08-17: Pep Boys - Walgreen's - Burger King For Sale

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.

NNN-: Triple net lease with landlord responsible for roof and structure.

1. Single tenant Retail Center in Smyrna, GA: 9504 SF free-standing single-tenant retail center on over 1 acres corner lot.  100% NNN- leased by Eckerk/Rite Aid till 2016.  Being subleased to Pet Supermarket, a chain with 109 locations.  NOI $156K/yr with rent increased to $161K/yr in 2011.  $1.57M. 10% cap. 
2. Pep Boys in Santa Fe, NM: 17,937 SF Auto parts and service center on 1.8 acres at a hard corner.  Surrounded by Santa Fe Mazda & Volvo, Performance Buick Pontiac GMC, Hobby Lobby, Ace Hardware, Smith's Food & Drug, Office Depot, Petco, Payless Shoes, Shell Gas, and Wendy's.  15 yrs absolute corp NNN leased by Pep Boys (NYSE: PBY w/ S&P rating of B+).  NOI $322K/yr with 1.5% annual rent bump. $4.297M. 7.5% cap. 
3. Walgreens in Oakdale, CA: 15,026 SF brand new drug store on 1.16 acres lot near Modesto.  New 25 yrs NNN lease.  NOI $467K/yr. 6.714M. 7% cap. 
4. Burger King in Phoenix, AZ: 3370 SF restaurant on .62 ac outparcel at the signalized intersection of two 6-lane arteries with 86,000 cars-per-day traffic count and almost 500K people within 5 miles ring.  Renovated in 2009.  100% absolute NNN leased till 2028 by an operator with over 20 locations. NOI $123K/yr with rent bump every 5 yrs. Price reduced to $1.645M. 7.5% cap.
5. Walgreen's in Loxahatchee, FL: New 14,469 SF trophy drugstore on 2.75 acres lot in wealthy Palm Beach metro.  New 25 yrs absolute NNN lease.  NOI $560K.  $8M.  7% cap. 
6. Burger King in Tacoma, WA: 3723 SF restaurant with indoor play area built in 2002 on .69 acre outparcel to Big Lots, Safeway and K-mart anchored shopping center.  15 yrs NNN lease.  NOI $139K/yr.  Store with strong sales of over $1.6M/yr. $1.945M.  7.15% cap. 
7. Apartments in Houston, TX: 820-unit bank-owned apartments on 36 acres lot.  70% occupied.  Potential NOI $1.718M. $11.6M. 13.6% potential cap.  Just over $14K/unit. 
8. Retail center in San Jose, CA: 26,000 SF former Mazda dealer and service center on 3.25 acres corner lot in high income area with AHI over $100K/yr. $5.75M.

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