These are the 10 best commercial properties among 300-400 daily listings between $1M-$30M in all 50 US states listed by CBRE, Marcus Millichap, SVN, etc. The properties are selected based on various criteria: price, cap rate, and more (please read "How properties are selected" article.)
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Apartments in Houston, TX: 244-unit apartments complex built in 1983 on 8.69 acres lot. 93% occupied. NOI $363K/yr. $4.2M. 8.7% cap. Just over $17K/unit.
Shopping Center in Wilmington, NC: 44,180 SF shopping center on over 4 acres lot in a stable coastal town. Anchored by a 29,000 SF Food Lion grocery (grocery chain with 1300 locations in 11 states). 100% leased. NOI $360K/yr. $4M. 9% cap.
Buffalo Wild Wings in Austin, TX: 6248 SF brand new franchised restaurant on 1.23 acres parcel just off I-35 exit in a growing city. New 15 yrs NNN lease. NOI $226K/yr. with 10% rent bump every 5 yrs.$2.834M. 8% cap.
Cancer Treatment Center in Lewisville, TX: 18,000 SF cancer treatment center built in 2000 on 2.59 acres lot near I-35E and Hwy 121 in an affluent (AHI $113K/yr) Dallas metro. 100% absolute NNN leased to a subsidiary of US Oncology Holdings (ranked 646 among top 1000 companies by FORTUNE magazine). NOI $420K/yr. $4.946M. 8.5% cap.
Gas Station in San Jose, CA: newly remodeledindependent gas station on .4 acre lot with 6 dispenser islands, a convenience store and 2-bay service garage in a high income (AHI $111K/yr) area. Annual gross revenue of over $2.5M. NOI $168K/yr. $1.975M for both real estate and business. 8.5% cap.
Jack In The Box in Dallas, TX: 2481 SF restaurant with drive thru built in 1998 on ½ ac lot just off I-35 exit. 100% NNN corp lease. NOI $87K/yr with 10% rent bump in 2013. $1.095M. 8% cap.
Hotel Condo in Fresno, CA: 200-unit recently refurbished hotel/condo on 6.8 acres lot just off Hwy 99 exit. $4.9M.
Apartments in Rancho Cordova, CA: 64-unit bank-owned apartments on 1.95 acres lot in Sacramento metro. 50% occupied. $2.125M. Just over $33K/unit!
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
Bank-owned mini-storage in Tolleson, AZ: 234-unit (151 are air-conditioned & 83 drive up) mini-storage facility with 90 PO boxes constructed in 2009 on 2.49 acres lot in Phoenix metro. Many modern amenities: advanced security systems, 24-hr access. $1.13M.
Office max in Martinsburg, VA: 23,620 SF single-tenant retail enter built in 1998 on 2.11 acres lot just off I-81 in a prime commercial corridor in a growing city. 20 yrs NNN lease with 8 yrs remaining. NOI $307K/yr. $3.32M. 9.25% cap.
Franchised Motel in Houston, TX: 120-room motel built in 1995 on 3.35 acres lot with great highway exposure. Gross income of $1.19M/yr. $3.5M. 11.28% cap.
Shopping center in Bolingbrook, IL: 17,960 SF class-A retail center built in 2003 on 3 acres lot just off Tollway 355 exit in growing upper middle class suburban Chicago. Surrounded by Meijer’s, Macys, Ikea and Costco with over 1.5M SF of upscale retail spaces. 100% NNN leased by 12 tenants. NOI $475K/yr. $5.4M. 8.8% cap.
Auctioned retail center in Antelope, CA: 11,140 SF retail center built in 2006 on 1.2 acres lot in a stable middle-class Sacramento metro. 100% NNN leased by 4 retail tenants. Appraised at $1.68M in 2010. Starting bid at $700K.
Apartments in Ashbury Park, NJ: 17-unit apartments complex in high income (AHI $93K/yr) town 30 miles South of Newark. 100% occupied. NOI $88K/yr. $986K. 9% cap.
CVS Pharmacy in Baytown, TX: 10,906 SF drug store on 1.29 acres lot in Houston metro. 20 yrs NNN lease with 7 yrs remaining. NOI $220K/yr. $2.45M. 9% cap.
