Top 10 Properties 05-13-10

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

AHI: Avg. Household Income

NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses

1. Apartments in Sacramento, CA: 95-unit well-maintained apartments on 3.89 acres lot near Florin Mall.  96% occupied.  Gross revenue of $696K/yr.  $3.699M.  Just less than $39K/unit. 
2. Walgreens in Lubbock, TX: 15,120 SF drug store built in 2000 on 1.4 acres lot at the intersection of 2 8-lane roads.  Store with strong sales of estimated $11M/yr.   100% NNN lease.  NOI $332K/yr. $4.0333M. 8.25% cap. Note: Transmercial believes this is a highly profitable location which means Walgreens is likely to renew the lease in 2021. 
3. Shopping center in San Antonio, TX: 32,626 SF shopping center built in 2007 on 3 acres lot in a growing upper middle class area (AHI $98K/yr within 1 mile).  94% NNN leased.  NOI $620K/yr. $6.2M. 10% cap. 
4. Rite Aid in Burlington, NC: 10,980 SF drug store on 1.91 acres lot on a major artery near I-85. Long term NNN lease.  NOI $320K/yr. $3.1M. 10.34% cap. 
5. Shopping Center in North Port, FL: 37,476 SF upscale shopping center built in 2007 on 3.76 acres lot in Cape Coral area.  85% NNN leased.  NOI $595K/yr.  Price reduced from $6.349M to $5.5M. 10% cap. 
6. Strip center in Fort Worth, TX: 9961 SF 2-yrs-old retail center on 1 acre lot near I-35W.  100% NNN leased by 4 tenants.  NOI $177K/yr. $1.65M. 10.29% cap. 
7. Apartments in Canoga Park, CA: 14-unit apartments in a strong rental market in Southern CA.  100% occupied.  Gross income of $190K/yr. $1.67M. 8% cap. 
8. Tutor Time Childcare center in Austin, TX: 11,000 SF childcare center in a wealthy North Austin area (AHI $87K/yr).  10 yrs NNN corp lease by Tutor Time, a national childcare provider. NOI $198K/yr. $2.2M. 9% cap. 
9. Childtime Childcare center in Stockton, CA: 6354 SF childcare center in high income area (AHI $84K/yr).  10 yrs NNN corp lease by Childtime, a national childcare provider. NOI $104K/yr. $1.164M. 9% cap. 
10. Automotive Center in Las Vegas, NV: 14,948 SF automotive center built in 1999 on 1.18 acres lot in good income area.  100% NNN leased by 5 automotive tenants.  NOI $172K/yr.  price reduced from $2.16M to $1.99M. 8.64% cap.

© Transmercial 2010.  All rights reserved.