Top 8 Properties 05-19-10

NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.

AHI: Avg. Household Income

NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses

1. Apartments in San Jose, CA: 8-unit apartments in a high income area (AHI $99K/yr) near San Jose City College. NOI $70K/yr. $1.16M. 6.05% cap. 
2. Medical Office Building in Kingwood, TX: 4800 SF single-tenant medical office building on .4 ac lot near Kingwood Medical Center and Kingwood College in Houston metro.  100% NNN lease till 2017.  NOI $114K/yr. with rent increase every 3 yrs.  $1.2M. 9.5% cap. 
3. Apartments in Grapevine, TX: 218-unit apartments on 7.36 acres parcel in an affluent Dallas metro with AHI $125K/yr within 3 miles radius.  Property rehabbed in 2005-2006.  Gross income of $1.887M.  $7.35M. 7.7% cap. 
4. Bank-owned Retail/Office Center in Duluth, GA: 25,938 SF aesthetically-stunning retail/office building constructed in 2006 on 1.76 acres lot in growing middle-class Atlanta metro.  Previously appraised at $5M. Only 7% occupied.  $2.6M. 
5. Shopping Center in Morrow, GA: 117,081 SF mature shopping center built in 1977 on 10.6 acres parcel at the entrance of Southlake Mall in south Atlanta.  95% leased.  NOI $649K/yr. $6.6M. 9.85% cap. 
6. Retail Center in Livermore, CA: 30,000 SF retail center on 2.94 acres adjacent to Home Depot and Walmart just off I-580.  Excellent demographics: AHI $113K/yr. 86% NNN leased by Office Max and Verizon.  NOI $473K/yr.  $5.5M. 8.6% cap. 
7. Walmart Supercenter in Pueblo, CO: 202,807 SF supercenter built in 1998 on 21.7 acres parcel just off I-25.  Next to Sam’s Club and Home Depot. 100% absolute NNN lease with 8 yrs remaining.  NOI $1.18M.  Unpriced. 
8. Apartments in Fort Worth, TX: 42-unit bank-owned apartments in a growing middle-class area.  Proforma NOI $113K/yr.  $945K. 12% cap.

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