These are the 10 best commercial properties among 300-400 daily listings between $1M-$30M in all 50 US states listed by CBRE, Marcus Millichap, SVN, etc. The properties are selected based on various criteria: price, cap rate, and more (please read "How properties are selected" article.)
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Jack In the Box in Fremont, CA: 2670 SF fast food restaurant built in 1999 on ¾ acres lot just off I-680 exit. In front of 141,000 SF Walmart Supercenter, 100,000 SF Frys Electronics, and Home Depot. Affluent Silicon Valley bedroom community with AHI over $133K/yr. 24-hr location. 18 yrs absolute NNN lease with 7 yrs remaining. NOI $150K/yr. with CPI-based rent bump every 5 yrs. $2.265M. 6.65% cap.
Dollar General in Tucson, AZ: 9014 SF single-tenant retail building under construction on 1.5 acres corner lot in a fast growing city (30% since 2000). 15 yrs corp NNN lease. NOI $111K/yr. $1.391M. 8% cap. Recession insensitive tenant.
Apartments in Inglewood, CA: 28-unit apartments in a densely-populated are in Los Angeles with over 800K residents within 5 miles ring. 100% occupied. No rents control. NOI $250K/yr. $3.1M. 8.07% cap.
Apartments in Rancho Cordova, CA: 44-unit apartments on 1.33 acres lot in Sacramento metro. 90% occupied. NOI $157K/yr. $1.95M. 8.04% cap. Less than $45K/unit.
Office building in Saint Louis, MO: 27,435 SF single-tenant office building on over 2 acres lot in a middle class area. 100% absolute NNN corp lease with 6 yrs remaining from Celsis Lab, a leading provider of innovative life science products and laboratory services to the pharmaceutical and consumer products industries. NOI $375K/yr. $3.5M. 10.7% cap.
Apartments in Bakersfield, CA: 25-unit bank-owned apartment in a better part of the city. 67% occupied. Potential gross income of $193K/yr. $1.05M.
Shopping Center in Jonesboro, GA: 10,000 SF retail center built in 2005 in growing suburban Atlanta. 89% NNN leased. NOI $99K/yr. $900K. 11% cap.
Dollar General in Jacksonville, FL: 8998 SF newly constructed Dollar General retail building on 1.20 acres of land at densely populated area. New 15-years absolute NNN corp lease. NOI $121K/yr. $1.425M. 8.5% Cap.
Recession proof tenant
Office Building in Lancaster, CA: 12,520 SF well-kept office building on 1.4 acres lot with excellent visibility & across Lancaster Community Hospital. 100% leased by five tenants. NOI $114K/yr. $1.550M. 7.40% Cap.
Shopping Center in Collinsville, IL: 127,700 SF shopping center shadow-anchored by new Kohl’s Department Store near I-70/55 in fast growing St. Louis metro. 98.7% NNN leased by national tenants: Schnucks Grocery(the largest supermarket retailer in the St. Louis area), Sears, Hallmark, GNC, Quiznos, Great Clips, Edward Jones and Famous Footwear. NOI $1,026M. $12,445M. 8.25% Cap. Buyer to assume existing loan at very attractive 5.54% interest rate amortized over 30 yrs.
Apartments in Huntington Park, CA: 13-units mature apartment complex with nice landscape courtyards close to park/shopping centers in densely populated area with 1.1M residents within 5 miles ring. NOI $87K/yr. $1.250M. 7% Cap.
Office Building in Fresno, CA: 18,442 SF office buildings on 1.34 acres of land with great visibility in close proximity to Hwy-99. 90% leased. NOI $147K/yr. $2.1M. 7% Cap.
Office Building in South Jordan, UT: 8940 SF single-tenant office building next to Mullgan’s Golf and Game along main retail corridor in growing (20.79%) affluent (MHI $110K/yr) Salt Lake City suburbs. 100% NNN leased. NOI $117K/yr. $1.472M. 8% Cap.
Retail Center in Wilmington, CA: 6500 SF recently renovated strip center on .43 acre lot at major signalized intersection on Pacific Coast Hwy. 100% NNN leased. NOI $191K/yr. $2.195M. 8.9% Cap.
Shopping Center in Houston, TX: 16,864 SF shopping center built in 2001 on 1.56 acres of land near Hwy-6. 100% NNN leased. NOI $171K/yr. $2.4M. 8.50% Cap.
Apartments in Dallas, TX: 172-unit two-stories multi-family building on over 6 acres of land at infill location close to Fwy 35E/635. 95% leased. NOI $431K/yr. $4.4M. 9.8% Cap.
Taco Bell in Las Vegas, NV: 2367 SF restaurant built in 2000 on 1.25 acres lot in a middle class area. 10 yrs NNN lease by an operator with 58 locations. NOI $170K/yr with 9% rent bump every 5 yrs. $2.125M. 8% cap.
