Top 10 Properties 04-30-10

1. Burlington Coat Factory in Pinole, CA: bank-owned 80,008 SF single-tenant retail building constructed in 1996 on 5.84 acres lot just off I-80 in a middle-class San Fran Bay Area.  Part of Pinole Vista Shopping center occupied by Target, Staples, Toys R Us, Food Maxx, Bevmo, Pier 1 Import.  15 yrs NN lease by Burlington Coat Factory.  NOI $704K/yr. $8.8M. 8% cap.  Note: this is the former Mervyns.  It used to have a $17M loan, i.e. it was once worth more than $17M. 
2. Designer Shoes Warehouse in Broomfield, CO: 35,000 SF free standing retail center across from 1.5M SF Flatiron Crossing Mall in wealthy Denver suburbs.  15 yrs NNN lease with 8 yrs remaining by Designer Shoes Warehouse.  NOI $127K/yr with 10% rent bump in 2012.  $1.475M. 8.61% cap. 
3. Apartments in Sacramento, CA: 29-unit apartments with easy access to I-80.  NOI $154K/yr. $1.8M. 8.57% cap. 
4. Walgreens in De Pere, WI: 14,820 SF Walgreens built in 2006 on 1.7 acres lot in a middle-class Green Bay metro.  25 yrs NNN leased till 2031.  NOI $310K/yr. $4.133M. 7.5% cap. 
5. Auto Zone in De Pere, WI: 7370 SF auto parts store built in 2007 on .7 acres lot.  20 yrs NNN leased till 2027.  NOI $102K/yr with 5% rent bump in 2017.  $1.36M. 7.5% cap. 
6. Retail center in De Pere, WI: 5862 SF class-A strip center.  100% NNN leased by 4 national tenants: Starbucks, Fedex Kinko, US Cellular, and Payday loan.  NOI $166K/yr. $2.084M. 8% cap. 
7. Strip Mall in Sacramento, CA: 7320 SF brand new retail center on 1.10 ac lot just off I-80 exit. 100% leased.   NOI $177K/yr. $2.375M. 7.4% cap. 
8. Apartments in Waipahu, HI: 6-unit apartment in Oahu island.  100% occupied. NOI $66K/yr. $725K.  9.2% cap. 
9. Burger King in Vestal, NY: 2470 SF restaurant built in 2009 on 1 ac lot in a high income area (AHI $96K/yr).  New 20 yrs absolute NNN lease by the largest Burger King franchisee (NASDAG : TAST) with over 300 locations. NOI $136K/yr. $1.7M. 8% cap. 
10. Apartments in Houston, TX: 60-unit well-maintained apartments near Johnson Space Center just one block from Clear Lake and Christus St John Hospital.  Wealthy area with AHI over $90K/yr. 83% occupied.  NOI $180K/yr.  $1.92M. 9.4% cap.  70% LTV owner financing available 6.5%.

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