Friday, June 4, 2010

Top 7 Properties 05-21-10

  1. Rite Aid in Hemet, CA: 17,272 SF drug store built in 2008 on .53 acres corner lot in a growing area.  100% NNN leased till 2028.  NOI $521K/yr. $5.959M.  8.75% cap. 
  2. McAllister’s Deli in Peoria, IL: 3426 SF McAllister’s Deli franchised restaurant built in 2008 on .8 acres outparcel to Schnuck's Grocery anchored shopping center.  15 yrs NNN lease with 13 yrs remaining by an operator with 8 locations.  NOI $153K/yr with 5% rent bump every 5 yrs.  $1.53M. 10% cap. 
  3. Starbucks in Pensacola, FL: 1859 SF coffee house built in 2007 on ½ ac outparcel to Kohl’s Department store.  10 yrs NN lease with 7 yrs remaining.  NOI $118K/yr with 10% rent bump every 5 yrs. $1.583M. 7.5% cap. 
  4. Retail Center in Chattanooga, TN: 15,500 SF shopping center built in 2005 in a stable city.  100% NNN leased by 8 tenants.  NOI $172K/yr. $2.028M. 8.5% cap. 
  5. Apartments in Virginia Beach, VA: 24-unit apartments in a middle-class coastal city. 100% occupied with below market rent by $300/unit.  NOI $143K/yr.  $1.55M. 9.25% cap. 
  6. Apartments in Beverly Hills, CA: rare 8-unit apartments with hardwood floors in a wealthy area with AHI $150K/y within 1 mile radius.  Close to Cedars Sinai medical center.  100% occupied.  $1.899M.  
  7. Econo Lodge Hotel in Clearwater, FL: 121-unit hotel on 4.13 acres lot in near US-19 hwy. in Tampa metro $4.2M.
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