Pep Boys Auto in Indio, CA: 19,338 SF auto service center on 1.58 acres lot in a booming and high income Palm Springs metro. 15 yrs absolute NNN lease with 13 yrs remaining with Pep Boys Corp guaranty (NYSE: PBY). NOI $257K/yr. $3.326M. 7.75% cap.
Walgreens in Hometown, IL: 14,855 SF drug store built in 2002 on 1.12 acres corner lot in densely-populated suburban Chicago. 20 yrs NNN lease with 12 yrs remaining. NOI $482K/yr. $6.585M. 7.32% cap.
Del Taco restaurant in Parker, CO: new 2166 SF fast food restaurant 2/3 acre lot in affluent Denver suburbs. Surrounded by Wal-mart, Home Depot, Staples, Best Buy, Petsmart, Safeway, Kohl’s, and Michaels. 20 yrs NNN lease by an operator with 5 locations. NOI $176K/yr. with 12% rent bump every 5 yrs. $2.078M. 8.5% cap.
Medical office building in San Jose, CA: 3210 SF medical office building on ¼ ac lot on Winchester Blvd. Vacant and ideal for user. $1.1M.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Office Max in Raymore, KS: 18,098 SF single-tenant retail center built in 2007 on over 2 acres lot next to Wal-mart supercenter and in front of Lowe in middle-class suburban Kansas City. 100% NN corp lease till 2018. NOI $202K/yr with rent bump every 5 yrs. $2.314M. 8.75% cap.
Apartments in North Richland Hills, TX: 138 unit apartments complex in excellent condition with 135,772 rentable SF on 6.5 acres lot in higher income Dallas-Fort Worth area. Amenities include swimming pool, tennis courts, club house, picnic area, and play ground. 91% occupied. Actual 2009 gross income of $1.174M and NOI $791K/yr. $6.4M. 10.3% cap.
La Petite Academy in Lancaster, CA: 6700 SF childcare center on 1.1 acres in Los Angeles area. 100% NNN leased by La Petite Academy, a national childcare provider. NOI $81K/yr. with 4.5% rent increase every 3 yrs. $1.15M. 7.12% cap.
Arby’s in Oak Park Heights, MN: 4337 SF fast food restaurant built in 1998 on 1.38 acres parcel in a affluent suburban Saint Paul. Surrounded by Kowalski's Market, Menard's, Michael's, Kohl's, TJ Maxx, Pier 1 Imports, Wal-Mart, Lowe's, Target, Cub Foods, Office Max. 100% NNN leased by 2021. NOI $97K/yr. $1.197M. 8.1% cap.
Apartments in Charlotte, NC: 51-unit apartments on 2.8 acres in a quiet cul-de-sac in a stable city. NOI $225K/yr. $2.35M. 9.6% cap.
CVS pharmacy in Jonesboro, GA: 10,722 SF drug store built in 1997 on 1 acre lot on a major artery in Southern Atlanta. 20 yrs NNN lease with 7 yrs remaining. NOI $213K/yr with rent increase in each 5 yrs option. $2.373M. 9% cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Arby’s Restaurant in Peoria, AZ: 3100 SF recently constructed retail building on pad site to Home Depot near Freeway in fast growing area. Long NNN absolute corp lease. 1% annual rent increases. NOI $132K/yr. $1.7M. 7.8% Cap.
Executive Office Building in Snellville, GA: 21,600 SF two-stories office building on over 1 acre lot consisting of 58 individual office suites. 100% leased. NOI $117K/yr. $1.2M. 9.75% Cap.
Shopping Center in Houston, TX: 36,905 SF well-maintained shopping center recently redeveloped surrounded by residential homes with very little competition. 89% leased. NOI $425K/yr. $3.690M. 8% Cap.
Apartments in Petersburg, VA: 89-units multi-family two-stories building on 3.88 acres of land in close proximity to I-95/85. 96% leased. NOI $386K/yr. $3.9M. 9.32% Cap. Buyer to assume non-recourse loan at 5.94% interest rate.
Strip Center in Wichita, KS: 9400 SF nice-looking strip center built in 2007 with good tenant mix: Fitness, Great Wall, and Tuscan Salon. 100% NNN leased. $1.2M. 9.8% Cap.
Strip Center in Park City, KS: 8840 SF attractive strip center constructed in 2007 on .96 acre lot North of Wichita. Excellent tenant mix: Chopstix, Dental Office, Chiropractic and Fitness. 100% NNN leased. $950K/yr. 10.30% cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Shopping Center in Waukesha, WI: 15,525 SF well built/maintained shopping center on 2.29 acres of land with good exposure in a well off (AHI $101K/yr) Milwaukee metro suburb near I-94. 80% Leased. NOI $216K/yr. $2.4M. 9% Cap.
