04-11: Grocery store, Rite Aid, Dollar Tree, Walgreens, Student housing, Medical Office

AHI: Avg. Household Income.  National average is about $50+K/yr.

NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.

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

NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.       Single-tenant Grocery in Farmersville, CA: 18,768 SF largest grocery store on .98 ac corner lot in growing CA Central Valley town.  100% NNN lease with 3 yrs remaining.  NOI $121K/yr. $1.399M. 8.7% cap.

2.       Rite Aid in Methuen, MA: 13,227 SF drug store on 2.63 acres near Hwy 213 in high income (AHI $81K/yr in 1 mile) North of Boston.  20 yrs NNN lease with 17 yrs remaining.  NOI $324K/yr. with 10% rent bump every 10 yrs.  Store with strong $8.25+M in sales.  $3.797M. 8.55% cap.

3.       Dollar Tree in Bartow, CA: 9900 SF Dollar Tree store on .95 ac lot next to Vons supermarket.  100% NNN corp lease with low $.70/SF/month.  NOI $84K/yr. $1.05M. 8% cap.

4.       Neighborhood Center in Mesa, AZ: 70,699 SF neighborhood center built in 2005 on 12.24 acres lot with immediate access to hwy 60 in high income Phoenix metro.  Shadow anchored by Wal-mart supercenter and Sportman’s Warehouse.  National tenants including Payless ShoeSource, AT&T Mobility, Wendy' s Old Fashioned Hamburgers, Sally Beauty Supply. 84% leased.  NOI $669K/yr. $8M. 8.4% cap.

5.       Walgreens in Chicago, IL: 15,120 SF drug store in densely-populated area with over 800K residents within 3 miles.  20 yrs NNN lease with 17 yrs remaining.  NOI $320K/yr. $4.571M. 7% cap.

6.       Marketside by Wal-Mart in Gilbert, AZ: 14,881 SF single-tenant Marketside on 2.07 ac corner lot.  100% NNN Wal-Mart Stores, Inc. Guaranteed Lease with 9 yrs remaining. NOI $344K/yr. $4.749M. 7.25% cap.

7.       Student Housing Apartments in Buffalo, NY: 44-unit 3-story apartments across from State University of NY in Buffalo.  100% occupied.  NOI $174K/yr. $2.23M. 7.8% cap.

8.       Medical Office Building in Merced, CA: 12,800 SF on 2 ac lot 100% leased to Catholic Healthcare West / Mercy Medical Center with 9 yrs remaining.  NOI $196K/yr. $2.19M. 9% cap.

© Transmercial 2011.