Tuesday, September 3, 2013

08-19: Burger King, Big Lots, Gold's Gym, MOB, Office Building



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. Burger King in Aurora, IL: 2853 SF Burger King restaurant built in 2001 on .83 ac lot in Chicago metro.  20 yrs absolute NNN lease with 12 yrs left to a franchisee with 28 units.  NOI $84K/yr with 1.25% annual rent bumps.  $1.205M. 7% cap.
  2. Big Lots in Jackson, MS: 32,772 SF recently renovated big box retail building on 2.67 ac lot adjacent to Northpark Mall. Close to I-55. Surrounded by Walgreens, Office Depot, Lowes, Sams Club, Walmart, Old Navy and more.  New 10 yrs NNN- corp lease. NOI $245K/yr with 10% rent increase in 2019. $3.39M. 7.25% cap.
  3. Retail Buildings in Cedar Rapids, IA: 17,127 SF two renovated retail buildings on 1.75 ac lot along major corridor. Across from Lindale Mall. 93% NNN leased to Noodles Restaurant, US Cellular and Broadcast Interactive Media. NOI $193K/yr. $2.35M. 8.25% cap.
  4. Gold’s Gym in Humble, TX: 25,000 SF Gold’s Gym built in 2012 on nearly 2 ac lot in affluent Houston suburbs with an AHI of $117/yr in 1 mile. Along Beltway 8. 100% NNN lease with 10+ yrs left. NOI $400K/yr with rental increases. $4.706M. 8.50% cap.
  5. Shopping Center in Tuscaloosa, AL: 57,850 SF shopping center built in 1991 on 6 ac lot anchored by Winn Dixie and Rite Aid in growing middle-class area. 98% NNN leased. NOI $427K/yr. $5.2M. 8.23% cap.
  6. MOB in Columbus, OH: 12,996 SF Class-A medical office building on .84 ac lot in high income (AHI $87K/yr) area. 100% NNN lease with 7 yrs left to Mount Carmel Health System, the 2nd largest health care system in Columbus with over 1,500 physicians, 3 hospitals and a surgical center. NOI $202K/yr. $2.695M. 7.50% cap.
  7. Retail Center in Memphis, TN: 14,502 SF well maintained retail center on 1.61 ac lot at a busy corridor. All units face main corridor. Close to Hickory Ridge Mall. 100% NNN leased with 50% leased to medical tenants. NOI $143K/yr. $1.595M. 9% cap.
  8. Strip Center in Escondido, CA: 6605 SF mature strip center at a corner location in San Diego suburbs. 100% NNN leased to six tenants. NOI $90K/yr. $1.205M. 7.50% cap.
  9. Retail Center in Cypress, TX: 17,070 SF attractive retail center built in 2003 on 1.68 ac lot at a major retail corridor in affluent (AHI $125K/yr in 3 mile) Houston suburbs. Close to Fwy-290/6. 100% leased with excellent tenant mix. NOI $404K/yr. $5.775M.  7% cap.
  10. Office Building in Woodbridge, IL: 50,242 SF Class-B office building completed in 2000 on 3.90 ac lot in high income (AHI $123K/yr) Chicago suburbs. 100% NNN leased to seven tenants. NOI $568K/yr. $6.53M. 8.70% cap.

© Transmercial 2013
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