Top 10 Properties 06-08-10

1. Taco Bell in West Columbia, SC: 2334 SF fast food restaurant on a corner outparcel to Food Lion Grocery anchored center.  Property just underwent a $400K renovation to new bold choice design.  Store with strong $1.2M in revenue.  10 yrs absolute NNN lease by a strong franchisee.  NOI $96K/yr with 2% annual rent bump. $1.24M. 7.75% cap. 
2. Walgreens in Ocala, FL: 16,510 SF new drug store on 1.7 acres parcel.  25 yrs NNN lease.  NOI $494K/yr. $6.825M. 7.25% cap. 
3. Shopping center in Edinburg, TX: 7600 SF 3-yrs old strip mall on ¾ ac lot across from Wal-mart Supercenter in a booming (71% since 2000) middle-class McAllen metro. 100% NNN leased by 5 good tenants.  NOI $140K/yr. $1.4M. 10% cap. 
4. Lone Star Steakhouse in Chesapeake, VA: 5374 SF franchised steakhouse on 1.37 acres lot across from Greenbrier Mall just off I-64 in high income (AHI $89K/yr within 1 mile) Norfolk metro.  15 yrs absolute NNN lease.  NOI $220K/yr with 2% annual rent bump. $2.4M. 9.17% cap. 
5. Medical Office Building in League City, TX: 13,000 SF medical office in high-growth, high income Houston metro. 100% leased by 3 good strong medical credit tenants.  NOI $202K/yr. $2.25M. 9% cap. 
6. Valero Gas Station in Cupertino, CA: very rare Valero gas station with car wash and convenience store built in 2003 on .45 acre lot at the intersection of Stevens Creek and De Anza Blvd. in a wealthy Silicon Valley city (AHI $135K/yr).  NOI $416K/yr.  $3.2M for both real estate and business.  13% cap. 
7. O’Reilly Auto in Brighton, CO: 6000 SF auto parts store in Denver metro.  100% corp NNN lease with 8 yrs remaining.  NOI $100K/yr with 4% rent bump every 2 yrs. $1.25M. 8% cap. 
8. Burger King in Phoenix, AZ: 3370 SF restaurant on .62 acre lot at a high traffic corner. 20 yrs NNN lease with 18 yrs remaining. NOI $130K/yr. $1.696M. 7.69% cap. 
9. Starbucks in McDonough, GA: 1750 SF Starbucks built in 2007 on .91 acre outparcel to a shopping center anchored by Dick’s Sporting Goods, Best Buy and Ashley Furniture.  Across from a 800,000 SF power center anchored by Home Depot, Belk, Super Target, Bed Bath and Beyond, Ross Dress for Less, Marshall’s, Michael’s, PetSmart and BJ’s Wholesale Club in Atlanta suburbs. 100% leased till 2017.  NOI $87K/yr with 10% rent bump in 2012. $1.031M. 8.5% cap. 
10. Shopping Center in Sacramento, CA: 30,023 SF bank-owned shopping plaza on the busy Stockton blvd.  58% NNN leased by 9 tenants.  Actual NOI $176K/yr.  $2.95M. 6% cap.  Only $98/SF!  Strong upside potential when 100% leased.

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