Top 7 Properties 05-03-10

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. Bank-owned mini-storage in Tolleson, AZ: 234-unit (151 are air-conditioned & 83 drive up) mini-storage facility with 90 PO boxes constructed in 2009 on 2.49 acres lot in Phoenix metro.  Many modern amenities: advanced security systems, 24-hr access.  $1.13M. 
2. Office max in Martinsburg, VA: 23,620 SF single-tenant retail enter built in 1998 on 2.11 acres lot just off I-81 in a prime commercial corridor in a growing city.  20 yrs NNN lease with 8 yrs remaining.  NOI $307K/yr. $3.32M. 9.25% cap.  
3. Franchised Motel in Houston, TX: 120-room motel built in 1995 on 3.35 acres lot with great highway exposure.  Gross income of $1.19M/yr. $3.5M. 11.28% cap. 
4.  Shopping center in Bolingbrook, IL: 17,960 SF class-A retail center built in 2003 on 3 acres lot just off Tollway 355 exit in growing upper middle class suburban Chicago.  Surrounded by Meijer’s, Macys, Ikea and Costco with over 1.5M SF of upscale retail spaces.  100% NNN leased by 12 tenants.  NOI $475K/yr. $5.4M. 8.8% cap.  
5. Auctioned retail center in Antelope, CA: 11,140 SF retail center built in 2006 on 1.2 acres lot in a stable middle-class Sacramento metro.  100% NNN leased by 4 retail tenants.  Appraised at $1.68M in 2010.  Starting bid at $700K. 
6. Apartments in Ashbury Park, NJ: 17-unit apartments complex in high income (AHI $93K/yr) town 30 miles South of Newark. 100% occupied.  NOI $88K/yr. $986K. 9% cap. 
7. CVS Pharmacy in Baytown, TX: 10,906 SF drug store on 1.29 acres lot in Houston metro. 20 yrs NNN lease with 7 yrs remaining.  NOI $220K/yr. $2.45M. 9% cap.

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