1. Denny’s in Orlando, FL: 4765 SF restaurant on 1.13 acres lot in a growing and high income near the airport. 100% NNN leased till 2027 to an operator with 52 Dennys. NOI $82K/yr with 4% rent bump in 2013 and 10% rent bump every 5 yrs thereafter. $1.1M. 7.5% cap. Note: this transaction is restructured as follows: NOI $60K/yr. $750K. 8% cap. With the low rent, the business with $943K in revenue (low 6.36% rent to income ratio) is profitable.
2. Apartments in Bay Point, CA: 63-unit apartments in near Concord. 90% occupied. NOI $258K/yr. $2.825M. 9.13% cap.
3. Childtime Learning Center in Midlothian, VA: 6380 SF Childtime day care center on .8 ac lot in affluent Richmond metro (AHI $100K/yr in 3 mile). 100% NNN corp lease. NOI $89K/yr. $1.115M. 8% cap.
4. Apartments in Austin, TX: 248-unit apartments in a stable market. Pro forma NOI $910K/yr. $9.5M. 9.58% cap.
5. DaVita in Redwood City, CA: rare 8190 SF dialysis center on .57 acre lot across from Kaiser Permanante in an affluent Silicon Valley town (AHI $145K/yr in 5 mile). Completely remodeled in 2009. 10 yrs NNN corp lease with 9 yrs remaining. NOI $282K/yr with CPI-based annual rent bump. $4.3M. 6.65% cap.
6. Apartments in Houston, TX: 66-unit apartments in quiet, high income cul de sac. 92% occupied. NOI $186K/yr. $1.55M. 12% cap. Just over $23K/unit.
7. Retail Center in Murrieta, CA: newer 53,000 SF retail center on 5.1 acres lot in fast growing (102% since 2000) and high income (AHI $98K/yr). Adjacent to Wal-mart and I-15. NOI $600K/yr. $7.999M. 7.5% cap.
© Transmercial 2011.
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