04-01: Office Building, shopping centers, IHOP/Chipotle, Apartments, Fresh & Easy

1. Office Building in Antioch, CA: 25,000 SF multi-tenant office building on 2.2 acres lot near Hwy 4 in San Francisco East Bay area.  74% leased.  NOI $224K/yr. $2.8M. 8% cap.  Just $112/SF.
2. Lender-owned Strip Center in Parker, CO: 10,010 SF 5-yrs old strip center on 1.75 acres lot in high growth (65% since 2000), high income ($100+K/yr) Denver suburbs. Other area retailers include Target, Wal-Mart, Safeway, King Soopers, and Sprouts Farmers Market. 88% NNN leased with 1 vacant unit.  NOI $160K/yr. $1.95M. 8.2% cap. 
3. Shopping Center in Allen, TX: 18,995 SF shopping center built in 1997 on 1.68 acres parcel in Dallas metro.  Solid demographics: 95% pop growth since 2000 with AHI of $124K/yr in 1 mile.  86% NNN leased.  Tenants include a Dentist, Nationwide Insurance, Nail Salon, Wing Stop, Hair Salon, Allen Medical Clinic, Quizno's, Allen Jewelers, and Mexi-Go Restaurant.  NOI $271K/yr. 2.9M. 9.35% cap.
4. IHOP/Chipolte in Kansas City, MO: 6195 SF brand new retail center on 1.65 acres outparcel to Lowes and Wal-mart next to I-70 exit.  100% NNN leased to IHOP (20 yrs lease), Chipotle (10 yrs corp lease).  NOI $216K/yr with 10% rent bump every 5 yrs on both leases. $2.78M. 7.8% cap.
5. Apartments in Long Beach, CA: 16-unit apartment in densely populated area with over 250K residents in 2 miles.  $300K renovation in 2008.  100% occupied.  NOI $101K/yr. $1.199M. 8.43% cap.
6. Fresh & Easy in Phoenix, AZ: 13,969 SF single-tenant Fresh and Easy neighborhood market (owned by Wal-Mart) built in 2008 on 1.15 acres lot with easy access to hwy 51.  20 yrs NNN ground lease (lot is for sale) with 17+ yrs remaining.  NOI $110K/yr. With 12.5% rent bump every 5 yrs.  $1.7M. 6.47% cap.
7. Apartments in Lawrence, KS: 140-unit apartments on 7 acres lot near University of Kansas.  94% occupied with waiting list for Fall semester.  Pro forma NOI $555K/yr.  $6.85M. 8.11% cap.
8. Shopping Center in Meridian, ID: 16,737 SF retail center completed in 2006 on 1.63 acres lot in fast growing (120% since 2000) middle–class Boise metro.  73% leased to 6 tenants.  Current NOI $278K/yr.  $2.864M.  9.7% cap.  Upside potential when fully leased.

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