Top 9 Properties 06-01-10

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. Medical Office Building in Corinth, TX: 14,595 SF 7-yrs old multi-tenant medical office building on 1.26 acres lot in fast growing upper middle-class Dallas suburbs (AHI 95K/yr within 1 mile).  86% leased with 2 vacant units.  NOI $103K/yr. $1.295M. 8% cap. 
2. KFC with A&W in Moses Lake, WA: 3900 SF restaurant on ¾ ac lot (serving both chicken and hamburgers) renovated in 2000.  New 20 yrs absolute NNN lease from an experience operator. NOI $72K/yr with 2% annual rent bump.  $850K.  8.5% cap. 
3. Shopping center in Southlake, TX: 41,914 SF 3-yrs old upscale  shopping center on 9.7 acres parcel in an affluent city North of Dallas (AHI $159K/yr).  Anchored by 27,572 SF upscale Sprouts Farmers Market.  100% NNN leased by 7 tenants. NOI $979K/yr. $11.6M. 8.44% cap. 
4. Dennys in Anaheim, CA: 12,175 SF restaurant on 1.3 acres lot on a heavily-travelled road in a tourist area (Disneyland and Knotts Berry Farm)  in Orange county.  100% NNN leased with 1 yrs remaining.  NOI $100K/yr with below market rent of just $0.69/SF.  $2.2M. 4.56% cap (note: this property is not priced by cap rate). 
5. Medical Office building in Pinellas Park, FL: 7088 SF single-tenant medical clinic built in 2003 in Tampa metro.  100% NNN leased.  NOI $118K/yr. $1.25M. 9.5% cap. 
6. Pier 1 Imports in Slidell, LA: 10,000 SF single-tenant class-A retail center built in 1990 on 1.11 acres across the street from 80-store North Shore Square Mall in New Orleans suburbs.  100% NNN lease with 6 yrs remaining.  NOI $156K/yr. $1.786M. 8.75% cap. 
7. Strip Mall in Stockbridge, GA: 10,000 SF strip center on a major road in Atlanta suburbs.  100% leased by 5 tenants.  NOI $138K/yr. $1.6M. 8.68% cap. 
8. Retail Center in Alameda, CA: 6132 SF 3-tenant retail center on .63 acres outparcel to a shopping center anchored by Lucky Supermarket and Long Drugs (now becomes CVS).  100% leased by 3 brand name tenants: Chase Bank, Quizno Subs, and Regis Hairmasters. NOI $200K/yr.  Price reduced from $2.785M. to $2.5M. 8% cap.  Buyer to assume $1.1M loan at low 5.5% interest. 
9. Shopping Center in New Lenox, IL: 32,133 SF shopping center on 4.6 acres in a rapidly growing town in Chicago metro.  Adjacent to CVS and excellent visibility.  87% leased.  NOI $566K/yr. $7.084M. 8% cap.

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