Burlington Coat Factory in Pinole, CA: bank-owned 80,008 SF single-tenant retail building constructed in 1996 on 5.84 acres lot just off I-80 in a middle-class San Fran Bay Area. Part of Pinole Vista Shopping center occupied by Target, Staples, Toys R Us, Food Maxx, Bevmo, Pier 1 Import. 15 yrs NN lease by Burlington Coat Factory. NOI $704K/yr. $8.8M. 8% cap. Note: this is the former Mervyns. It used to have a $17M loan, i.e. it was once worth more than $17M.
Designer Shoes Warehouse in Broomfield, CO: 35,000 SF free standing retail center across from 1.5M SF Flatiron Crossing Mall in wealthy Denver suburbs. 15 yrs NNN lease with 8 yrs remaining by Designer Shoes Warehouse. NOI $127K/yr with 10% rent bump in 2012. $1.475M. 8.61% cap.
Apartments in Sacramento, CA: 29-unit apartments with easy access to I-80. NOI $154K/yr. $1.8M. 8.57% cap.
Walgreens in De Pere, WI: 14,820 SF Walgreens built in 2006 on 1.7 acres lot in a middle-class Green Bay metro. 25 yrs NNN leased till 2031. NOI $310K/yr. $4.133M. 7.5% cap.
Auto Zone in De Pere, WI: 7370 SF auto parts store built in 2007 on .7 acres lot. 20 yrs NNN leased till 2027. NOI $102K/yr with 5% rent bump in 2017. $1.36M. 7.5% cap.
Retail center in De Pere, WI: 5862 SF class-A strip center. 100% NNN leased by 4 national tenants: Starbucks, Fedex Kinko, US Cellular, and Payday loan. NOI $166K/yr. $2.084M. 8% cap.
Strip Mall in Sacramento, CA: 7320 SF brand new retail center on 1.10 ac lot just off I-80 exit. 100% leased. NOI $177K/yr. $2.375M. 7.4% cap.
Apartments in Waipahu, HI: 6-unit apartment in Oahu island. 100% occupied. NOI $66K/yr. $725K. 9.2% cap.
Burger King in Vestal, NY: 2470 SF restaurant built in 2009 on 1 ac lot in a high income area (AHI $96K/yr). New 20 yrs absolute NNN lease by the largest Burger King franchisee (NASDAG : TAST) with over 300 locations. NOI $136K/yr. $1.7M. 8% cap.
Apartments in Houston, TX: 60-unit well-maintained apartments near Johnson Space Center just one block from Clear Lake and Christus St John Hospital. Wealthy area with AHI over $90K/yr. 83% occupied. NOI $180K/yr. $1.92M. 9.4% cap. 70% LTV owner financing available 6.5%.
Historically, commercial real estate values have been cyclical and will continue to be so in the future. The availability and cost of financing is a key component of these cycles. Available capital is affected by the economy, interest rates, supply and demand, and the perception of the market. Real estate prices fluctuate as these factors exert their influence.
To determine the best time to buy, consider where we are in the cycle. Then, see how your particular business or personal financial goals can be strengthened by considering the effects of the cycles.
There are four distinct phases to the commercial real estate cycle: Recession, Recovery, Expansion and Contraction.
Recession: The Recession Phase follows a market contraction, when the availability of financing become scarce or expensive and property prices have fallen. Properties experience higher vacancies and owners have difficulty refinancing, selling or leasing. Foreclosures increase and property sellers become motivated. Prices can fall below replacement costs, resulting in many opportunities for those with the liquidity and fortitude to take advantage of the market weakness. This is the absolute best time to buy.
Recovery: In The Recovery Phase, the market is improving and prices begin to recover, although some buyers are still hesitant to proceed. More tenants enter the market and property owners refinance as affordable financing becomes available. Owners tend to improve their property and work to maximize rental rates. Prices are increasing. This is a very good time to buy.
Expansion: During the Expansion Phase, the real estate market is progressing and expanding and equity investors are plentiful. Financing is readily available and the price of real estate may increase more than seen in previous history. Vacancies are at their lowest point and there is a general sense of well-being, prosperity and abundance. Everyone is talking about buying real estate. This is the time to sell.
Contraction: The Contraction Phase is when vacancies are increasing and prices begin to fall from the peaks of the Expansion Phase. The market has become oversaturated and financing is becoming more difficult or expensive. Investors begin to withdraw from the market as vacancy and delinquency rates rise and prices decline. Buying and selling decisions should be based on need, prime property availability and specific sub-market and individual opportunities.
The phases of the real estate cycle are always in the same order; the only variables are the depth and duration of each phase. By determining the timing of phases along with your own personal and business capability and goals, you can make the best decisions.
