Tuesday, May 18, 2010

Top 8 Properties 05-04-10

  1. Apartments in Houston, TX: 244-unit apartments complex built in 1983 on 8.69 acres lot.  93% occupied.  NOI $363K/yr. $4.2M.  8.7% cap.  Just over $17K/unit. 
  2. Shopping Center in Wilmington, NC: 44,180 SF shopping center on over 4 acres lot in a stable coastal town.  Anchored by a 29,000 SF Food Lion grocery (grocery chain with 1300 locations in 11 states).  100% leased.  NOI $360K/yr. $4M. 9% cap. 
  3. Buffalo Wild Wings in Austin, TX: 6248 SF brand new franchised restaurant on 1.23 acres parcel just off I-35 exit in a  growing city.  New 15 yrs NNN lease.  NOI $226K/yr. with 10% rent bump every 5 yrs.$2.834M. 8% cap. 
  4. Cancer Treatment Center in Lewisville, TX: 18,000 SF cancer treatment center built in 2000 on 2.59 acres lot near I-35E and Hwy 121 in an affluent (AHI $113K/yr) Dallas metro.  100% absolute NNN leased to a subsidiary of US Oncology Holdings (ranked 646 among top 1000 companies by FORTUNE magazine)NOI $420K/yr.  $4.946M. 8.5% cap. 
  5. Gas Station in San Jose, CA: newly remodeled independent gas station on .4 acre lot with 6 dispenser islands, a convenience store and 2-bay service garage in a high income (AHI $111K/yr) area. Annual gross revenue of over $2.5M.  NOI $168K/yr. $1.975M for both real estate and business.  8.5% cap. 
  6. Jack In The Box in Dallas, TX: 2481 SF restaurant with drive thru built in 1998 on ½ ac lot just off I-35 exit.  100% NNN corp lease.  NOI $87K/yr with 10% rent bump in 2013.  $1.095M. 8% cap. 
  7. Hotel Condo in Fresno, CA: 200-unit recently refurbished hotel/condo on 6.8 acres lot just off Hwy 99 exit. $4.9M. 
  8. Apartments in Rancho Cordova, CA: 64-unit bank-owned apartments on 1.95 acres lot in Sacramento metro. 50% occupied.  $2.125M. Just over $33K/unit!
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