10-28: KFC/Long John Silver, KFC, Tire Works, Shopping Center

1. KFC/Long John Silver in Omaha, NE: 3400 SF dual-branded restaurant built in 1997 on .8 ac lot with easy access to I-680. New 22.5 yrs absolute NNN lease to an operator 64 locations and $80M in sales. NOI $82K/yr with 10% rent bumps every 5 yrs starting from year 9.  $1.122M. 7.35% cap. 
2. KFC in Shawnee, KS: 2741 SF restaurant built in 1986 on ¾ ac lot with easy access to I-35 and I-435 in Kansas City metro. New 22.5 yrs absolute NNN lease to an operator with 64 locations and $80M in sales.  NOI $71K yr with 10% rent bumps every 5 yrs starting from year 9. $968K.  7.35% cap. 
3. Tire Works in Las Vegas, NV: 7600 SF auto repair center on .88 ac corner lot on busy Flamingo road in fast growing and high income area (AHI $89K/yr within 3 miles).  20 yrs absolute corp lease to Tire Works.  NOI $108K/yr with 10% rent bumps every 5 yrs.  $1.6M. 6.75% cap. 
4. Apartments in Phoenix, AZ: 100-unit 84,520 SF apartments in 10 buildings.  Pro forma NOI $247K/yr. $2.6M. 9.47% cap. 
5. Shopping Center in Modesto, CA: 118,505 SF shopping center on 8.94 acres lot at the intersection of 2 major arteries in high income & stable area (AHI $70K/yr).  Anchored by Ross and Sports Authority.  96% leased with 90% space occupied by national tenants.  NOI $1.33M. $19M.  7% cap. 
6. Student Housing in San Jose, CA: 11-room well-maintained student boarding house just 1 block from San Jose State University. 100% occupied.  Gross rent of $93K/yr. $769K.

© Transmercial 2011.