As a real estate investor, the most important question is, "When is the best time to buy?" This is when we realize we are either savvy decision makers or merely “one of the herd”. If the market is in the Recession Phase, the stage is set to reap the absolute highest profits by buying at a time when prices are at their lowest. When the market is in the Recovery Phase, it’s still a good time to expand holdings and find deals while building long term wealth.
We have all heard the phrase, “Buy low and sell high.” The best time to buy low is when the cycle is in the Recession Phase, when the lowest prices are available. In this phase, prices can be negotiated and many prime locations are available. The time to sell is during the Expansion Phase, when buyers can easily obtain financing and the market continues to expand. One way to think about this is when everyone is talking about buying, you should be selling. When everyone is talking about the doom and gloom in the Recession Phase, you should be buying.
The challenge with this strategy is that it goes against our basic instincts, even though logic and history dictate otherwise. Our “herd instinct” is affected by the people around us, the media and our resulting emotions. Although we understand that we should not follow the herd mentality, logic and emotion are in conflict. Unfortunately for most, emotion will usually rule over logic. This human tendency creates opportunities for the more logical and less emotional investors.
In this time of uncertainty, one thing that we can be certain of is that that cycles will continue to repeat. History has proven that those with the emotional fortitude and the financial ability to take advantage of the cycles will reap tremendous rewards.
Michael Bull, CCIM is a 30 year commercial real estate veteran and president of Bull Realty, Incorporated. Bull Realty real estate professionals help investors and companies maximize profits and build wealth through strategic real estate planning and services.
Apartments in Spring Valley, CA: 61-units well-maintained apartment complex with pool, three barbecue areas and basketball recreational area just minutes from San Diego Downtown near SR-94. NOI $461K/yr. $6.595M. 7% Cap.
Back Yard Burgers in Cordova, TN:2626 SF free-standing Back Yard Burgers franchised Restaurant on .68 acre outparcel to a 228,000 SF shopping center anchored by Kroger Supermarket along dominant retail corridor. New 20-years absolute NNN lease with 1.5% annual rent increases. NOI $ 90K/yr. $825K. 10.91% Cap.
Shopping Center in Downey, CA: 15,811 SF mature shopping center on over 1 acre lot anchored by Little Caesars Pizza and 7-Eleven at signalized corner. 96% NNN leased. NOI $367K/yr. $4.8M. 7.65% Cap.
Dollar Tree in Westminster, CO: 16,868 SF single-tenant retail building at highly visible corner location in fast growing Denver suburbs. 100% NNN leased. NOI $151K/yr. $1.898M. 8% Cap.
Multifamily Building in Houston, TX: 60-units two-story multifamily building with beautiful pool/courtyard and recent upgrades: roof, exterior paint and ceramic tile. 83% occupied. NOI $179K/yr. $1.920M. 9.4% Cap.
Apartments in San Leandro, CA: 5-units well-maintained multifamily building close to public transportation, park and school. 100% occupied. NOI $61K/yr. $700K. 8.8% Cap.
Apartment Complex in Long Beach, CA: 7-units attractive apartment complex near Colorado Lagoon Park just walking distance from the beach. NOI $70K/yr. $975K. 7.04% Cap.
Buildings in San Francisco, CA: 7020 SF mature buildings at corner location with two tenants: market and church. 100% NNN leased. NOI $110K/yr. $1.7M. 6.5% Cap.
Every day there are about 300-350 new retail and office properties between $700K to $15M on the market in all 50 states listed by various companies. Out of these hundreds of listings, only the top 5-10 properties make it to the list that you see on this blog. By focusing on the short list of best properties, you will save time and are more likely to be successful with your investments.
Below are some of the selection criteria:
1.Price range: most investors look for properties between $700K and $15M.
2.Property types: most if not all investors of eFunding want to invest in retail properties and office buildings where tenants sign long term low-risk NNN leases, i.e. tenants pay for property taxes, insurance and maintenance expenses, in favor of landlords. They prefer not to invest in apartments where leases are mostly riskier gross, i.e. landlords pay for taxes, insurance and unpredictable maintenance expenses. Besides, apartment tenants normally don’t have much money which may affect their ability to pay the rent on time.
3.Cap rate: the return of investment must be “reasonable”, e.g. generally higher than the interest rate. The cap rate is typically lower in CA and higher in other states. However cap rate is not everything.
4.Property condition: investors prefer properties with little deferred maintenance.