Sullivan’s Steakhouse in Lincolnshire, IL:9800 SF single-tenant retail building recently gone through a major/expensive renovated with good access to Route-45 in growing (45.67% growth increase) & affluent (AHI $153K/yr. within 1 mile radius) Chicago suburbs. 100% NNN corp lease. NOI $274K/yr. $3.220M. 8.54% Cap.
$2M renovation in 2008
Storage in Urbana, IL: 21,921 SF storage facility on 1.45 acres of land recently renovated with video system, security gates, alarm system and climate controlled. 93% Leased. $1.2M. 93% Proforma Cap.
Office Building in Neptune, NJ:15,000 SF three-stories Class-B office building constructed in 2009 near Jersey Shore Medical Center. 90% Leased. High income area South of Newark. NOI $160K/yr. $1.8M. 9% Proforma Cap.
Apartments in Spring Valley, CA:60-unit two-stories multifamily building on 2.59 acres of parcel with on-site laundry facilities, pool three barbecue areas and Basketball recreational area just minutes from San Diego downtown. 96% occupied. NOI $461K/yr. $6.595. 7% Cap.
Dennys in Gurnee, IL:5542 SF family restaurant on 1.08 acres lot at the entrance of the 1,800,000 SF Gurnee Mills Mall in Chicago metro. New 20 yrs absolute NNN leased by the largest Dennys franchisee in the Midwest with 27 locations. Store with strong sales. NOI $150K/yr. $1.875M. 8% cap.
Shopping Center in Houston, TX: 16,864 SF attractive well-located shopping center built in 2001 on 1.56 acres of land near Hwy-6. 100% NNN leased. NOI $171K/yr. $2.4M. 8.50% Cap.
Apartments in Addison, IL:23-units well-situated apartment complex close to shopping centers/transportation in Chicago metro. 100% Leased. NOI $207K/yr. $2.180M. 9.5% Cap.
Office Building in Las Vegas, NV:15,000 SF mature office building on .69 acre pad just minutes from strip. This is a sale/lease back. $2M. 10% Cap.
Historically, commercial real estate values have been cyclical and will continue to be so in the future. The availability and cost of financing is a key component of these cycles. Available capital is affected by the economy, interest rates, supply and demand, and the perception of the market. Real estate prices fluctuate as these factors exert their influence.
To determine the best time to buy, consider where we are in the cycle. Then, see how your particular business or personal financial goals can be strengthened by considering the effects of the cycles.
There are four distinct phases to the commercial real estate cycle: Recession, Recovery, Expansion and Contraction.
Recession: The Recession Phase follows a market contraction, when the availability of financing become scarce or expensive and property prices have fallen. Properties experience higher vacancies and owners have difficulty refinancing, selling or leasing. Foreclosures increase and property sellers become motivated. Prices can fall below replacement costs, resulting in many opportunities for those with the liquidity and fortitude to take advantage of the market weakness. This is the absolute best time to buy.
Recovery: In The Recovery Phase, the market is improving and prices begin to recover, although some buyers are still hesitant to proceed. More tenants enter the market and property owners refinance as affordable financing becomes available. Owners tend to improve their property and work to maximize rental rates. Prices are increasing. This is a very good time to buy.
Expansion: During the Expansion Phase, the real estate market is progressing and expanding and equity investors are plentiful. Financing is readily available and the price of real estate may increase more than seen in previous history. Vacancies are at their lowest point and there is a general sense of well-being, prosperity and abundance. Everyone is talking about buying real estate. This is the time to sell.
Contraction: The Contraction Phase is when vacancies are increasing and prices begin to fall from the peaks of the Expansion Phase. The market has become oversaturated and financing is becoming more difficult or expensive. Investors begin to withdraw from the market as vacancy and delinquency rates rise and prices decline. Buying and selling decisions should be based on need, prime property availability and specific sub-market and individual opportunities.
The phases of the real estate cycle are always in the same order; the only variables are the depth and duration of each phase. By determining the timing of phases along with your own personal and business capability and goals, you can make the best decisions.
As a real estate investor, the most important question is, "When is the best time to buy?" This is when we realize we are either savvy decision makers or merely “one of the herd”. If the market is in the Recession Phase, the stage is set to reap the absolute highest profits by buying at a time when prices are at their lowest. When the market is in the Recovery Phase, it’s still a good time to expand holdings and find deals while building long term wealth.
We have all heard the phrase, “Buy low and sell high.” The best time to buy low is when the cycle is in the Recession Phase, when the lowest prices are available. In this phase, prices can be negotiated and many prime locations are available. The time to sell is during the Expansion Phase, when buyers can easily obtain financing and the market continues to expand. One way to think about this is when everyone is talking about buying, you should be selling. When everyone is talking about the doom and gloom in the Recession Phase, you should be buying.
