05-16: CVS, Family Dollar, Apartments, CBA, Applebees, Starbucks, MOB

Note: flyers for yesterday’s properties are attached.

1.  CVS in Allentown, PA: 11,301 SF drug store on 1.5 ac lot in high income area.  100% NNN- lease with 6 yrs left.  NOI $201K/yr.  $2.691M. 7.5% cap. 
2. Family Dollar in Atlanta, GA: 10,080 SF Family Dollar store under construction.  New 10 yrs corp NNN-.  NOI $118K/yr. $1.692M. 7% cap. 
3. Apartments in Colorado Springs, CO: 22-unit well-kept apartments in a growing area.  100% occupied.  NOI $96K/yr. $1.1M. 8.72% cap. 
4. Christian Brothers Auto in Aurora, CO: 4945 SF automotive service center in an affluent area in Denver metro with AHI $120K/yr in 1 mile.  15 yrs absolute NNN corp lease from a fast growing company.  NOI $168K/yr. $2.4M. 7% cap. 
5. Strip Mall in Flint, MI: 5403 SF 5-yrs old high-image strip center on .92 ac lot with easy access to I-75 & I-69.  Retailers in the immediate area include: Target, Bed Bath & Beyond, Old Navy, Sherwin Williams.  100% NNN lease to 2 national tenants: Aspen Dental and Check N’s Go.  NOI $129K/yr. $1.526M. 8.5% cap. 
6. Office Building in Folsom, CA: 4500 SF office building completed in 2006 in wealthy Sacramento suburbs (AHI $117K/yr in 1 mile).  100% leased with 7 yrs left.  NOI $124K/yr. $1.44M. 8.67% cap. 
7. Applebee’s in Mobile, AL: 5454 SF family restaurant on .9 ac lot in high income area.  Store with strong sales.  New 20 yrs absolute NNN lease. NOI $163K/yr with CPI-based annual rent bumps.  $2.248M. 7.25% cap. 
8. Childtime Childcare in Chandler, AZ: 6576 SF childcare center built in 1998 in high income area in Phoenix metro.  100% NNN leased till 2013 and guaranteed by Learning Care Group and La Petite Holdings.  Tenant has operated here since 1998.  NOI $138K/yr. with CPI-based rent bump every 5 yrs (not to exceed 15%).  $1.626M. 8.5% cap. 
9. Starbucks in South Ogden, UT: 1813 SF Starbucks built in 2007 in upper middle class (AHI $99K/yr) Salt Lake City metro.  100% NNN- with 4 yrs left.  NOI $93K/yr. $1.25M. 7.5% cap. 
10. Urgentcare Center in Roseville, CA: 4558 SF MOB building constructed in 1998 and renovated in 2002 on 2.7 ac lot Sacramento metro.  10 yrs absolute NNN lease to Med 7 Urgent care with 4 locations in Sacramento metro and has been around for 25 yrs.  NOI $105K/yr with 2% annual rent bumps. $1.5M. 7.5 cap.

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