01-29: Walgreens, Provident Bank, YouFit, Hardee’s

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Below are the most commonly used acronyms:

  • AHI: Avg. 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.
  1. Walgreens in Hilly Hill, FL: 13,849 SF double drive thru Walgreens built in 1997 on 1.53 ac lot at a signalized intersection in Daytona Beach suburbs. 30-yrs NNN- lease with 14-yrs left. NOI $242K/yr. $4.048M. 6% cap.
  2. Provident Bank in La Quinta, CA: 3371 SF drive thru Provident Bank completed in 1998 on .84 ac outparcel to Power Center with Kohl’s, Starter Bros. Market, Ross Dress for Less and Petco, Hobby Lobby and Big 5. Across from Target, Lowe’s and Trader Joe’s. 7-yrs NNN lease with 4-yrs left. NOI $86K/yr with a rent bump in 2016. $1.74M. 5% cap. NOTE: Full brochure upon request.
  3. Strip Center in Salina, KS: 6400 SF attractive retail center constructed in 2007 on ½ acre corner lot. Near I-135. 100% NNN leased by Sprint, Complete Nutrition and AT&T. NOI $126K/yr. $1.525M. 8.32% Cap.
  4. Shopping Center in Sioux Falls, SD: 38,713 SF attractive shopping center built in 2000 on 3.45 ac lot in upper middle class area.  Good tenant mix:  Ruby Tuesday, Cold Stone Creamery, Stride Rite, Ideal Wedding Center, Envision Event Planning & Print Studio,
    Tip Top Tux, and more. Close to Empire Mall and with easy access to I-29. 88% NNN leased. Actual NOI $407K/yr. $4.75M. 8.59% cap. Upside potential.
  5. Office Building in Las Vegas, NV: 8375 SF well maintained multi-tenant office building on .91 ac lot in a growing area. 100% leased. NOI $85K/yr. $954K. 9% cap.
  6. YouFit Health Club in Alpharetta, GA: 12000 SF single tenant retail building constructed in 1999 adjacent to Staples, Jo-Ann Fabric and Best Buy. Near North Point Mall and Hwy-19. Good demographics: 43% pop growth since 2000 and AHI of $103K/yr in a 3 mile ring in Atlanta suburbs. New 10-yrs NNN corp lease. 188K/yr. $2.55M. 7.41% cap.
  7. Retail Building in Homewood, IL: 12,216 SF Dollar Tree and 7000 SF Buffalo Wild Wings retail building renovated in 2011 on nearly 2 ac outparcel to new Walmart Supercenter in Chicago suburbs. Close to I-80. 100% leased. NOI $259K/yr. $3.61M. 7.20% cap.
  8. Hardee’s in Birmingham, AL: 3481 SF fast food restaurant built in 1993 on 1 ac corner lot. Between Publix Super Market and Winn Dixie. 100% NNN corp lease with 8-yrs left. NOI $84K/yr with rare rent increases. $1.299M. 6.50% cap.
  9. Retail Centers in Mooresville, NC: 72,903 SF consisting of two retail buildings on over 9 ac of land along major retail artery in affluent area. Across from Sam’s Club, Adjacent to major centers with Target, TJ Maxx, Beth Bath and Beyond & Lowes to name a few. Near I-77. 97% leased to Ashley Furniture, HHGregg, Hickory Tavern and Zaika Indian Cuisine. NOI $1.118M/yr. $14.912M. 7.50% cap. Loan can be assumed by buyer. NOTE: full brochure upon request.