08-31: Oil Changers, Pep Boys, Apartments, Medical Office Bldg For Sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog.

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.

NNN-: Triple net lease with landlord responsible for roof and structure.

1.      Oil Changers in San Jose, CA: 3100 SF single-tenant auto service center built in 1989 on .45 ac lot on a major artery.  100% NNN leased till 2017 to a tenant with 37 locations in CA.  tenant has been at this location for 20 yrs. NOI $82K/yr.  $1.17M. 7% cap. Buyer to assume $700K loan at favorable rate of 5.75% till 2015.

2.      Apartments in Seattle, WA:  9-unit apartments in a wealthy Wallingford (AHI $99K/yr) near the University of Washington. 100% occupied.  NOI $59K/yr. $1.025M. 5.8% cap.

3.      Medical Office Condo in Winston Salem, NC: 4770 SF class-A medical office condo in 53,900 SF office complex in a growing city.  100% NNN leased to Dr. Lee Kirsch is an accomplished plastic and reconstructive surgeon in Winston-Salem. NOI $75K/yr. $775K. 9.79% cap.

4.      Apartments in Anaheim, CA: 7-unit apartments in a quiet, stable middle-class city. Gross income $80K/yr. $849K. 6% cap.

5.      Pep Boys in Albuquerque, NM: 17,925 SF auto parts and service center on 1.32 acres lot near I-25.  15 yrs NNN corp lease to Pep Boys (NYSE : PBY)  with 13 yrs remaining.  NOI $198K/yr. with annual 1.5% rent bump. $2.647M. 7.5% cap.

6.      Shopping Plaza in Clearwater, FL: 18,495 SF shopping center built in 2007 on 1.88 acres lot in middle-class Tampa with AHI $83K/yr.  85% NNN leased.  NOI $319K/yr. $3.978M. 8.25% cap.

7.      Walgreens in Medford, OR: 14,820 SF brand new drug store in a stable city.  100% absolute NNN leased till 2035.  NOI $475K/yr. $6.46M. 7.35% cap.

8.      Retail Center in Denver, CO: 9529 SF retail center in fast growing (31% since 2000) &  high income area (AHI $82K/yr within 1 mile).  100% NNN leased by 5 tenants.  NOI $186K/yr. $2.2M. 8.47% cap.

9.      Medical Center in Rowlett, TX: 16,117 SF class-A medical center on 2.5 acres lot adjacent to Home Depot in high income (AHI $88K/yr) Dallas suburbs.  90% NNN leased to 3 medical tenants with 1 small vacant unit.  Actual NOI $232K/yr. $2.8M. 8.3% cap.

© Transmercial 2010.  All rights reserved.