The challenge with this strategy is that it goes against our basic instincts, even though logic and history dictate otherwise. Our “herd instinct” is affected by the people around us, the media and our resulting emotions. Although we understand that we should not follow the herd mentality, logic and emotion are in conflict. Unfortunately for most, emotion will usually rule over logic. This human tendency creates opportunities for the more logical and less emotional investors.
In this time of uncertainty, one thing that we can be certain of is that that cycles will continue to repeat. History has proven that those with the emotional fortitude and the financial ability to take advantage of the cycles will reap tremendous rewards. Michael Bull, CCIM
President of Bull Realty
Jiffy Lube in Hurst, TX: 2170 SF Jiffy lube on .45 acres corner lot at a busy intersection in a Dallas metro. 20 yrs absolute NNN lease with 15 yrs remaining. NOI $80K/yr with 7.7%m rent bump in 6 months. $975K. 8.25% cap.
Medical Office Building in Gilbert, AZ: 29,827 SF attractive 9-yrs old medical building on 3 acres of land with great tenant mix: Gilbert Surgery Center, SimonMed Imaging and Apothecary Shop of Gilbert. 100% leased. NOI $697K/yr. $7.750M. 9% Cap. Buyer to assume $4.465M at 5.5% interest rate.
Strip Center in Phoenix, AZ: 4760 SF multi-tenant strip center built in 2005 on .71 acre pad at hard corner location in growing densely populated area. 100% leased. NOI $97.395K/yr. $1.010M. 9.64% Cap.
Apartments in Tucson, AZ: 61-unit well-kept apartments complex consisting of four building on 1.67 acres of land with good unit mix: one studio, 33-one BR, 18-two BR and 6-three BR. NOI $140K/yr. $1.8M. 7.78% Cap.
Strip Center in Aurora, CO:4900 SF recently constructed strip center shadow-anchored by Lowe’s with excellent visibility in Denver metro. 100% NNN leased by national credit tenants: FedEx/Kinkos and T-Mobile. NOI $132K/yr. $1.625M. 8.16% Cap.
Shopping Center in West Palm Beach, FL:62,850 SF well-located shopping center on 6.89 acres of land located along active retail corridor. NOI $676K/yr. $8.2M. 8.25% Cap.
Strip Center in Streamwood, IL:17,562 SF 2-years old attractive strip center shadow-anchored by Target and Marshalls in fast growing Chicago suburbs. 92.4% leased. NOI $404K/yr. $4.150M. 9.75% Cap.
Retail Center in Snellville, GA:7689 SF well-located retail center anchored by Porter Paints at high visible location. 86% NNN leased. NOI $81K/yr. $925K. 8.78% Cap.
Retail Center in Chico, CA:6972 SF recently constructed retail building on .96 acre pad at signalized intersection. NOI $117K/yr. $1.356M. 8.65% Proforma Cap.
Shopping Center in Joliet, IL:12,000 SF well-maintained shopping center on 2.57 acres of land at signalized intersection near I-55. NOI $161K/yr. $2.3M. 7% Cap.
Every day there are about 300-350 new retail and office properties between $700K to $15M on the market in all 50 states listed by various companies. Out of these hundreds of listings, only the top 5-10 properties make it to the list that you see on this blog. By focusing on the short list of best properties, you will save time and are more likely to be successful with your investments.
Below are some of the selection criteria:
1.Price range: most investors look for properties between $700K and $15M.
2.Property types: most if not all investors of eFunding want to invest in retail properties and office buildings where tenants sign long term low-risk NNN leases, i.e. tenants pay for property taxes, insurance and maintenance expenses, in favor of landlords. They prefer not to invest in apartments where leases are mostly riskier gross, i.e. landlords pay for taxes, insurance and unpredictable maintenance expenses. Besides, apartment tenants normally don’t have much money which may affect their ability to pay the rent on time.
3.Cap rate: the return of investment must be “reasonable”, e.g. generally higher than the interest rate. The cap rate is typically lower in CA and higher in other states. However cap rate is not everything.
4.Property condition: investors prefer properties with little deferred maintenance.
5.Demographics: the selected properties tend to be in growing, high income and bigger cities/metros as they have better chance to appreciate and easier to find tenants. Besides they are easier to sell if needed.
·You won’t see properties in an area where people are moving out, e.g. Detroit downtown. These properties are easy to buy but hard to sell. In addition, it’s hard to get attractive financing, if at all, for these properties.
·Properties in a middle of nowhere won’t make it to the lists. These are also easy to buy but hard to sell.
·Properties in cities where the average household income is way below the national average, e.g. $28,000/year, also won’t make it to the list as these are most likely high-crime areas.
6.Occupancy: close to 100%.
7.Good Visibility: properties tend to have most if not all units facing the road to show case the tenant businesses. Tenants love visibility. What’s good for tenants is also good for investors.
