08-26-10: Best Buy, Ashley Furniture, Publix Supermarket, Apartments For Sale

1.      Retail center in Spring, TX: 10,500 SF strip center built in 2005 in fast growing (84%) middle class (AHI $82K/yr) Northern Houston suburbs.  100% NNN leased by 5 tenants.  NOI $159K/yr. $1.768M. 9% cap.

2.      Shopping Center in Jacksonville, FL: 94,164 SF shopping center on 9.2 acres lot in prime commercial corridor just off I-295 (99,000 vehicle per day). 100% NNN leased to 3 national and regional tenants: Best Buy, Ashley Furniture, and George’s Music with low rent (avg $.60/SF).   Surrounded by numerous national tenants: Office Depot, Pier 1 Imports, Burlington, Petsmart, Sports Authority, Sam’s Club, Target, Home Depot, and 955,000 SF Orange Park Mall.  NOI $661K/yr. $8.262M. 8% cap.

3.      Apartments in Arlington, TX: 57-unit apartments on 2 acres lot in a middle class area in Dallas metro. NOI $160K/yr.  $1.59M. 10.1% cap.

4.      Apartments in Lithonia, GA: 280-unit apartments complex in Atlanta metro.  Property had $2.4M renovation in 2007.  NOI $576K/yr. $7M. 8.23% cap.

5.      Apartments in Houston, TX: 356-unit apartment on 12.13 acres lot with average size of 859 SF/unit.  90% occupied.  Current NOI $398K/yr. $6.25M.  6.36% cap. Just $17.5K/unit.  Upside potential.

6.      Shopping Center in Winter Park, FL: 15,180 SF shopping center on a busy artery in Orlando metro.  100% NNN leased to 5 tenants.  NOI $192K/yr. $2.26M. 8.5% cap.

7.      Neighborhood Center in Clearwater, FL: 40,500 SF 7-unit shopping center on 3.74 acres lot in Tampa metro.  Anchored by Publix Supermarket till 2022.  97% NNN leased with just one small vacant unit.  NOI $536K/yr. $6.9M. 7.75% cap.

8.      Shopping Center in Lake St Louis, MO: 52,081 SF shopping center built in 2008 just off Hwy 40 exit in fast growing (66% growth since 2000) and affluent (AHI $109K/yr) St Louis suburbs.  Anchored by Sports Authority and directly Between Wal-Mart & Lowe's.  97% NNN leased.  NOI $576K/yr. $6.663M. 8.65% cap.

9.      Apartments in Long Beach, CA: 16-unit 2-story well-maintained apartments.  100% occupied.  NOI $103K/yr. $1.28M. 8.1% cap.

10.   Shopping Center in Colorado Springs, CO: 26,416 SF 12-unit shopping center built in 1996 on 2.81 acres parcel on a major artery.  95% NNN leased with just 1 small vacant unit.  NOI $337K.  price reduced from $4.1M to $3.85M. 8.75% cap.

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