04-26: Walgreens, Taco Bell, Car-X, Gas station, CVS, Goodwill, Wendys

1. Walgreens in Neptune Beach, FL: 15,158 drug store built in 1997 on 1.76 ac corner lot on highway A1A in an upper middle-class coastal town (AHI $83K/yr) in Jacksonville suburbs. 20 yrs NNN- lease with 5 yrs left. NOI $345K/yr. $4.1M. 8.41% cap. Store with strong sales revenue of over $10M which means highly profitable location to pay rents. 
2. Taco Bell in Vernon, CT: 2748 SF Taco Bell restaurant in affluent Hartford metro (AHI $90K/yr in 1 mile).  100% absolute NNN corp ground lease (land is for sale, tenant owns the building) with 9+ yrs left.  Tenant just renovated the building at its own expenses.  NOI $73K/yr with 10% rent bumps every 5 yrs.  $1.13M. 6.5% cap. 
3. Gas Station in San Jose, CA: 1224 SF recently renovated independent gas station with convenience store and 2 service repair bays in affluent area with AHI over $114K/yr in 1 mile.  Station with four 10,000 gallon tanks and 12 pumps.  $1.55M.  Business included. 
4. Car X Auto Service center in Chicago, IL: 5430 SF auto service center in densely populated area with over 450K residents within 5 miles.  20 yrs absolute NNN lease with 10+ yrs left to Tuffy Auto with 430 centers.  NOI $114K/yr with annual 1.75% rent bumps.  $1.343M. 8.5% cap. 
5. CVS in Charlotte, NC: 10,125 SF drug store built in 1998 on 1.57 ac lot at a busy intersection.  20 yrs NNN- with 6 yrs left.  NOI $192K/yr with 6% rent bump in 2013 and 3.5% rent bumps in each of the 5 yrs options. $2.4M. 8% cap. 
6. Single-tenant Office Building in Fremont, CA: 31,463 SF office building on 2.31 ac lot in affluent San Jose suburbs (AHI $126K/yr in 1 mile).  Easy access to both I-880 and I-680.  100% absolute NNN lease with 4 yrs left to for-profit Corinthian Colleges (NASDAG: COCO, also operates Heald College) with 93,000 students 26 states and $1.8 Billion in revenue.  Tenant has been here since 1986 and occupies 2 other buildings on the same street.  NOI $279K/yr with rent bump in 2013.  $3.4M. 8.22% cap. 
7. Goodwill in Brownsville, TX: 12,000 SF single-tenant retail center on 1.07 ac lot.  New 12 yrs NNN- lease.  NOI $171K/yr with 7% rent bump every 6 yrs.  $2.214M. 7.75% cap. 
8. Strip Center in Lawrenceville, GA: 6000 SF multi-tenant retail center on a busy highway in affluent Atlanta suburbs (AHI $104K/yr in 1 mile).  100% NNN leased to 5 tenants with remaining terms up to 15 yrs.  NOI $84K/yr.  $1.1M. 7.68% cap.
9.  Wendys in Tucson, AZ: 2115 SF Wendys on .58 ac corner lot next to Wal-mart neighborhood market and across from Fry’s supermarket.  15 yrs NNN lease with 9 yrs left to an operator with 15 units.  NOI $110K/yr. $1.554M. 6.75% cap.

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