8.Great locations: properties on a major artery with heavy traffic, near the freeway exit, on corner lot, near a mall, on an outparcel to a shopping center.
9.Land: if land is not included then it does matter how beautiful the property is, it will not be selected. This is the type of property that is easy to buy but hard to sell.
10.Lease Type: most likely NNN leases.
11.Parking spaces: at least 4 spaces per 1000 SF of leasable space.. It’s hard to lease a retail property unless it has sufficient parking spaces.
12.Age: not over 20 yrs old unless the property is well-maintained or recently renovated.
13.Price per square foot: sometimes a property is selected because the price per SF is low, e.g. less than $200/SF for a retail property in California. The main reason for the selection is appreciation potential.
14.Low rent: there is upside potential if the rent is below market. When the leases expire, the rent is adjusted to market rent which increases the value of the property.
15.Financing: sometimes a property may be selected because it offers attractive financing. For example, the seller is willing to carry 80% LTV at low interest rate or buyer can assume a loan at 5.5% interest, fixed for 10 years. This in turn may increase the overall return or cash on cash. On the other hand, a property may be screened out because it is difficult to get reasonable financing. For example, in this tight credit market it is extremely difficult to get financing for a single-tenant mom-and-pop restaurant.
16.Misc: A property could be selected or screened out for other reasons
·If a property has a dry cleaner with onsite cleaning, it will not be selected due to potential soil contamination by a chemical called Perc used in the cleaning process.
·A property in an affluent Santa Monica, CA could be selected simply because it’s rarely available.
·A vacant restaurant in front of a mall in San Francisco Bay Area could make the list because it may have lots of interests from investors in CA.
If you are interested on a particular property and would like additional information, i.e. a brochure, please email to maria@transmercial.com. It’s good idea to provide Maria with:
The date the property was selected (not posted date.) This is on the subject of the post.
Name of the property, e.g. Walgreens in Dallas, TX.
You will notice that the properties are posted 2 weeks after the date they are selected. The reason for this 2-week delay is we don’t want other companies to take advantage of our research work. If you are an investor and would like to receive the list daily without two weeks delay, we invite you to join Transmercial investors club. The daily list of best properties is emailed to members by 6PM PST, Monday-Friday. The email also contains a 1-page flyer for each selected properties with picture, address, and a brief description about the properties.
Membership to Transmercial investors club is FREE. Click here for details. Don’t worry; there are absolutely no obligations of anything from you to us for being a member. Of course, we hope that you like our work and will eventually ask us to represent you. However, it’s all up to you as you have no contractual obligations to us for anything.
Sportsman’s Warehouse in Loveland, CO:43,725 SF Sportsman’s Warehouse retail building surrounded by many national tenants: Target, Staples, PetsMart, Beds Bath and Beyond in fast growing (498.23%) & affluent (AHI $92K/yr. within 1 mile radius) near I-34/87. 100% NNN leased. NOI $580K/yr. $6.825M. 8.5% Cap.
Retail Center in Santa Anna, CA:9729 SF well-kept retail center on .93 acre lot at high-traffic signalized intersection. 100% NNN leased. NOI $159K/yr. $2.245M. 7.12% Cap.
O’Reilly Auto Retail Building in Decatur, GA:6800 SF recently constructed retail building on 1.43 acres of parcel conveniently located at major retail corridor (Traffic Exceeds 32,000 CPD) in fast growing Atlanta metro. Long NNN corp lease. NOI $110K/yr. $1.375M. 8% Cap.
Strip Center in Jackson, TN: 10,850 SF attractive retail building outparcel to 500,000 SF shopping center anchored by Home Depot, Kohl’s, Best Buy, Ross, Hobby Lobby and Old Navy along Hwy-45/I-40. 100% NNN leased by national tenants: McAlister’s Deli, AT&T and Men’s Warehouse. NOI $243K/yr. $2.675M. 9.10% Cap.
Office Building in San Bernardino, CA: 10,083 SF well-kept office building with ample parking on .86 acre pad near I-215. 100% leased to the County Probation Department. NOI $68K/yr. $899K. 7.60% Cap.
Apartments in Sacramento, CA:66-unit one, two and three apartment complex with privacy gates, two laundry facilities, patio or balcony, walk-in closets, swimming pool and more amenities across from Bellview City Park. NOI $348K/yr. $4.350M. 8% Cap.
Office Building in Addison, TX: 5500 SF office building situated at corner location in fast growing area. 100% NNN leased. NOI $66K/yr. $825K. 8% Cap.
Office Building in Bakersfield, CA:5400 SF single-tenant office building along main retail corridor in fast growing area. 100% NNN leased. NOI $138K/yr. $1.349M. 10.25% Cap.
