Top 10 Properties 04-22-10

1. Burger King in Rogers, AR: 3621 SF restaurant on .9 acres corner lot with 3 points of ingress/egress in a  growing city.  Store with strong 1.89M in annual sales revenue.  New 20 yrs NNN lease.  NOI $144K/yr. $1.6M. 9% cap. 
2. Apartments in Redwood City, CA: 5-unit apartments in a affluent Silicon Valley town (AHI $148K/yr).  100% occupied.  NOI $59K/yr. $1.095M. 5.45% cap.
3. Steak N Shake in Clearwater, FL: 3690 SF franchised restaurant across from Westfield Countryside Mall in Tampa metro.  18 yrs absolute corp (NYSE: SNS) NNN lease with 6 yrs remain.  Store with strong & growing revenue of over $1.94M/yr., i.e. highly profitable location even during recession.  NOI $118K/yr. $1.43M.  8.25% cap.  4 other locations in FL avail. 
4. Lowe’s in Nashville, TN: 135,195 SF single-tenant home improvement center on over 18 acres lot just off I-40 exit in a stable & wealthy area with AHI over $98K/yr within 5 miles. 100% leased by Lowe’s with S&P rating of A+ till 2019.  NOI $1.125M. $13.5M. 8.34% cap. 
5. Advance Auto in West Monroe, LA: 7000 SF auto parts store built in 2008 on .8 ac lot next to a Walgreens. 15 yrs NNN lease.  NOI $122K/yr. $1.523M. 8.05% cap. 
6. Brand new Best Buy & Office Max in McAllen, TX: 63,703 SF retail center built in 2008 on 8.79 acres lot in a high income (AHI $83K/yr w/I 1 mile) and  growing (55% since 2000) city.  100% NNN leased by 2 national tenants.   Great location: across from 46-acre lifestyle center anchored by Conn's, Walgreens, Petco, Michael's. Shadow Anchored by Kohl's, Target, Ross, Marshalls, Hobby Lobby, Bealls & PetSmart. Adjacent to Home Depot & H-E-B Grocery. NOI $940K/yr with rent bump every 5 yrs.  $11M. 8.5% cap. 
7. Pep Boy Auto in Sacramento, CA: 22,341 SF auto parts and automotive center on 2.35 acres parcel near I-80 exit.  15 yrs absolute corp (NYSE: PBY) NNN lease.  NOI $251K/yr with 1.5% annual rent bump. $3.354M. 7.5% cap.  Seller financing at 6% interest avail. 
8. Apartments in Auburn, WA: 27-unit well-kept apartments in stable Seattle metro. 99% occupied.  NOI $133K/yr. $1.55M. 8.6% cap. 
9. Apartments in Dallas, TX: 104-unit class-B 2-story apartments complex built in 1984 on over 3 acres lot in highly desirable upper middle class White Rock Lake with AHI over $89K/yr within 1 mile. Individual HVAC and hot water heater. Nicely manicured landscaping & well-maintained assets. 92% occupied.  Proforma NOI $405K/yr. $4.5M. 9.02% cap. 
10. Shopping center in Indian Head Park, IL: 17,805 SF retail center on 1.94 acres lot in wealthy Chicago metro with AHI of $120K/yr.  100% NNN leased.  NOI 4304K/yr. $3.9M. 7.8% cap.

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