Top 8 Properties 03-26-10

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
   
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