Friday, April 30, 2010

Top 7 Properties 04-16-10

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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. 
  7. 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.
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