Top 9 Properties 06-04-10

1. Burger King in Theodore, AL: 2800 SF new restaurant just off I-10 in Mobile metro.  New long term absolute NNN lease by a franchisee with 205 locations in 5 states.  NOI $102K/yr with 2% annual rent bump from year 6.  $1.3M. 7.85% cap. 
2. Family Dollar in Tucson, AZ: new 9180 SF Family Dollar store on 1.89 acres corner lot in a growing and strong income area.  10 yrs corp NN lease.  NOI $129K/yr. with 10% rent bump in each 5 yrs options. $1.48M. 8.75% cap. 
3. Shopping Center in Dallas, TX: 12,722 SF strip center built in 2002 in high income area (AHI $98K/yr within 3 miles ring).  92% leased by Family Dollar and a local dental office.  NOI $142K/yr.  $1.625M. 8.75% cap. 
4. Burger King in Fountain Hill, AZ: 2654 SF restaurant on .58 acre outparcel to Safeway anchored shopping center in wealthy (AHI $121K/yr) suburban Phoenix.  20 yrs NNN lease.  NOI $90K/yr. $1.24M. 7.26% cap. 
5. Arbys in Fishers, IN: 3276 SF restaurant on a major artery in fast growing (55% since 2000) affluent Indianapolis suburbs (AHI $96K/yr).  Long term NNN lease. NOI $145K/yr. $1.942M. 7.5% cap. 
6. Apartments in Hemet, CA: 48-unit apartments on 2.68 acres lot.  NOI $194K/yr. $2.09M. 9.3% cap (note: this is probably proforma) 
7. Surgery Center in Tampa, FL: 8036 SF surgery center built in 1999 on .8 acre parcel a few minutes from Saint Joseph’s Hospital.  100% NNN lease with 9 yrs remaining.  NOI $267K/yr. $3.342M. 8% cap. 
8. Dollar General in Jacksonville, FL: 9014 SF new dollar store on 2.82 acres lot.  15 yrs absolute NNN lease.  NOI $117K/yr. with 10% rent bump each 5 yrs options. $1.421M. 8.25% cap. 
9. Apartments in Dallas, TX: 119-unit bank-owned apartments built in 1972 on over 3 acres lot in upper middle class area (AHI $98K/yr).  74% occupied.  NOI $240K/yr. $2.825M. 8.5% cap.

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