09-08: Fitness Evolution, Golden Corral, Goodwill, MOB, Davita Office Building

Welcome new investors.  Transmercial is the only company in the US that offers this list of best properties between $700K to $20M in 50 states.  These properties are selected from 300-400 daily listings on CBRE, M&M, SVN, and various other sources.   Each property has a brief description and a flyer (attached).  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here for selection criteria.  Underlined names, if any, indicate safe hyperlinks that you can click for more info. For a full marketing brochure, please reply and specify the property number. 

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. Fitness Evolution in Carmichael, CA: 44,000 SF fitness center built in 4.29 ac lo at a hard corner location in upper middle-class Sacramento suburbs. This is a sale/leaseback investment. 20-yrs absolute NNN lease to strong operator with over 50-units. NOI $396K/yr. $5.409M. 7.32% cap.
2. Golden Corral in Greenwood, IN: 10,388 SF franchised buffet restaurant constructed in 2001 on nearly 2 ac outparcel to Meijer Grocery in growing high income Indianapolis suburbs. 100% NNN lease with 14-yrs left to strong franchisee with 13 units. NOI $187K/yr with 10% rent increases every 5-yrs. $2.677M. 7% cap.
3. Grocery Outlet in Escondido, CA: 19,033 SF attractive Grocery Outlet Bargain Market on 1.49 ac lot along major retail artery. Across from Vineyard Square Power Center with Albertsons, Home Depot, 24-Hr Fitness, Big 5 Sporting Goods and more. 10-yrs NNN lease with 9-yrs left. NOI $267K/yr. $5M. 5.34% cap.
4. Office Building in Farmington, UT: 12,897 SF Class-B office building constructed in 2006 on 1.79 ac lot in growing and affluent Salt Lake City with an AHI of $101K/yr in 1 mile. 100% NNN leased with 7-yrs left. NOI $153K/yr. $1.915M. 8% cap.
5. Strip Center in Tulsa, OK: 10,500 SF well maintained strip center on .65 ac corner lot along main artery. 100% leased. NOI $98K/yr. $1.4M. 7% cap.
6. Retail Center in Olathe, KS: 9072 SF attractive retail center constructed in 2008 on over 1 ac lot in high income Kansas City suburbs. Tenants include: Star Farm, Pindrop Hearing and Sovereign Staffing Group. 88% leased. NOI $120K/yr. $1.5M. 8.03% cap.
7. MOB in Freeport, NY: 19,200 SF medical office building anchored by DaVita Dialysis building in high income New York suburbs. 74% leased. NOI $374K/yr. $4.4M. 8.50% cap.
8. Professional Office in Las Vegas, NV: 20,263 SF Class-B professional office building completed in 1997 on 1.33 ac lot just minutes from the Strip and near I-15. 100% leased with good tenant mix. UFC, a Multi-Billion dollar corporation occupies 63% of the building.  NOI $237K/yr. $3.1M. 7.68% cap.
9. Goodwill in Portland, OR: 10,720 SF attractive retail building on .65 ac lot along busy retail corridor in growing and middle-class area. 100% NNN lease with 5-yrs left. NOI $160K/yr. $2.475M. 6.50% cap.
10. Office Building in Long Beach, CA: 23,323 SF Class-B multi-tenant office building in a high income and densely populated Los Angeles County. 96% leased. NOI $222K/yr. $3.075M. 7.25% cap.

            (c) Transmercial 2014