5.Demographics: the selected properties tend to be in growing, high income and bigger cities/metros as they have better chance to appreciate and easier to find tenants. Besides they are easier to sell if needed.
·You won’t see properties in an area where people are moving out, e.g. Detroit downtown. These properties are easy to buy but hard to sell. In addition, it’s hard to get attractive financing, if at all, for these properties.
·Properties in a middle of nowhere won’t make it to the lists. These are also easy to buy but hard to sell.
·Properties in cities where the average household income is way below the national average, e.g. $28,000/year, also won’t make it to the list as these are most likely high-crime areas.
6.Occupancy: close to 100%.
7.Good Visibility: properties tend to have most if not all units facing the road to show case the tenant businesses. Tenants love visibility. What’s good for tenants is also good for investors.
8.Great locations: properties on a major artery with heavy traffic, near the freeway exit, on corner lot, near a mall, on an outparcel to a shopping center.
9.Land: if land is not included then it does matter how beautiful the property is, it will not be selected. This is the type of property that is easy to buy but hard to sell.
10.Lease Type: most likely NNN leases.
11.Parking spaces: at least 4 spaces per 1000 SF of leasable space.. It’s hard to lease a retail property unless it has sufficient parking spaces.
12.Age: not over 20 yrs old unless the property is well-maintained or recently renovated.
13.Price per square foot: sometimes a property is selected because the price per SF is low, e.g. less than $200/SF for a retail property in California. The main reason for the selection is appreciation potential.
14.Low rent: there is upside potential if the rent is below market. When the leases expire, the rent is adjusted to market rent which increases the value of the property.
15.Financing: sometimes a property may be selected because it offers attractive financing. For example, the seller is willing to carry 80% LTV at low interest rate or buyer can assume a loan at 5.5% interest, fixed for 10 years. This in turn may increase the overall return or cash on cash. On the other hand, a property may be screened out because it is difficult to get reasonable financing. For example, in this tight credit market it is extremely difficult to get financing for a single-tenant mom-and-pop restaurant.
16.Misc: A property could be selected or screened out for other reasons
·If a property has a dry cleaner with onsite cleaning, it will not be selected due to potential soil contamination by a chemical called Perc used in the cleaning process.
·A property in an affluent Santa Monica, CA could be selected simply because it’s rarely available.
·A vacant restaurant in front of a mall in San Francisco Bay Area could make the list because it may have lots of interests from investors in CA.
If you are interested on a particular property and would like additional information, i.e. a brochure, please email to maria@transmercial.com. It’s good idea to provide Maria with:
The date the property was selected (not posted date.) This is on the subject of the post.
Name of the property, e.g. Walgreens in Dallas, TX.
You will notice that the properties are posted 2 weeks after the date they are selected. The reason for this 2-week delay is we don’t want other companies to take advantage of our research work. If you are an investor and would like to receive the list daily without two weeks delay, we invite you to join Transmercial investors club. The daily list of best properties is emailed to members by 6PM PST, Monday-Friday. The email also contains a 1-page flyer for each selected properties with picture, address, and a brief description about the properties.
Membership to Transmercial investors club is FREE. Click here for details. Don’t worry; there are absolutely no obligations of anything from you to us for being a member. Of course, we hope that you like our work and will eventually ask us to represent you. However, it’s all up to you as you have no contractual obligations to us for anything.
Apartments in Worth, IL: 32-unit apartments with 24 2-BR units on 1 acre lot in Chicago metro. 97% occupied. Proforma NOI $162K/yr. $2.075M. 7.8% cap.
Brand new apartments in Newark, NJ: 6-unit apartment building (2 2-BR & 4 3-BR units) with onsite parking & garages. 100% occupied. NOI $82K/yr. $979K. 8.37% cap.
Apartments in Santa Clara, CA: 26-unit apartments on .69 acre lot in a high income (AHI $105K/yr) rental market in Silicon Valley. NOI $231K/yr. $3.7M. 6.26% cap.
Pep Boy Auto in Kissimmee, FL: 21,615 SF auto parts and automotive center on 2.53 acres lot in Orlando metro. 15 yrs absolute NNN lease with 13 yrs remaining. NOI $269K/yr with annual 1.5% rent bump. $3.493M. 7.7% cap.
Rite Aid in Newport News, VA: 12,608 SF drug store on 1.4 acres lot. 25 yrs NN leased till 2021. NOI $186K/yr. $1.957M. 9.5% cap.
