI $80K/yr. Just $840K. $21K/unit.
6. PepBoy Auto in Kissimmee, FL: 21,615 SF auto center on 2.5 acres lot in a growing Orlando metro. 15 yrs absolute NNN corp lease. NOI $268K/yr with 1.5% annual rent bump. $3.493M. 7.7% cap. Available Financing with 50% Down.
7. Shopping Center in Mesa, AZ: 20,584 SF 8-unit shopping center built in 1988 on 2 acres corner lot. Anchored by Circle K with gas station. 89% leased by 7 good tenants with 1 available unit. Low rents. Current NOI $260K/yr. $2.8M. 9.3% cap. Upside potential when 100% leased.
8. Apartments in Olathe, KS: 166-unit apartments complex in a wealthy Kansas city suburbs with AHI over $93K/yr. Next to MidAmerica Nazarene University. 91% occupied. NOI $556K/yr. $7M. cap. Attractive assumable loan.
9. 24-Hr Fitness Center in Reno, NV: 23,751 SF fitness center built in 1994 on 2.95 acres lot with easy access to I-80 in a high income area. 100% NNN lease with 6 yrs remaining. NOI $360K/yr. $3.6M. 10% cap.
10. Office Building in Southlake, TX: 7056 SF class-A office building in a very affluent (AHI $195K/yr) Dallas metro. 100% NNN leased by Kumon (national tenant) and a dentist. NOI $121K/yr. $1.4M. 8.65% cap.

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