10-04: Medical office, retail centers, REO apartments, Alehouse, Hargees For Sale

1.      Strip Center in Garden Grove, CA: 11,649 SF 10-unit retail center on .91 acres lot in densely-populated (over 550K residents within 5 miles ring) middle-class (AHI $87K/yr) area in Southern California.  48% occupied.  Pro forma NOI $233K/yr.  $2.1M. 11.11% pro forma cap.  Note: high vacancy due to owner plan to get tenants out for renovation.  He later canceled his plan.

2.      Medical Office Building in Wichita, KS: 8995 SF medical office building part of 100,000 SF office park on a major artery.  100% NNN leased by 3 tenants.  NOI $123K/yr. $1.299M. 9.5% cap.

3.      Retail Center in Folsom, CA: 22,108 SF class-A retail center built in 1999 in a fast growing (42% since 2000) and high income (AHI $109K/yr) Sacramento metro. 95% NNN leased.  NOI  $466K/yr. $5.81M. 8% cap.

4.      Office building in San Jose, CA: 29,708 SF 2-story meticulously maintained office building constructed in 1983 on 1.54 acres lot at the corner of Almaden and Capitol expressways.  Many extras: back-up power, elevator, 50-MBPS high speed internet access. 100% leased to Manpower, Inc. (NYSE: MAN) till 2011. Tenant will most likely renew the lease with less space.  NOI $416K/yr. $2.95M. 14% cap. Just $99/SF!  Strong upside potential!

5.      Shopping center in  Austin, TX: 49,200 SF trophy shopping center anchored by 20,898 SF Office Depot.  Shadow anchored by Wal-mart Supercenter.  At the corner of US 290 and I-35.  96% NNN leased with many national tenants: Subway, T-Mobile, Game Stop, Check N Go.  NOI $943K/yr. $13M. 7.25% cap.

6.      Bank-owned Apartments in Sacramento, CA: 156-unit 89,000 SF apartments on 4.44 acres.  Proforma NOI $512K/yr. $4.5M.  Less than $29K/unit.  Pro forma 10.10% cap.

7.      Alehouse Restaurant in Jacksonville, FL: 8245 SF regional franchised restaurant built in 2004 on 2 acres lot adjacent to 100-store Regency Square Mall and Home Depot. 100% NNN leased to 2024.  NOI $220K/yr. $2.7M. 8% cap.

8.      Hardee’s restaurant in Independence, MO: 2675 SF fast food franchised restaurant on a corner lot in Kansas city metro.  New 20 yrs absolute NNN lease to an operator with 105 units.  NOI $77K/yr with 10% rent bump every 5 yrs.  $934K.  8.25% cap.

© Transmercial.  All rights reserved.