Asian Shopping Center in Doraville, GA: 51,205 SF shopping center in North Atlanta. Anchored by 99 Ranch Market. 100% leased. NOI $517K/yr. $5.169M. 10% cap.
Apartments in Wilmington, CA: 10-unit apartments in a densely populated area. NOI $72K/yr. $969K. 7.45% cap.
Apartments in East Palo Alto, CA: 20-unit apartments on ½ acre lot in a wealthy city in Silicon Valley (AHI $154K/yr). 100% occupied. Condo conversion possible. NOI $147K/yr. $2.499M. 5.9% cap.
Office Building in Austin, TX: 6136 SF office building on .86 acre lot with I-35 visibility in a fast growth upper middle class area (AHI $89K/yr). 85% leased. Proforma NOI $105K/yr. $1.15M. 9.13% cap.
Medical building in Gilbert, AZ: 29,827 SF medical office building constructed in 2001 on 3 acres lot. 100% leased by all medical tenants: Gilbert surgery center, Simon Med Imaging. NOI $697K/yr. $7.75M. 9% cap. Buyer to assume $4.485M loan at low 5.5% interest.
Apartments in Redwood City, CA: 6-unit immaculate multi-family complex in the middle of high income Silicon Valley. 100% occupied. Gross rent $75K/yr. $875K.
Shopping Center in Las Vegas, NV: 17,769 SF retail center built in 1998 on 1.35 acres lot in high income (AHI $89K/yr within 3 miles ring) area. 91% NNN leased with just 1 vacant unit. Actual NOI $283K/yr. $3.1M. 9.16% cap.
O’Reilly Auto Parts in Atlanta, GA: 6800 SF single-tenant retail center built in 2009 on 1.43 acres lot. 20 yrs NNN corp lease (NASDAG: ORLY). NOI $110K/yr. $1.375M. 8% cap.
Apartments in Anaheim, CA: 16-unit apartments in a middle-class city (AHI $72K/yr) with over 700K residents within 5 miles. 100% occupied. Gross income of $183K/yr. $1.825M.
Cost Plus World Market in Wichita, KS: 18,252 SF single-tenant retail center on 3.65 acres lot in an affluent suburban Wichita with AHI over $101K/yr. 100% NNN corp lease by Cost Plus (NASDAG: CPWM) with 270 retail stores. NOI $237K/yr. $2.433M. 9.75% cap.
Joe’s Crab Shack in Fairview Heights, IL: 7076 SF franchised seafood restaurant built in 1997 near I-64 exit in suburban Saint Louis. 20 yrs NNN lease with 17 yrs remaining. NOI $117K/yr with 10% rent bump every 5 yrs. $1.17M. 10% cap.
Automotive center in Las Vegas, NV: 14,948 SF multi-tenant auto retail center. NOI $172K/yr. $2.16M. 8% cap.
Strip Center in Harbor City, CA: 4100 SF strip mall built in 2002 on a highly visible corner lot just off I-110 exit. Surrounded by Kmart, Food 4 less, Big Lots. 100% NNN leased by 3 good tenants: Starbucks, AT&T Wireless, and Wescom Credit Union (ATM only). NOI $235K/yr. $3.195M. 7.36% cap.
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Apartments in Los Angeles, CA: 49-units multifamily apartment complex on 1 acre lot with many recent improvements and excellent unit mix. Close to Barnsdall Park, Kaiser Permanente, & Los Angeles City College. 100% leased. NOI $398K/yr. $4.975M. 8% Cap. Buyer to assume $3.346M at 6.35%
ICI Paints Retail Building in Goodyear, AZ:9500 SF end-cap retail building at signalized intersection in fast growing (11.67%) middle-class (AHI $65K/yr within 5-miles radius) West of Phoenix about ½ mile from I-10. 100% NNN leased by national tenant currently operating more than 660 stores. 3% annual rent increases. NOI $135K/yr. $1.350M. 10% Cap.
McAlister’s Deli in Peoria, IL: 3426 SF single-tenant retail building constructed in 2008 shadow-anchored by Schnuck’s Grocery Store / Bed Bad & Beyond surrounded by many national tenants. 100% NNN leased by high net worth multi-unit franchisee. NOI $153K/yr. $1.530M. 10% Cap.
Starbucks in Pensacola, FL: 1859 SF free-standing Starbucks Coffee retail building outparcel to Kohl’s along main corridor. 100% NNN leased. NOI $118K/yr. $1.583M. 7.5% Cap.
