Top 10 Properties 05-17-10

1.  Industrial Building in San Jose, CA: 136,978 SF industrial building on 8.9 acres lot on King road.  Partially leased.  Income not avail. $6.95M. 
2. Retail center in North Hampton, NH: 10,643 SF retail center built in 2004 on 2 acres lot adjacent to Home Depot in a wealthy area with AHI $106K/yr. 100% NNN leased by Midas and Jiffy lube with 15 yrs remaining.  NOI $228K/yr. $2.409M. 9.5% cap. 
3. Apartments in Mesquite, TX; 288-unit apartments complex on 11.89 acres lot in a stable Dallas metro. Onsite laundry facilities swimming pool. Proforma NOI $831K/yr. $5M. 15% cap.  Just over $17K/unit. 
4. Retail center in Louisville, KY: 7964 SF brand new strip center on 1.05 acres outparcel to Home Depot. 100% long term NNN leased by 3 good tenants: Aspen Dental, Qdoba Mexican Grill (subsidiary of Jack in the Box), and Gaddie Eyes Center (5 locations).  NOI $171K/yr. $2.11M. 8.14% cap. 
5. Advance Auto in Slidell, LA: 7000 SF advance auto parts store built in 2007 on 1.09 acres in a growing middle class New Orleans metro. 15 yrs NNN lease.  NOI $122K/yr. $1.509M. 8.1% cap. 
6. Big 5 Sports in Cheyenne, WY: 11,705 SF single-tenant retail center on 1 acre lot just East of 481,000 SF Frontier Mall and surrounded by Walmart Supercenter, JCPenney, Dillard's, Sears, Big K-Mart, Target, Ross, TJ Maxx, Sam's Club, and Lowes.  10 yrs NNN lease.  NOI $93K/yr. with 10% rent bump every 5 yrs.  $1.17M. 8% cap. 
7. Ruth’s Chris Steakhouse in North Palm Beach, FL: 7553 SF franchised restaurant on 1.65 acres lot in an upscale North palm Beach area with AHI over 4103K/yr.  12 yrs NNN lease from 2008 with guaranty from Ruth’s Hospitality Group (NASDAG: RUTH) with 149 locations.  NOI $277K/yr with 1.75% annual rent bump.$3.582M. 7.75% cap. 
8. Childcare center in Lancaster, CA: 6700 SF childcare center on 1.1 acres lot.  100% NNN leased since 1988 by La Petite Academy, a national childcare provider.  NOI $81K/yr. price reduced from $1.15M to $1.05M. 7.79% cap. 
9. Strip Mall in Alpharetta, GA: 7840 SF strip mall in a affluent Northern Atlanta metro (AHI $142K/yr).  100% NNN leased by 5 tenants.  NOI $179K/yr. $2M. 8.97% cap. 
10. Walgreens in Queen Creek, AZ: 14,900 SF drug store on a corner lot in a middle-class Phoenix metro. 100% NNN lease with 23 yrs remaining.  NOI $350K/yr. $4.865M. 7.2% cap.

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