06-21: Merlin Muffler, SynFast Oil Change, Fast Lube Plus, Wendy's

1. Merlin Muffler in Elgin, IL: 3312 SF well maintained auto repair center at a busy corridor in Chicago suburbs. Tenant has been at this location since 1990. 100% NNN lease with 7+ yrs left. NOI $63K/yr with a rent bump in 2015. $750K. 8.51% cap.
2. Retail Center in Tucson, AZ: 15,233 SF retail center built in 2008 at a main road in fast growing (61.88% pop growth) and high income (AHI $86K/yr in 3 mile) area. Next to Walgreen’s and close to I-10.  NOI $322K/yr. $3.747M. 8.60% cap.
3. SynFast Oil Change in San Diego, CA: 3000 SF 3-bay auto center along main thoroughfare in high income area. New 20 yrs NNN lease to a strong franchisee with 40 units. NOI $113K/yr with 10% rent increases every 5 yrs. $1.688M. 6.75% cap.
4. Fast Lube Plus in Morrisville, NC: 2601 SF Fast Lube Plus built in 2006 on .65 ac lot in fast growing and affluent (AHI $129K/yr in 1 mile) Raleigh suburbs. 100% NNN lease with 13 yrs left. NOI $100K/yr. $1.344M. 7.50% cap.
5. Shopping Center in Edmond, OK: 79,735 SF well maintained shopping center on 6+ acres of land at hard corner location in high income suburbs of Oklahoma City. Shadow anchored by Staples and Big Lots.  98% occupied by tenants including: Goodwill, Westlake Ace Hardware, Chase Bank, Payless ShoeSource and a healthy mix of other regional/local tenants. NOI $757K/yr. $8.9M. 8.51% cap.
6. Office Building in Las Vegas, NV: 10,000 Class-B office building on .69 ac lot in growing and high income area with an AHI of $80K/yr in 1 mile.  Close to Hwy-215. 100% leased with 50% space leased to a medical tenant with 3% annual rent bumps. NOI $123K/yr. $1.698M. 7.35% cap.
7. Office Building in Forest Hill, MD: 18,060 SF Class-B office building on 2.28 ac lot at a hard corner location in fast growing and affluent (AHI $103K/yr in 3 mile) Baltimore suburbs. Land is also approved for additional 27,000 SF MOB.  Pro forma NOI $302K/yr. $4.2M. 8% pro forma cap.
8. Wendy’s in Houston, TX: 3000 SF drive-thru fast food restaurant across from Robertson Stadium & University of Houston, with nearly 41,000 students. 100% NNN leased. NOI $148K/yr. $2.2M. 6.77% cap.
9. Wendy’s in Livonia, MI: 3244 SF recently renovated Wendy’s restaurant on .54 ac outparcel to a shopping center in high income Detroit suburbs. Tenant has been at this location for 15+ yrs. 100% absolute NNN lease. NOI $73K/yr. $1.046M. 7% cap.
10. Strip Center in North Bellmore, NY: 6000 SF strip center in densely populated and in affluent New York suburbs (AHI $122K/yr). NOI $130K/yr. $1.5M. 8.40% cap.

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