Shopping Center in Pensacola, FL:122,323 SF shopping center anchored by Big Lots & across from Wal-Mart Supercenter. 96% NNN leased. NOI $470K/yr. $5.175M. 9.10% Proforma Cap.
Apartments in Costa Mesa, CA:6-units well-maintained two-story apartments in a wealthy area (AHI $126K/yr) near prestigious Newport Beach with many amenities: Garages, Patios/Balconies and on-site laundry. NOI $71K/yr. $1.195M. 6.12% Cap.
Starbucks Coffee/T-mobile in Atlanta, GA: 4400 SF single-tenant retail building across from Camp Creek Marketplace a 1.2M SF retail center off of I-285. 100% NNN corp leased by national tenants. NOI $195K/yr. $2.441M. 8% Cap.
Walgreen’s in Raleigh, NC: 14,469 SF Walgreen’s conveniently located at busy signalized intersection in fast growing area. Long NNN lease. NOI $339K/yr. $4.850M. 7% Cap.
Multifamily Property in Madera, CA: 14-untis recently remodeled multifamily complex off of Hwy-99. 100% leased. NOI $103K/yr. $1.150M. 9% Cap.
Retail Building in San Jose, CA: 1885 SF single-tenant retail building at excellent location on Stevens Creek Auto Row just a few blocks from Westfield Shopping Center/Santana Row. 100% NNN leased till 2013. NOI $65K/yr. $1.395M. 4.73% Cap.
Checker Auto in Lake Havasu City, AZ:6863 SF well-constructed retail building constructed in 1994 on .83 acre lot outparcel to anchored shopping center at busy signalized intersection in growing middle-class area. 100% NNN leased. NOI $118K/yr. $1.582M. 7.5% Cap.
Walgreen’s in Surprise, AZ: 13,905 SF free-standing retail building on 2 acres of land at excellent hart corner with high visibility in fast growing (193% since 2000) Phoenix metro. 100% NNN corp lease with 9 yrs remaining. NOI $264K/yr. $3.206M. 8.25% Cap.
Retail Center in Gainesville, GA: 123,948 SF retail building constructed in 1994 anchored by a 121,148 SF Lowe’s. Adjacent to Wal-Mart Supercenter and across Lakeshore Mall just North of Atlanta metro. 99% NNN leased. NOI $663K/yr. $7.6M. 8.73% Cap.
Office Building in Fresno, CA: 6840 SF attractive office building close to Kaiser Permanente Medical Center/St Agnes Medical Center. 86% leased. NOI $103K/yr. $1.2M. 8.62% Cap.
Multifamily Building in Van Nuys, CA: 8-untis well-maintained multifamily complex in close proximity to Anthony C Beilenson Park/Woodley Ave Park near Fwy-405. 88% leased. NOI $60K/yr. $899K. 6.70% Cap.
Wendy’s Restaurant in Palm Bay, FL: 2810 SF stable restaurant on over 1 acre lot at main retail corridor just 60-miles from Orlando. 16-years remaining on original absolute NNN lease by strong franchisee. 4% rent increases every 2-years. NOI $97K/yr. $1.217M. 8% Cap.
Shopping Center in Miami, FL:20,420 SF mature shopping center with recent capital improvements with excellent tenant mix: Grocery Traders, Dry Cleaners, Point Du Jour Realty, Barber Shop, Star of North Miami, $9.99 Shoes, Beauty Salon and Krazy Chicken Restaurant. 100% leased. NOI $253K/yr. $2.677M. 9.46% Cap.
Burger King in Corpus Christi, TX:brand new 3000 SF Burger King free-standing retail building conveniently located at corner location of Hwy-358. Long NNN leased till 2028. 1% annual rent increases. NOI $110K/yr. $1.375M. 8% Cap.
Burger King in Rogers, AR: 3621 SF restaurant on .9 acres corner lot with 3 points of ingress/egress in a growing city. Store with strong 1.89M in annual sales revenue. New 20 yrs NNN lease. NOI $144K/yr. $1.6M. 9% cap.
Apartments in Redwood City, CA: 5-unit apartments in a affluent Silicon Valley town (AHI $148K/yr). 100% occupied. NOI $59K/yr. $1.095M. 5.45% cap.
