03-19: Panda Express, Wendy's, Pep Boys Auto, PETCO, Golden Corral, Carl's Jr., Goodyear

Should You Invest in A Single-tenant or Multi-tenant Property?

To answer this question, it is important for an investor to consider various aspects discussed in the article below.

http://dl.dropbox.com/u/51743037/Single%20or%20multi-tenant.pdf

1. Panda Express Gourmet Chinese Food in Crestwood, IL: 2,488 SF drive-thru restaurant built in 2007 on .76 ac lot next to Walgreen’s anchored center  and Rivercrest Shopping Center in Chicago metro. 100% absolute NNN corp ground lease till 2027. NOI $76K/yr with 10% rent increases every 5 yrs. $1.274M. 6% cap. 
2. Wendy’s in Maumee, OH: 2841 SF restaurant built in 1993 at a signalized corner location and next to I-475 exit. In growing middle-class (AHI $82K/yr) Toledo suburbs. 100% NNN leased to a strong operator with 329 units. NOI $113K/yr. $1.57M. 7.26% cap.  
3. Pep Boys Auto in Houston, TX: 6966 SF recently renovated auto parts retail store on .69 ac lot with excellent visibility in fast growing & high income area. 100% NNN corp leased till 2021. NOI $100K/yr with rare 15% rent increase in first option. $1.428M. 7% cap.  
4. Strip Center in Oakland, CA: 10,096 SF 2-story newly constructed strip center  with elevator, at a signalized corner location with easy access to I-880y. 100% NNN leased to 7 tenants. NOI $108K/yr. $1.8M. 6% cap.  
5. PETCO in Mesa, AZ: 11,960 SF recently renovated retail building on 1+ ac lot at a highly visible location in Phoenix suburbs. 100% NNN leased with 3 yrs left. NOI $965K/yr. $1M. 9.65% cap. 
6. Golden Corral in Knoxville, TN: 10,411 SF buffet restaurant on 1.31 ac lot shadow-anchored by Lowe’s and across from Target and The Home Depot. New 15-yrs NNN lease to strong operator with 36 units. NOI $275K/yr with 8% rent bumps every 5 yrs. Price reduced to $3.333M. 8.25% cap.
7.  Shopping Center in Orlando, FL: 32,538 SF newly constructed shopping center on 5.40 acres lot shadow-anchored by Walmart Supercenter and next to Valencia Community Collage-West. 89% leased. NOI $415K/yr. $5.3M. 7.90% cap. Upside potential.  
8. Carl’s Jr. in North Highlands, CA: 35416 SF fast-food restaurant remodeled in 2008 across from Wal-Mart (construction in progress) in Sacramento suburbs. 100% NNN corp lease till 2019. NOI $133K/yr with rent increases every 5 yrs. $1.675M. 7.96% cap.  
9. Goodyear in West Jordan, UT: 5700 SF retail building constructed in 2000 on .77 ac lot with excellent visibility in high income (AHI $85K/yr) Salt Lake City metro. 100% NNN lease till 2015. NOI $83K/yr.  with rare 10% rent bumps every 5 yrs. $1.148M. 7.25% cap.

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