Auto Center in Antioch, CA: 19,380 SF auto center retail center on 1.50 acres of land with excellent tenant mix: Amego, Fastenal, Mr. Fix it, Genos, Bayside and Hertz. 100% NNN leased. NOI $231K/yr. $2.720M. 8.50% Cap.
Strip Center in Summerville, SC: 8100 SF multi-tenant retail center on 1 acre lot in fast growing (33.87%) middle-class (AHI $66K/yr) Charleston metro. 100% leased. NOI $112K/yr. $1.4M. 8% Cap.
Shopping Center in Phoenix, AZ: 33,731 SF shopping center on 2.86 acres of land conveniently located near Hwy-17/I-60. 72% leased. NOI $354K/yr. $3.2M. 11.06% Proforma Cap.
Travelodge Hotel in Tacoma, WA: 79-room Travelodge Motel renovated in 2008 with excellent freeway visibility close to Convention Center. NOI $432K/yr. $4.5M. 9.62% Cap.
Apartments in Houston, TX:44-unit apartment complex with beautiful landscape at quite neighborhood. 98% lease. NOI $150K/yr. $1.5M. 10% Cap.
Sports Authority in Lake Saint Louis, MO: 42,081 SF retail building constructed in 2008 on 3.67 acres of land between Wal-Mart and Lowe’s in affluent St. Louis suburbs. 100% NNN leased by national tenant. NOI $462K/yr. $5.290M. 8.75% Cap.
Assisted Living Residence in Santa Rosa, CA: 22-beds well-kept assisted living residence on 2.59 acres of parcel. NOI $197K/yr. $2.199M. 9% Cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Apartments in Richmond, CA: 16-unit bank-owned apartments complex with individual elec & gas meters in San Fran Bay Area. $999K.
Retail Office Complex in Clearwater, FL: 10,952 SF retail office complex on 1.39 acres lot in Tampa metro. 89% leased. NOI $115K/yr. $1.35M. 9% cap.
Shopping center in Ellisville, MO: 16,325 SF shopping center on 1.08 acres lot in an affluent (AHI $122K/yr) St Louis suburb. NOI $185K/yr. $2.1M. 8.83% cap.
Jack In The Box in fort Worth, TX: 2686 SF restaurant built in 2008 on .8 acres lot a fast growing and high income area. 20 yrs absolute corp NNN lease. NOI $127K/yr with up to 8% rent bump every 5 yrs. $1.825M. 7% cap.
Strip center in Indianapolis, IN: 12,840 SF strip center in good income area. 100% NNN leased by 6 tenants. NOI $129K/yr. $1.29M. 10% cap.
Medical Office Building in Avondale, AZ: 6060 SF medical office condo built in 2007 in a booming Phoenix metro. 100% leased with 8 yrs remaining. NOI $136K/yr. $1.6M. 8.5% cap.
Dollar General in Port Orange, FL: 9100 SF free-standing single-tenant retail building on 1.33 acres lot south of Daytona Beach. 15 yrs NNN corp lease. NOI $132K/yr. $1.5M. 8.8% cap. Recession insensitive tenant.
Retail center in Anaheim, CA: 4817 SF retail building on a major artery in Orange county. 100% leased with 89K rent/yr (not clear if gross or NNN). Only $999K. This is s short sale.
Retail Building in Turlock, CA: 14,222 SF newly constructed retail building on 1.27 acres of parcel across from Costco off of I-99. New 5-years NNN lease. 2% annual rent increases. NOI $204K/yr. $2.275M. 9% Cap.
Shopping Center in Cypress, CA:22,414 SF shopping center consisting of two-retail building on 1.65 acres of land at strong retail area surrounded by many national tenant. 83% leased. NOI $204K/yr. $2.924M. 7% Cap. Buyer to assume non-recourse $1.891M. loan at 5.29% interest rate.
Medical Park Office in Naples, FL:25,883 SF attractive medical building near Naples Community Hospital and Physicians Regional Medical Center along main thoroughfare. NNN leased. NOI $538K/yr. $5.988M. 9% Cap.
Walgreen’s & Kragen Center in San Jose, CA:30,600 SF shopping center built in 1990 on 2.48 acres of land at prime location. 90% NNN leased. Proforma NOI $505K/yr. $7.495M. 6.75% Cap.
Shopping Center in Lynwood, CA:10,446 SF well-kept shopping center built in 1990 anchored by Subway and H&R Block with excellent visibility across from St. Francis Medical Center. 100% NNN leased. NOI $204K/yr. $2.8M. 7.32% Cap.
Office Building in Salem, OR:7252 SF attractive office building in fast growing area near I-5. 100% NNN leased by Oregon Health Department. NOI $108K/yr. $1.175M. 9.26% Cap.
Professional Center in Monterey Park, CA: 23,250 SF well-kept office building across from Monterey Park Hospital in a densely populated are with over 700K residents within 5 miles ring . 79% leased by 5 tenants with 2 avail units. Actual NOI $476K/yr. $6.688M. 7.13% Cap. Upside potential when fully leased.
