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01-08: Advance Auto Parts, O’Charley’s, Old Spaghetti Factory, Oak Street Health, MOB

 

1.   Walgreens in Canton, OH: 13,880 SF well maintained drive-thru pharmacy built in 1997 on 2.75 ac corner lot. With five points of ingress/egress. 100% NNN- corp lease till 2030. NOI $239K/yr. $3.323M. 7.20% cap.

2.   Retail Plaza in Hermitage, PA: 51,631 SF shopping center completed in 2006 on nearly 11 ac lot. Across from Walmart Supercenter and close to Shenango Valley Mall. Key tenants: Aspen Dental, Sprint, Sport Clips, GameStop, UPMC Urgent Care, GNC, Sally Beauty Supply and Petco.  92% NNN leased. NOI $754K/yr. $9.5M. 7.95% cap.

3.   Advance Auto Parts in Canal Winchester, OH: 7,000 SF single tenant retail building constructed in 2004 on 1.84 ac lot in Columbus MSA. 100% NNN- corp lease till 2024. NOI $98K/yr. $1.352M. 7.25% cap.

4.   Old Spaghetti Factory in Fairfield, OH: 10,496 SF attractive Italian restaurant built in 2003 on 1.45 ac lot along major retail corridor in Cincinnati suburbs. Adjacent to Cincinnati Mall. Close to 250-bed Mercy Health Fairfield Hospital. On an off/on ramp of I-275 with over 1000K VPD. 100% absolute NNN corp lease till 2027. NOI $189K/yr. Price reduced from $2.688M to $2.585M. 7.35% cap.

5.   Retail Center in Wyoming, MI: 11,256 SF strip center renovated in 2015 on over 1 ac lot along busy retail artery in Grand Rapids suburbs. 89% NNN leased to six tenants and only one vacancy. NOI $153K/yr. $2M. 7.69% cap.

6.   O’Charley’s in Cincinnati, OH: 7316 SF casual dining restaurant renovated in 2016 on 1.5 ac lot in affluent neighborhood with an AHI of $125K/yr in a 3 mile radius. 100% absolute NNN lease till 2023 to a strong operator with over 200 locations. NOI $150K/yr with annual rent increases. $2.235M. 6.75% cap.

7.   Oak Street Health in Memphis, TN: 17,000 SF renovated single tenant medical office building on 2.45 ac lot at a signalized corner location. New 10 year NNN- corp lease to a credit tenant with 2% annual rent increases. 100% leased to Oak Street Health and Region Bank ATM. NOI $186K/yr. $2.657M. 7% cap.

8.   Advance Auto Parts in Plainfield, IL: 7,000 SF single tenant retail building on .79 ac lot in high income Chicago metro with an AHI of $117K/yr in a 1 mile ring. Recently extended NNN- lease till 2025. NOI $120K/yr. $1.46M. 8.22% cap.

9.   MOB in San Antonio, TX: 17,051 SF attractive medical office building constructed in 1998 at a corner location. 100% leased to five tenants including U.S. Renal Care. NOI $224K/yr. $3M. 7.49% cap.          

10.      Auto Repair in Longwood, FL: 4562 single tenant auto center renovated in 2006 on .75 ac lot in Orlando suburbs. Along Hwy-17 with over 34,000 VPD. New 10 year absolute NNN lease. NOI $84K/yr with 5% annual rent increases. $1.125M. 7.50% cap.

 

About The Properties

Transmercial is the only company in the US that offers this list of best properties between $950K to $30M in 50 states. These properties are selected from 300-400 daily listings from many commercial real estate companies, and various other sources.  Each property has a brief description and a flyer. Please click here for selection criteria. Underlined names, if any, indicate safe hyperlinks that you can click for more info. For a full marketing brochure, please reply and specify the property number. Transmercial will guide you thru the whole acquisition process if needed. It will track all the issues via the “Due Diligence Summary” report until they are all resolved prior to closing.

Below are the most commonly used acronyms:

 

·    AHI/MHI: Avg./Median Household Income. National average is about $55+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.