02-07: CARQUEST, Walgreen's, Tutor Time, Denny's, Office Building, MOB

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. For a full marketing brochure, please reply and specify the property number. 

Below are the most commonly used acronyms:

• AHI: Avg. Household Income.  National average is about $55+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. CARQUEST in Prospect Heights, IL: 6552 SF auto center built in 2007 on .82 ac lot in affluent (AHI $111K/yr in 1 mile) Chicago metro. Across from Target. 100% NNN lease with a recently extended 5 yrs lease to a regional tenant. NOI $103K/yr. Price just reduced to $1.258M. 8.20% cap.
2.  Walgreen’s in Merriam, KS: 15,120 SF Walgreen’s built in 2001 on 1.79 ac lot in Kansas City suburbs. Across from 475,000 SF Merriam Town Center, anchored by Cinemark Theatres and Home Depot. Adjacent to new IKEA store, schedule to open Summer of 2014. 20 yrs NNN- corp lease with 8 yrs left. NOI $407K/yr. $6.27M. 6.50% cap.
3. Retail Center in Cape Coral, FL: 19,000 SF L-shaped retail center built in 2002 on 1.56 ac lot at a signalized intersection & in fast growing area. Close to Cape Coral Hospital. 80% leased. $2.25M. Just less than $120/SF!  NOI/Cap not provided.
4. Retail Center in Milpitas, CA: 8400 SF mature retail center on 1+ ac lot in high income ($106K/yr in 3 mile) high tech San Jose suburbs. Close to Great Mall, I-880 & I-680. 100% leased to six tenants. NOI $148K/yr. $2.9M. 5.10% cap.
5. Neighborhood Center in Montgomery, AL: 42,257 SF attractive shopping center built in 2004 near I-85..  Anchored by Petco and Books-A-Million. Next to Lowe’s and near The Home Depot. 94% leased. NOI $503K/yr. $6.1M. 8.25% cap.
6. Center Medical Center in Boardman Township, OH: 10,140 SF Class B medical office building upgraded in 2007 on .70 ac lot in growing area. Close to St Elizabeth Wellness Center and I-680. 100% NNN- corp lease to US Oncology, a private company with 83 cancer centers. NOI $113K/yr. $1.23M. 9.25% cap.
7. Tutor Time in Mooresville, NC: 10,160 SF childcare center built in 2002 on 1.97 ac lot in fast growing and high income (AHI $97K/yr) Charlotte suburbs. Two miles from Lowe's Headquarters and regional hospital 100% NNN- corp lease with 10+ yrs left.  NOI $249K/yr. $2.625M. 9.50% cap.
8. Denny’s in Ontario, CA: 4360 SF well maintained Denny’s restaurant on .88 ac lot in San Bernardino County. Visible and next to off/on ramp I-10. Tall pylon sign along I-10. 100% absolute NNN corp ground lease (land for sale, building reverted o landowner if tenant does not renew lease) with 7+ yrs left. NOI $42K/yr with a CPI rent increase in 2015. Only $861K. 4.90% cap.  Note: Transmercial believes the land value is higher than $861K.
9. Office Building in Avon, IN: 38,448 SF Class B consisting of two single story office buildings at a signalized intersection in Indianapolis suburbs. Near Hwy-36. Four of the nine tenants are medical practices. 84% leased. NOI $365K/yr. $3.847M. 9.50% cap. Upside potential.
10. Retail Center in Coventry, RI: 8750 SF eye-catching retail center built in 2007 outparcel to The Home Depot and next to Walmart in high income coastal city. Close to I-95. 100% leased. NOI $210K/yr. $2.999M. 7% cap.

© Transmercial 2013