Jiffy Lube in Walnut Creek, CA: 2938 SF single-tenant retail building in a wealthy San Fran Bay Area city with AHI over $115K/yr. New 10-years NNN corp lease. NOI $92K/yr. $1.324M. 7% Cap.
Proven successful location: Jiffy Lube has occupied for 20+ years at this location.
Coco’s Restaurant & Bakery in Mesa, AZ: 6113 SF nice-looking restaurant constructed in 1995 on 1.35 acres corner lot outparcel to Target Shopping Center across from Superstition Springs Center Mall. 100% NNN leased by Coco’s with over 500 locations in the world. NOI $242K/yr. $2.695M. 9% Cap.
Shopping Center in Los Angeles, CA: 28,914 SF 2-stories newly remodeled shopping center with ample parking at high traffic location. Over 1.3M residents within 5 miles ring. 99% leased. NOI $572K/yr. $7.950M. 7.20% Cap.
O’Reilly/Kragen Auto Parts in Simi Valley, CA: 5555 SF retail building on over 1 acre outparcel to a shopping center anchored by Rite Aid and 99¢ Only shopping center in a wealthy area with AHI over $101K/yr. 100% NNN leased.NOI $126K/yr. $1.687M. 7.5% Cap.
Retail Center in Indian Trail, NC: 10,851 SF recently constructed retail center anchored by Starbucks Coffee and Papa John’s Pizza in fast growing (173% since 2000) Charlotte suburbs. 100% NNN leased. NOI $232K/yr. $3.1M. 7.5% Cap.
Walgreens’s & AutoZone in De Pere, WI: 22,190 SF free-standing retail buildings consisting of two separate parcels at prime location in middle class Green Bay metro. 100% NNN leased with Walgreen’s lease expiring in 2031 and AutoZone expiring in 2027. NOI $412K/yr. $5.493M. 7.5% Cap.
Walgreen’s in Green Bay, WI: 14,820 SF 2-years old all brick retail building on 1.80 acres of land across from Target & Copps with great 3 access points. 100% NNN leased. NOI $365K/yr. $4.935M. 7.4% Cap.
Retail Center in Sherman Oaks, CA: 5200 SF recently remodeled retail building with ample parking in densely populated area. 100% NNN leased. NOI $174K/yr. $2.495M. 7% Cap.
Retail Center in De Pere, WI: 5862 SF attractive retail center anchored by Starbucks Coffee surrounded by many national tenants in growing middle-class (AHI $70K/yr.) Green Bay metro. 100% by national credit tenant. NOI $166K/yr. $2.084M. 8% Cap.
Starbucks Coffee in Little Rock, AR: 1750 SF single-tenant retail building constructed in 2006 on .46 acre lot situated in densely retail location. 100% NNN corp lease. No termination clause. NOI $83K/yr. $930K. 9% Cap.
Strip Center in Burbank, CA: 8373 SF well-located strip center on .34 acre lot at corner location along major thoroughfare. High income (AHI 94K/yr) and densely pop area with over 450K residents within 5 miles ring. 100% leased with strong tenants. NOI $159K/yr. $2.125M. 7.75% Cap.
Office Building in Las Vegas, NV: 44,260 SF two-stories office building on 2.35 acres of parcel conveniently located next to Desert Spring Hospital near Las Vegas Strip. 98% leased. NOI $752K/yr. $8.750M. 8.60% Cap.
Best Buy in Midland, TX: 45,800 SF retail building close to Midland Park Mall with outstanding visibility to W Loop-250. 100% NNN lease. High income area with AHI over $81K/yr. NOI $297K/yr. $3.3M. 9.02% Cap.
Applebee’s in Bartlett, TN: 4360 SF franchised restaurant .85 ac pad to a Kroger supermarket anchored shopping center in middle class Memphis metro. Long term NNN lease. NOI $182K/yr. $2.14M. 8.50% Cap.
Retail Building in Atlanta, GA: 40,798 SF 2-tories well-kept retail building on 2.90 acres of land near several major highways in fast growing area. NOI $438K/yr. $5.325M. 8.24% Cap.
Office Building in Turlock, CA: 11,993 SF good-looking well-kept office building at excellent downtown location. 100% leased. NOI $142K/yr. $1.675M. 8.5% Cap. Tire Plus in Wichita, KS: 6600 SF automotive service center in a high growth, high income area (AHI 79K/yr). 100% NNN lease with 5 yrs remaining. NOI $165K/yr. $1.65M. 10% cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid. AHI: Avg. Household Income
Starbucks in Lafayette, IN: 1650 SF free-standing attractive retail building at active intersection of State Rd-38/Hwy-52 near Tippecanoe Mall. 100% NNN corp lease with 9-years remaining. NOI $89K/yr. $1.117M. 8.05% Cap.