Steak N Shake in Clearwater, FL: 3690 SF franchised restaurant across from Westfield Countryside Mall in Tampa metro. 18 yrs absolute corp (NYSE: SNS) NNN lease with 6 yrs remain. Store with strong & growing revenue of over $1.94M/yr., i.e. highly profitable location even during recession. NOI $118K/yr. $1.43M. 8.25% cap. 4 other locations in FL avail.
Lowe’s in Nashville, TN: 135,195 SF single-tenant home improvement center on over 18 acres lot just off I-40 exit in a stable & wealthy area with AHI over $98K/yr within 5 miles. 100% leased by Lowe’s with S&P rating of A+ till 2019. NOI $1.125M. $13.5M. 8.34% cap.
Advance Auto in West Monroe, LA: 7000 SF auto parts store built in 2008 on .8 ac lot next to a Walgreens. 15 yrs NNN lease. NOI $122K/yr. $1.523M. 8.05% cap.
Brand new Best Buy & Office Max in McAllen, TX: 63,703 SF retail center built in 2008 on 8.79 acres lot in a high income (AHI $83K/yr w/I 1 mile) and growing (55% since 2000) city. 100% NNN leased by 2 national tenants. Great location: across from 46-acre lifestyle center anchored by Conn's, Walgreens, Petco, Michael's. Shadow Anchored by Kohl's, Target, Ross, Marshalls, Hobby Lobby, Bealls & PetSmart. Adjacent to Home Depot & H-E-B Grocery. NOI $940K/yr with rent bump every 5 yrs. $11M. 8.5% cap.
Pep Boy Auto in Sacramento, CA: 22,341 SF auto parts and automotive center on 2.35 acres parcel near I-80 exit. 15 yrs absolute corp (NYSE: PBY) NNN lease. NOI $251K/yr with 1.5% annual rent bump. $3.354M. 7.5% cap. Seller financing at 6% interest avail.
Apartments in Auburn, WA: 27-unit well-kept apartments in stable Seattle metro. 99% occupied. NOI $133K/yr. $1.55M. 8.6% cap.
Apartments in Dallas, TX: 104-unit class-B 2-story apartments complex built in 1984 on over 3 acres lot in highly desirable upper middle class White Rock Lake with AHI over $89K/yr within 1 mile. Individual HVAC and hot water heater. Nicely manicured landscaping & well-maintained assets. 92% occupied. Proforma NOI $405K/yr. $4.5M. 9.02% cap.
Shopping center in Indian Head Park, IL: 17,805 SF retail center on 1.94 acres lot in wealthy Chicago metro with AHI of $120K/yr. 100% NNN leased. NOI 4304K/yr. $3.9M. 7.8% cap.
Medical Office Building in El Cajon, CA: 12,354 SF three-story medical building fully leased by national tenants: Sprint, Quest Diagnostics and Planned Parenthood with great freeway signage just off of I-8 in San Diego suburbs. 100% leased. NOI $185K/yr. $2.495M. 8% Cap.
Retail Building in Chandler, AZ:6429 SF Tire Pros free-standing retail building in growing (10.09%) middle-class (AHI $82K/yr within three-mile radius) area in Phoenix metro along a busy thoroughfare. 10-years absolute NNN lease with 12% increases every 5-years. NOI $97K/yr. $1.185M. 8.25% Cap.
Apartments in Stockton, CA: bank owed 43-units well-maintained multifamily 2-story apartment complex on 1.26 acres of land. 93% occupied. NOI $182K/yr. $2.250M. 8.10% Proforma Cap.
CVS Pharmacy in Homestead, FL:14,579 SF architecturally distinguished CVS Pharmacy on 1.59 acres of land located in densely populated booming (57% since 2000) area just South of Miami. 100% NNN corp lease till 2026. NOI $360K/yr. $4.675M. 7.75% Cap.
Condominiums in Marietta, GA: 21-extensively renovated townhouse-style condominiums renovated in 2008 at quiet Atlanta metro neighborhood. 95% leased. NOI $107K/yr. $1.260M. 8.5% Cap.
Office Building in Sacramento, CA: 14,580 SF beautiful reconstructed office building in the heart of Old Sacramento. 100% leased. NOI $136K/yr. $1.7M. 8% cap.
Office Building in Bradenton, FL: 33,003 SF newly constructed office buildings on 5.15 acres of parcel in the award winning master planned community of Lakewood Ranch in a middle class Tampa metro. 100% NNN leased till 2024 to a charter school. NOI $577K/yr. $7.214M. 8% Cap.
Office Building in Sacramento, CA: 11,614 SF two-story office building close to Fwy-5/50. $1.1M. Perfect for owner user!
