Top 10 Properties 05-10-10

1. Shopping center in Las Vegas, NV: 29,974 SF multi-tenant shopping center built in 1987 on over 3 acres corner lot with high traffic. 95% NNN leased.  NOI $589K/yr.$5.9M. 10% cap. 
2. O’Reilly in Atlanta, GA: 6800 SF new single-tenant auto parts center on 1.43 acres lot next to Walgreens.  20 yrs NN corp lease from O’Reilly (NASDAQ: ORLY).  NOI $110K/yr. $1.375M. 8% cap.
3. Mimi’s Café in Brandon, FL: 7045 SF franchised sit-down restaurant built in 2003 near 1.124M SF Westfield Brandon Mall in Tampa metro.  20 yrs NNN corp lease with 13 yrs remaining. NOI $219K/yr with rent bump every 5 yrs.$2.743M. 8% cap. 
4. Big O Tires in Surprise, AZ: 4845 SF single-tenant retail center in a fast growing Phoenix metro.  Close to Target, Lowe’s and Wal-mart supercenter.  New 15 yrs NNN lease.  NOI $180K/yr. $2.1M. 8.57% cap. 
5. Apartments in San Francisco, CA: 18-unit apartments, some with Ocean views in a wealthy area with AHI over $130K/yr. Gross income $284K/yr. $3.095M. 
6. Bally’s Fitness Center in Dallas, TX: 15,000 SF fitness center next to Southwest Center Mall.  100% NNN lease with 5 yrs remaining.  Tenant has been here since 1982.  NOI $132K/yr. $1.2M. 11% cap. 
7. Zios Italian restaurant in Webster, TX: 7055 SF franchised restaurant built in 1998 on 1.82 acres lot just off I-45 in Houston metro. 15 yrs lease from Zio’s with 15 locations in 6 states.  NOI $260K/yr with 10% rent bump every 5 yrs.  $2.736M. 9.5% cap. 
8. Jack In the Box in Palm Spring, CA: 2636 SF restaurant on .64 acre corner lot in high income region.  18 yrs absolute NNN corp lease with 6 yrs left.  NOI $134K/yr with rent bump every 5 yrs. $1.897M. 7.1% cap. 
9. Sears in Lakeland, FL: 114,500 SF Sears department store on over 12 acres lot in a growing and high income suburban Tampa.  10 yrs absolute NNN lease with 9 yrs remaining.  NOI $728K/yr. $8.324M. 8.75% cap. 
10. Office building in Salem, OR: 7252 SF office building constructed in 2002 on ½ acre lot in a stable city.  10 yrs lease from State of Oregon Health Department.  NOI $108K/yr. $1.175M. 9.26% cap.

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