Top 6 Properties 04-13-10

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

AHI: Avg. Household Income

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.

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