Top 7 Properties 03-24-10

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


Transmercial Advisory: yesterday Transmercial stated that it believed them new health care law would make medical tenants and drugstores more stable. Today, an article on the Wall Street Journal shares similar view. (Note: if you are not a WSJ subscriber, you may be able to read the top portion of the article).

1. Holiday Express in Pasadena, TX: 60-room hotel built in 1999 on 1.25 acres lot in Houston suburbs. NOI $332K/yr. $3M. 11.07% cap.
2. Jack In The Box in Westminster, CO: 2771 SF new fast food restaurant on .6 ac lot in Denver metro. 20 yrs absolute NNN corp lease. NOI 156K/yr. $2.235M. 7% cap.
3. Shopping Center in McAllen, TX: 63,703 SF shopping center built in 2008 on 8.79 acres lot in a fast growing and high income area (AHI $83K/yr). 100% NNN leased till 2018 by Best Buy and Office Max. NOI $940K/yr. with rent bump every 5 yrs. $11M. 8.55% cap.
4. Neighborhood Center in North Myrtle Beach, SC: 90,722 SF neighborhood center constructed in 2008 on 9.65 acres lot in a coastal/resort town. Anchored by Bi-Lo grocery store. NOI $1.169M. $11.95M. 9.79% cap.
5. Mimi’s Café in Brandon, FL: 7045 SF franchised restaurant built in 2003 on 2.28 acres parcel near the 970,000 SF Westfield Brandon Mall. 100% absolute corp NNN with 13 yrs remaining. NOI $219K/yr. $2.743M. 8% cap.
6. Burger King in Spring City, PA: 2253 SF fast food restaurant on 1 ac lot in a middle class Philadelphia suburbs with AHI of $82K/yr. 100% NNN corp lease with over 10 yrs remaining. NOI $80K/yr. $1.111M. 7.2% cap.
7. Walgreens in Island Lake, IL: 14,820 SF drug store built in 2007 on 2.37 acres parcel in the upper middle class Chicago suburbs (AHI $91K/yr). 25 yrs NNN lease with 22 yrs remaining. NOI $337K/yr. $4.595M. 7.3% cap.
   
   © Transmercial 2010. All rights reserved.