Office Building in San Jose, CA: 10,800 SF recently renovated free-standing office building conveniently located at corner location along Winchester Blvd. in a high income Silicon Valley (AHI $110K/yr). $1.1M. Ideal for owner user!
NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.
AHI: Avg. Household Income
Retail Center in Chicago, IL: 8261 SF nice-looking retail center constructed in 1997 with two entrance points and big monument sign at signalized corner location. 100% NNN leased. NOI $122K/yr. $1.440M. 8.47% Cap.
Apartments in Rancho Cordova, CA: 74-units well-maintained multifamily buildings in Sacramento metro close to parks with good unit mix. 80% leased. NOI $214K/yr. $2.960M. 7.23% Cap.
Office Building in Arden Hills, MN: 73,442 SF high quality constructed Class-A office building in Minneapolis metro with numerous recent improvements. Highly visible from I-694. 93% leased. NOI $960K/yr. $10M. 9.60% cap.
Multifamily Building in Long Beach, CA: 18-unit beautiful well-maintained apartment complex with video surveillance system & close to shopping centers, parks and Long Beach Memorial Medical Center. 100% leased. NOI $189K/yr. $2.549M. 7.44% Cap.
Super 8 Motel in Goodyear, AZ: 90-rooms two-story motel on 3.46 acres of land just off Fwy-10 in fast growing Phoenix metro. $4M. 9.75% Cap.
Office Depot in Tallahassee, FL: 30,450 SF Office Deport retail building constructed in 1999 on 5.38 acres of parcel across from Home Depot, Petsmart and Bealls Shopping Center. High income area. 100% absolute NNN lease. NOI $380K/yr. $4.250M. 8.96% Cap.
Apartments in McAllen, TX: 48-units apartment complex conveniently located across from McAuliffe Elementary School. 97% leased. NOI $184K/yr. $2.050M. 9% Cap.
Office Building in Layton, UT: 5000 SF newly remodeled office building constructed in 1992 close to Davis Hospital and Medical Center in Northern Salt Lake City metro. 100% leased by two tenants. NOI $66K/yr. $826K. 8% Cap.
Strip Center in Bountiful, UT: 7219 SF strip center in fast growing Salt Lake City suburbs near I-15. NOI $86K/yr. $986K. 8.75% Cap.
Bally’s Total Fitness in Huntington Park, CA:32,000 SF fitness center built in 2005 on 1.31 acres of land with 88,000 SF ground and 2nd level parking spaces. High traffic location. 100% NNN leased by national tenant. NOI $626K/yr. $8.350M. 7.5% Cap.
Retail Center in Folsom, CA: 5900 SF attractive retail center constructed in 2000 across from Target Shopping Center in Sacramento metro. Excellent tenant mix: Beach Hut Deli, American General Finance, Top Cuts and Cal X Fun Spas. NOI $148K/yr. $1.899M. 7.83% Cap. Buyer to assume $943K loan at 6.15% interest rate.
Childtime Learning Center in Chula Vista, CA: 8280 SF single-tenant day care facility built in 2000 on .92 acre lot in prosperous (AHI $116K/yr within one mile radius) South of San Diego suburbs. 100% NNN corp lease. NOI $224K/yr. $2.420M. 9.26% Cap.
Shopping Center in Mesquite, TX:51,390 SF mature shopping center on 4.88 acres of land in densely populated area near I-635/Hwy-80 in middle-class Dallas metro. 83% leased. NOI $350K/yr. $3.980M. 8.81% Cap.
Upside potential when fully leased.
Multifamily Building in Arvada, CO: 32-units two-stories brick apartment complex with new windows close to parks/shopping centers near I-70 in Denver metro. NOI $141K/yr. $1.995M. 7.11% Cap.
Retail Center in Van Nuys, CA:13,493 SF two-stories strip center with excellent visibility in densely infill location with over 700K residents within 5 miles ring. NOI $157K/yr. $2.190M. 7.20% Cap.
Shopping Center in New Caney, TX:55,944 SF grocery-anchored shopping center on 6.88 acres of land with outstanding highway exposure in fast growing North Houston suburbs. 100% leased. NOI $350K/yr. $3.800M. 9.20% Cap.
I am the Chief Investment Advisor at Transmercial, formerly
eFunding, Inc., a Commercial Real Estate Investments company in San Jose, CA. I am in the top 5 commercial real estate expert author among over 500 on ezinearticles.com.
