Top 7 Properties 03-18-10

1. OfficeMax in Yorkville, IL: 17,998 SF 3-yrs old single-tenant retail center in a fast growth middle class Chicago suburb. 100% NNN lease till 2018. NOI $305K/yr . NOI $3.38M. 9.05% cap.
2. Jack In The Box in Houston, TX: 2850 SF fast food restaurant built in 1991 and re-imaged in 2005 in a growing and good income area. 20 yrs absolute NNN corp lease. NOI $126K/yr with CPI-based rent increase every 5 yrs. $1.8M. 7.25% cap.
3. IHOP in Midland, TX: 5198 SF restaurant built in 1997 on 1 acre lot with freeway frontage in a high income area. 100% NNN lease till 2022 by an operator with 11 locations and $21M in sales. NOI $222K/yr with 10% rent bump every 5 yrs. $2.6M. 8.54% cap.
4. Apartments in Dallas, TX: 196 unit 2-story bank-owned apartments complex built in 1980 in area with good income. 95% occupied. Proforma NOI $433K/yr. $3.85M. 10.72% cap. Less than $20K/unit!
5. Burger King in Phoenix, AZ: 3370 SF restaurant on .61 acre lot at an intersection of 2 major roads. 100% NNN lease with 18 yrs remaining by one of the top Burger King franchisees with a high net worth. NOI $123K/yr. $1.696M. 7.25% cap.
6. Aaron Rent in Sacramento, CA: 7515 SF single-tenant 3-yrs old retail center on 2/3 acre lot. 10 yrs NNN lease. NOI $108K/yr. with rent bump every 5 yrs. $1.35M. 8% cap.
7. Walgreens in Barrington, IL: 14,490 SF drug store built in 2009 on 1.25 acres lot in a very wealthy city in Chicago metro with AHI over $149K/yr. 25 yrs NNN lease. NOI $680K/yr. $9.45M. 7.2% cap.
   
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