Big 8 Food Store in El Paso, TX: 41,512 SF grocery-store in densely populated area near I-10. 100% absolute NNN corp lease. NOI $424K/yr. $4.825M. 8.8% Cap.
Strip Center in Park City, KS: 8840 SF recently constructed strip center on .96 acre lot less than ½ mile from I-35. 100% NNN leased with great tenant mix: Dentist, Chiropractic and Anytime Fitness. $950K. 10.30% Cap.
Dollar General Retail Building in Columbia, SC: brand new 9014 SF retail building on 1.75 acres of land close to I-26. Long NNN corp lease. NOI $99K/yr. $1.176M. 8.5% Cap.
Strip Center in Colton, CA: 6550 SF well-maintained retail center at busy signalized intersection with excellent long-term tenant mix: Hair Salon, Liquor Store and Restaurant. NOI $101K/yr. $1.270M. 6.5% Cap.
Apartments in Greenwood, IN: 50-units apartments complex conveniently located near Restaurants, The Greenwood Park Mall, Parks and more at quite neighborhood. 96% leased. NOI $240K/yr. $3M. 8% Cap.
Shopping Center in Jackson, MS: 60,638 SF recently renovated shopping center on 4.45 acres of land anchored by Family Dollar. 87.6% leased by 15-tenants. NOI $322K/yr. $2.950M. 10.94% Cap.
Retail Center in Maricopa, AZ: 22,084 SF attractive shopping center built in 2006 on 1.99 acres of land with strong tenant mix along busy retail corridor. 95% NNN leased. NOI $491K/yr. $5.462M. 9% Cap.
Retail Center in Wichita, KS: 9400 SF retail center built in 2007 in fast growing area near I-54. 100% NNN leased. $1.2M. 9.8% Cap.
Multi-Tenant Professional Building in Auburn, CA: 2-stories well kept Class-B office building anchored by USDA with beautiful landscape less than ½ mile from I-80. 95% leased. NOI $161K/yr. $1.499M. 10.90% Cap.
Office Building in Phoenix, AZ: 23,061 SF beautiful office complex on over 2 acres of land off of I-51. 100% leased by five tenants. NOI l$332K/yr. $3.575M. 9.30% Cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid. AHI: Avg. Household Income
Apartments in Houston, TX: 124 unit apartments complex built in 1981 on 3.8 acres lot. 95% occupied. NOI $226K/yr. $2.35M. 9.6% cap. Less than $19K/unit.
Marsh Supermarket in Cincinnati, OH: 32,117 SF supermarket on 8.85 acres of land in a stable middle class area. 20 yrs NNN lease with 16 yrs remaining from Marsh supermarket chain with about 100 locations. NOI $382K/yr. $4.775M. 8% cap.
Medical Office Building in Plainfield, IL: 45,881 SF 8-yrs old medical office complex on 3.53 acres corner lot in a fast growth, high income (AHI 87K/yr) suburban Chicago. Excellent signage and great visibility. 88% leased. NOI/price not avail. 9% cap at current income. Upside when 100% leased.
Taco Bell in Port Saint Lucie, FL: 1960 SF fast food restaurant built in 2009 on .62 ac outparcel to a Wal-mart Supercenter. Adjacent to Sam's Club, and The Home Depot. 20 yrs NNN lease. NOI $200K/yr. $2.424M. 8.25% cap.
Apartments in Hayward, CA: 63 upscale 2-3 bedroom apartments complex in a high income San Fran Bay Area with AHI $90K/yr. NOI $532K/yr. $7.5M. 7.1% cap. Buyer with 19% down to assume 1st loan at 5.65% fixed rate till 2039.
Rite Aid in Revere, MA: 15,040 SF drug store built in 1997 on 1.34 acres lot in the middle class Boston metro. New 20 yrs absolute NNN lease. NOI $338K/yr with 10% rent bump every 10 yrs. $4.157M. 8.15% cap. Seller’s financing avail.
Office Building in Brownsville, TX: brand new 16,053 SF single-tenant office building on 2 acres lot. 10 yrs lease with TX Dept of Family & Protective Services (TX has AA+ credit rating). NOI $183K/yr with annual rent bump. $2.01M. 9.11% cap.
Denny’s in Wichita, KS: 3900 SF 1-yr old family restaurant on ¾ acres lot across street from 100-store Towne East Square Mall in a middle class area. 20 yrs NNN lease. NOI $105K/yr with rent bump every 5 yrs. $1.32M. 8% cap.
I am the Chief Investment Advisor at Transmercial, formerly
eFunding, Inc., a Commercial Real Estate Investments company in San Jose, CA. I am in the top 5 commercial real estate expert author among over 500 on ezinearticles.com.
