Top 9 Properties 05-25-10

1. Apartments in Phoenix, AZ: 247-unit bank-owned apartments built in 1985.  Amenities include Clubhouse, playground, 2 pools, 2 spas, covered parking. 60% occupied. $3.7M.  Just less than $15K/unit. 
2. Walgreens in Sunnyvale, CA: 14,820 SF Walgreens built in 2008 on 2 acres lot in high income Silicon Valley (AHI $118K/yr).  25 yrs NNN lease.  NOI $562K/yr with rare 10% rent bump every 10 yrs.  $9M. 6.25% cap. 
3. Applebees in Chester, VA: 5019 SF restaurant on 1.652 acres pad to a Wal-mart supercenter in a wealthy (AHI 100K/yr within 1 mile radius) Richmond metro.  Long term NNN lease.  NOI $189K/yr with 2% annual rent bump. $2.225M. 8.5% cap. 
4. Shopping center in Bellflower, CA: 59,927 SF well-maintained 27-unit shopping center on over 4 acres on a major artery in densely-populated (over 700K residents within 5 miles ring) area in Southern CA.  Anchored by 11,747 SF Fresenius Dialysis center.  71% NNN leased.  Actual NOI $601K/yr.  $7.5M. 8.14% cap.  Just $125/SF.  Strong upside potential when 100% leased. 
5. Ryans Buffet Restaurant in Hiram, GA: 10,136 SF restaurant on 1.83 acres lot in a fast growing Atlanta metro.  Long term corp NNN lease.  NOI $193K/yr.$1.93M. 10% cap. 
6. Fitness Center in Fremont, CA: 34,811 SF retail center anchored by 24-Hr Fitness Center on 2.27 acres lot in a high-income city in Silicon Valley (AHI $106K/yr). 100% leased.  NOI $527K/yr. $7M. 7.8% cap. 
7.  Strip Center in Upland, CA: 11,621 SF strip center on .93 acre corner lot with excellent visibility.  70% leased.  Proforma NOI $181K/yr. $1.93M. 9.3% cap. 
8. Shopping Center in Stockbridge, GA: 22,325 SF retail center on 1.6 acres lot near Henry Medical Center in a fast growing suburban Atlanta.  88% leased.  NOI $252K/yr.  $2.8M. 9% cap. 
9. Apartments in Baytown, TX: 158-unit bank-owned apartments in Houston metro.  60% occupied.  Proforma (with 81% occupancy) NOI $276K/yr. $2.49M. 11.1% cap.  Just less than $16K/unit.

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