04-08: Del Taco, Sonic Drive-In, Hardee's, Office Building, Retail Buildings

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. Shopping Center in Vista, CA: 19,730 SF well maintained shopping center on 1.65 ac lot at a hard corner location North of San Diego. Across from Stater Grocery, CVS and Walgreens.  100% NNN leased 14 tenants plus Cell tower and recycling station. NOI $356K/yr. $5.088M. 7% cap.
2. Retail Center in Rancho Cordova, CA: 18,133 SF 14-units well kept retail center along main corridor in Sacramento suburbs. Three points of ingress/egress. Near Hwy-50. 88% occupied.  Actual NOI $145K/yr. Price reduced from $1.9M to $1.695M. 8.58% cap.
3. Strip Center in Upland, CA: 15,562 SF 13-unit strip center built in 2008 on 1 ac lot along main retail corridor in growing San Bernardino County. 81% NNN leased with just 2 small vacant units. Actual NOI $278K/yr. $3.8M. 7.32% actual cap. Upside potential.
4. Strip Center in Kennesaw, GA: 8225 SF attractive strip center on 1+ ac lot in fast growing and high income Atlanta suburbs. Across from Kaiser Permanente, near Kennesaw State University and I-75. 100% NNN leased to 4 tenants. NOI $186K/yr. $2.195M. 8.50% cap.
5. Del Taco in Redding, CA: 2000 SF Del Taco restaurant built in 2005 on .43 ac lot at a hard corner location. Off/on ramp I-5. 100% absolute NNN lease with 9 yrs left. NOI $85K/yr with 8% rent increases every 5 yrs. $1.416M. 6% cap.
6. Shopping Center in Katy, TX: 20,000 SF attractive shopping center built in 2004 on 1.66 ac lot at a signalized corner location in fast growing Houston suburbs. Shadow anchored by Walmart Supercenter. 83% NNN leased to 10 tenants with 1 avail unit. Current NOI $319K/yr. $4.236M. 7.54% cap. Upside potential when fully leased.
7. Sonic in Orlando, FL: 1493 SF drive-in restaurant built in 2001 on 1+ ac lot at a signalized corner location. Close to Festival Bay Mall with 65 stores. Minutes from Universal Studios and I-4.  20 yrs NNN lease with 8 yrs left to an experienced franchisee with 49 units. NOI $146K/yr. $2.085M. 7.02% cap.
8. Office Building in Temecula, CA: 18,324 SF 2-story well-maintained 15-unit office building on 1.31 ac lot with easy access to I-15 in high growth, high income Riverside county. 71% occupied.  Current NOI $112K/yr. $1.449M. 7.74% cap. Upside potential when fully leased. Just $79/SF!  
9. Office Building in Miami, FL: 13,544 SF Class-B office building on .44 ac lot along busy corridor. NOI $232K/yr. $2.9M. 8% cap.
10. Hardee’s in Lawrenceville, GA: 2854 SF newly constructed fast food restaurant on 1.30 ac lot in Atlanta suburbs. Next to Walmart & Kohl’s New 20 yrs NNN lease to a strong operator with 99 Hardee’s/Carl’s Jr. units.  NOI $145K/yr with 7.5% rent bumps every 5yrs. $2.083M. 7% cap.

© Transmercial 2013