Top 7 Properties 02-22-10

NOI: Net Oper Income
AHI: Avg. Household Income

1. Walgreens in Arvada, CO: 14,490 SF drug store built in 2008 on 2.8 acres lot in a middle class Denver metro with AHI $74K/yr. 100% NNN leased till 2033. NOI $453K/yr. $6.2M. 7.32% cap.
2. Checker Auto Parts (O’reillys) in Phoenix, AZ: 7000 SF auto parts store built in 2005 on ¾ acre lot across from 83,000 SF Fry’s supermarket anchored shopping center. 100% absolute NNN lease with 10 yrs left. NOI $128K/yr. $1.775M. 7.25% cap.
3. Shopping Center in Hickory, NC: 70,756 SF shopping center on over 10 acres lot in a growing city. Anchored by Fresh Air Galaxy Foods and Dollar General. 100% leased. NOI $478K/yr. $4.89M. 9.78% cap.
4. Italian Restaurant in Avondale, AZ: 6722 SF beautiful restaurant built in 2005 on 1.55 acres lot in front of a neighborhood center anchored by Sprouts Farmers Market, JoAnn Frabrics, Kohls, and Big 5 Sports. Fast growth (129%) middle-class Phoenix metro. 100% long term NNN lease. NOI $128K/yr. with annual rent increase. $1.575M. 8% cap. Note: this is a short sale. Property currently has over $4M loans with 2 lenders.
5. Michaels in Mountain View, CA: 21,579 SF single tenant retail center on 1.41 acres lot in the middle of Silicon Valley with AHI over $138K/yr. & high barrier to entry. 100% NNN lease by Michael’s Arts & Crafts, a national tenant. NOI $513K/yr now and increased to $564K/yr in Nov 2012. Price reduced from $6.95M to $6.65M. 7.72% cap now and 8.48% in Nov 2012. Buyer to assume $5.25M non-recourse loan at 6.5% fixed rate till 2017.
6. Christian Brothers Automotive in Roanoke, TX: 4921 SF automotive center built in 2007 on .58 acre lot in a fast growing upper class Dallas suburb with AHI over $150K/yr. Near Home Depot, Wal-mart Supercenter, & Albertsons. 15 yrs absolute NNN lease by a fast growing automotive franchise. NOI $135K/yr. $1.588M. 8.5% cap.
7. Firestone Automotive Center in Des Plaines, IL: 9200 SF automotive center on 2/3 acre parcel North of O’hare Airport. 100% NNN lease. NOI $133K/yr. $1.78M. 7.5% cap.
   
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