Top 9 Properties 06-15-10

NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.

AHI: Avg. Household Income

NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses

1. Retail Building in Moreno Valley, CA: 11,852 SF two-years old single-tenant retail building on over 1 acre lot at prime retail location with easy access to Fwy-60/215. 100% NNN leased by national credit tenant. NOI $362K/yr. $4.260M. 8.5% Cap.
2. Shopping Center in Chattanooga, TN: 74,978 SF shopping center anchored by BI-LO grocery store with large monument sign in fast growing area. NOI $640K/yr. $6.4M. 10% Cap.
3. Taco Bell in Las Vegas, NV: 2375 SF Taco Bell Restaurant constructed in 2000 on over 1 acre lot across from McCarran International Airport with excellent visibility. 100% NNN leased by strong franchisee currently operating 63 restaurants. NOI $170K/yr. $2.125M. 8% Cap.
4. Hooters Restaurant in Council Bluffs, IA: 4880 SF single-tenant retail building constructed in 2008 on 1.5 acres of land on a pad site to Horseshoe Casino across from Mid-America Convention Center in growing Omaha suburbs. New 15-years absolute NNN lease. 10% rental increases every 5-years. NOI $216K/yr. $2.469M. 8.75% Cap.
5. Pizza Hut & WingStreet Restaurant in Columbia, SC: 3114 SF attractive free-standing retail building at prime retail location with excellent visibility off of Hwy-1 in affluent (AHI $128K/yr within 1-mile radius) Columbia metro. New 20-years absolute NNN lease. Franchisee guarantee from 39-unit operator. 1.5% rent increases every 2-years. NOI $85K/yr. $1.068M. 8% Cap.
6. Apartments in Hayward, CA: 61-units well-kept multifamily building on 3.45 acres of land with good unit mix close to Fwy-880. 92% leased. NOI $445K/yr. $5.7M. 7.8% Cap.
7. Carl’s Jr. Restaurant in Las Vegas, NV: 4500 SF recently constructed retail building in booming (792.85%) middle-class (AHI $76K/yr) area along main thoroughfare. Long 20-years absolute NNN lease with 10% increases every 5-years. NOI $225K/yr. $3.214M. 7% Cap.
8. DaVita Medical Office in Freeport, NY: 18,588 SF Class-B medical building renovated in 1995 on 5.7 acre lot. 100% NNN leased. NOI k$367K/yr. $4.325M. 8.5% Cap.
9. Strip Center in Indianapolis, IN: 12,220 SF multi-tenant strip center built in 2002 shadow-anchored by CVS with excellent tenant mix: Quizno’s, State Farm Insurance and Taylor’s Pub. 85% NNN leased. NOI $196K/yr. $1.9M. 10.34% Cap.    

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