Top 8 Properties 05-14-10

1. Apartments in Bradenton, FL: 191-unit bank-owned condos on 18.5 acres lot.  New appliances and cabinets in most units.  Proforma gross income of $1.31M/yr.  $4.275M.  Only $22K/unit. 
2. Hometown Buffet Restaurant in Denver, CO: 8613 SF restaurant built in 2003 on 1.44 acres outparcel to a retail hub shopping center anchored by Walmart, Home Depot, Sam’s Club and Ross.  20 yrs absolute NNN corp leased till 2023 by a national tenant.  NOI $299K/yr with 10% rent bump in 2013.  $3.287M. 9.1% cap. 
3. Family Dollar in Tucson, AZ: new 9180 SF single-tenant center on 1.89 acres lot.  10 yrs NN corp lease.  NOI $129K/yr. $1.569M. 8.25% cap. 
4. Apartments in Tucson, AZ: 45-unit apartments in 2 acres lot in a good area.  91% occupied.  NOI $145K/yr. $1.6M. 9.09% cap. 
5. Walgreens in Houston, TX: 14,490 SF drug store built in 2002 on 1.7 acres corner lot in a upper middle-class area.  25 yrs NNN leased till 2027.  NOI $384K/yr.  $4.8M. 8% cap.  Buyer to assume $3.58M loan at low 6.1% interest fixed till 2027. 
6. Zio’s Italian restaurant in Humble, TX: 7772 SF franchised sitdown restaurant on 1.09 acres lot on a major artery in Northern Houston.  Restaurant has been at this location since 1995.  15 yrs absolute NNN corp with 13 yrs remaining.  NOI $260K/yr.  $2.736M. 9.5% cap. 
7. Strip Mall in Elk Grove, CA: 9950 SF upscale strip 4-unit center built in 2007 on over 1 acres outparcel to a 250,000 SF Kohl's & Walgreens anchored power center in a fast growing high income (AHI $92K/yr) Sacramento metro. 75% NNN leased.  Proforma NOI $188K/yr.  $2.35M. 8% cap. 
8. Advance Auto Parts in Owasso, OK: 7000 SF auto parts center on 1.12 acres lot in Tulsa metro.  100% NNN corp leased till 2021.  NOI $135K/yr with rent increased to $149K/yr in 2016.  $1.666M. 8.15% cap.

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