08-04-10 - Pep Boys - Medical Buildings - Apartments - For sale

1.      Pep Boys Auto in Sacramento, CA: 22,341 SF auto parts and service center in a growing city. 15 yrs absolute NNN corp lease with 13 yrs remaining.  NOI $251K/yr with 1.5% annual rent bump. $3.354M. 7.5% cap.

·        Great location with easy access to I-80.

·        Strong guaranty from a corp with over 560 stores

·        Below market rent of less than $1/SF means tenant will most likely to exercise options later.

2.      Walgreens in New Rochelle, NY: 9584 SF drugstore in a high income (AHI $99K/yr within 1 mile), densely-populate city just outside of Manhattan.  New 25 yrs absolute NNN corp lease.  NOI $342K/yr. $4.56M,. 7.5% cap.

3.      Short-sale Apartments in Lake Worth, FL: 71-unit apartments in excellent Palm Bach area. Amenities include central air, ceiling fans, swimming pool, individual hot-water heaters.  Profoma NOI $267K/yr. $3.5M. 7.65% cap.

4.      Medical Building in Brooksville, FL: 6071 SF single-tenant class-A medical building with specialized cardiology buildout constructed in 2004 in a fast growing Tampa metro.  10 yrs NNN lease by Brooksville Cardiology that has been in the business for 10 yrs.  NOI $180K/yr with CPI-based annual rent bump. $2M. 9% cap.

5.      Walgreens in Roseville, CA: 15,120 SF drugstore built in 2000 on 1.6 acres corner lot in a growing upper middle class Sacramento metro (AHI $84K/yr).  20 yrs NNN lease with 10 yrs remaining on primary term.  NOI $374K/yr. $4.675M. 8%cap.  Great location!

6.      Apartments in Santa Cruz, CA: 54-unit trophy apartments on 1.26 acres lot in a wealthy coastal town (AHI $107K/yr) just 30 minutes from Silicon Valley.  Walking distance to the beaches.  100% leased. Approval for additional 15-20 units.  NOI $469K/yr. $7.7M. 6.07% cap.

7.      Apartments in La Mesa, CA: 10-unit apartments in good income San Diego metro.  NOI $72K/yr. $1.095M. 6.61% cap.

8.      Apartments in Stuart, FL: 104-unit apartments with swimming pool in high income Port Saint Lucie. NOI $282K/yr. $3.25M. 8.7% cap.  Just over $33K/unit.

9.      Bankruptcy sale- Shopping center in Oakland Park, FL: 48,100 SF retail office complex on 2.6 acres lot in Fort Lauderdale metro. 90% leased.  NOI $444K/yr. $5.5M. 8.6% cap.  Listing broker suggested 10% cap possible.

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