06-25: Rick Johnson Auto & Tire, Tire Works, AAP, Long John Silvers, Walgreens

1. Rick Johnson Auto & Tire Portfolio in various Cities in, FL: 30,022 SF consisting of six stores three in Naples, two in Estero and one in Ft. Myers. In densely populated areas. 10 yrs NNN lease with 9+ yrs left, to a regional tire chain. NOI $483K/yr. $6.037M. 8% cap.
2. Tire Works is North Las Vegas, NV: 5725 SF auto repair center on busy street in fast growing and high income area (AHI $83K/yr within 3 miles).  15 yrs NNN lease with 6 yrs left. NOI $171K/yr with 12% rent bumps in 2014. $2.4M. 7.14% cap.  8% cap in 2014.
3. Strip Center in Moonachie, NJ: 2400 SF strip center in densely (700,000 residents within 5 mile radius) populated area and high income area with an AHI of $89K/yr in 1 mile. 100% leased to three long term tenants. NOI $57K/yr. $825K. 7% cap.
4. Advance Auto Parts in Spring, TX: 7000 SF Advance Auto Parts built in 2007 on 1.37 ac lot in growing and affluent (AHI $111K/yr) Houston metro. Along busy retail corridor. 100% NNN leased with 9 yrs left. NOI $135K/yr. $2.079M. 6.50% cap.
5. Office Max in San Bernardino, CA: 23,500 SF Office Max built in 1998 at prime retail corridor next to I-10  on/off ramp of I-10 in Southern California. Across from a power center anchored by The Home Depot. Close to Sam’s Club and Costco. 15 yrs NNN lease with 1 yrs left. NOI $281K/yr. $2.95M. 9.53% cap.
6. Long John Silver’s in Wichita, KS: 2108 SF franchised seafood restaurant on .43 ac lot in upper middle-class area. Across from Towne East Square Mall.  20 yrs NNN lease with 15+ yrs left from a franchisee with 20 units.  NOI $102K/yr. $1.57M. 6.50% cap.
7. Shopping Center in Kettering, OH: 21,730 SF well maintained shopping center on 2.72 ac lot Dayton suburbs. 100% NNN- leased to 7 tenants. NOI $207K/yr. $2.8M.  7.4% cap.
8. Walgreen’s in Reno, NV: 13,841 SF drug store at a hard corner location. Across from Atlantis Casino Resort and near I-580. 100% NNN lease with 6 yrs left. NOI $479K/yr. $7.11M. 6.75% cap.
9. Shopping Center in Englewood, OH: 25,000 SF shopping center remodeled in 2007 on 8 ac lot in Dayton suburbs. Renovated in 2007.  100% leased.  NOI $224K/yr. $3M. 7.5%.
10. Apartments in San Antonio, TX: 170-unit well kept apartment multifamily complex on 5.63 ac lot in fast growing area. Amenities include a fitness center, sparkling pool, Jacuzzi, picnic areas, a playground, clothes care facilities, and private access gates. 90% occupied. Pro forma NOI $581K/yr. Price BO. 8.31% pro forma cap.

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