07-16: Walgreens, Lone Star Steakhouse, Checkers, MOB, Arbys, Apartments

Welcome new investors.  Transmercial is the only company that offers this list of best properties between $700K to $20M in 50 states.  Each property has a brief description and a flyer (attached).  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market).  Underlined names, if any, indicate safe hyperlinks that you can click for more info.

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Below are the most commonly used acronyms:

• AHI: Avg. Household Income.  National average is about $50+K/yr.
• NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
• NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
• NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.  Walgreens in Hayward, CA: 15,120 SF Walgreens built in 2000 on 1.55 ac corner lot in San Francisco Bay Area.  25 yrs NNN lease till 2025.  NOI $425K/yr with rare 10% rent bump during option period.  $7.083M. 6% cap. 
2. Lone Star Steakhouse in Rockford, IL: 6397 SF Lone Star steakhouse on .92 ac outparcel to Target and Hobby Lobby on a dominant retail corridor in high income area.  Property remodeled in 2008. 100% absolute NNN leased till 2012.  NOI $204K/yr with 2% annual rent bumps.  $2.146M. 9.5% cap. 
3. Apartments in Santa Clara, CA: 6-unit apartments in high income (AHI $104K/yr in 1 mile) in Silicon Valley with high demand for rentals.  Various renovation in the last 2 yrs.  Annual gross rent $103K/yr. $1.2M. 
4. Shopping Plaza in Renton, WA: 98,598 SF shopping center on 8 acres corner in high income (AHI 84K/yr) Seattle metro where Boeing 787’s are built. 100% NNN leased to 4 national tenants: Albertsons (on ground lease with tenant owns its building), Planet Fitness, Ace Hardware, and Big Lots.  NOI $647K/yr.  $8.9M. 7.3% cap. 
5. Checkers Drive In Restaurant in New Port Richie, FL: 683 S restaurant with  double drive-thru on 2/3 ac lot in Tampa metro.  100% NNN corp lease with 14 yrs left. NOI $91K/yr with 1.5% annual rent bumps. $1.331M. 6.85% cap. 
6. Neighborhood Center in Tulsa, OK: 54,768 SF center built in 2000 on 5.5 acres lot in high income area (AHI $74K/yr in 1 mile).  94% leased with good tenants including Jo-Ann Fabric, Famous Footwear, Vintage Stock, H&R Block, Scottrade, Jenny Craig, and Supercuts.  NOI $597K/yr. $6.5M. 9.2% cap. 
7. Medical Office Building in University Heights, OH: 36,356 SF 3-story medical office building on over 2 acres lot in upper middle class Cleveland suburbs.  92% NNN leased to 20 mostly medical tenants.  NOI $375K/yr. $3.6M. 10.44% cap. 
8. Shopping Center in Oklahoma, OK: 66,805 SF shopping center on 9.5 acres lot adjacent to 130-tenant 1.128 Million SF Quails Spring Mall. Anchored by 48,000 SF Gold’s Gym.  Directly next to Best Buy, across from a Walmart and Sam's Club. 100% leased to 5 tenants.  NOI $790K/yr. $9.3M. 8.5% cap. 
9. Arbys in Lubbock, TX: 3035 SF restaurant on .69 ac lot.  100% NNN lease with 9 yrs left to an operator with 42 units in 45 states.  Tenant has been here since 1997.  NOI 60K/yr.  Only $780K. 7.69% cap.

© Transmercial 2012.