1. Jiffy Lube in Port Orchard, WA: 2168 SF Jiffy Lube built in 1994 on .42 ac lot in Seattle metro. 20 yrs NNN lease to an operator with 440 stores. NOI $66K/yr with 10% rent bump every 5 yrs. Only %$833K. 8% cap.
2. Denny’s in Dallas, TX: 4546 SF being-remodeled Denny’s family restaurant on ¾ ac lot next to I-20 exit. New 20 yrs absolute NNN lease to an operator with 52 Dennys and 74 Burger Kings. NOI $119K/yr. $1.594M. Store with strong sales of $1.495M. 7.5% cap.
3. Rite Aid in Marietta, GA: 10,908 SF drug store built in 1997 on 1.59 acres outparcel to Target. Across from Home Depot, Publix Supermarket and Kroger in affluent Atlanta suburbs (AHI $117K/yr in 3 miles). 100% absolute NNN lease with 6 yrs remaining. NOI $224K/yr with rent bump every 5 yrs. $2.425M. 9.25% cap.
4. Tire Kingdom Auto Center in Tarpon Spring, FL: 5998 SF auto center built in 2003 on ¾ ac lot in affluent Tampa suburbs (AHI $113K/yr in 1 mile). 100% NNN leased to Tire Kingdom (national tenant), and T-Mobile (cell tower only). NOI $181K/yr with 2% and 3% annual rent bumps. $2.423M. 7.5% cap.
5. Walgreens in Denver, CO: 13,905 SF drug store rebuilt in 1996 on 1.13 acres lot on a major artery in high income area (AHI $86K/yr in 1 mile). Tenant has been here since 1950. 100% NNN lease till 2022. NOI $326K/yr. $4.505M. 7.25% cap.
6. Amscot Financial in Orlando, FL: 3200 SF single-tenant retail center on .36 ac lot on a busy artery. 10 yrs NNN lease to Amscot Financial, a major regional tenant in FL. NOI $132K/yr. $1.65M. 8% cap
© Transmercial 2011.
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