Property details

NN Portfolio, Southwest Region

Property Description

NN Portfolio

NN Portfolio of nine single tenant 100% leased buildings. All located in or around one major metro city. NON-RECOURSE FINANCING. All nine properties leased by Cash America. Cash on Cash 8.23% Eight years remaining on the existing loan.

Rent commencement dates:
All NN leases commenced 11/06. Cash America bought these existing Pawn Shop locations for $17 mm (businesses only - not real estate) and commenced rental the same date. Seller/Operator is the operator of all locations. Cash America is the Corporate signature on the leases

Lease Expiration dates:
4 properties are 10 year terms and 5 properties are 5 year terms. All have multiple 5 year renewals with bumps. Please inquire with regards to why tenant will continue to rent due to Pawn Shop re-location restrictions in this and surrounding counties, discounted rental rate, $17 mm initial investment, and that all locations have been Pawn Shops for 10 to 25 years.

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»  NNN Property Search
Search for all NNN properties related to NN Portfolio by choosing "Detailed" Search Type, then checking the "Absolute Triple-Net (NNN) Only" box at the bottom of our PROPERTY SEARCH form. Fine tune your search for NNN properties with other features like by minimum number years that must be remaining in the primary lease term, price range, etc.

»  Net Lease Property Search
Search for all Net Lease properties related to NN Portfolio by unchecking the "Property Types" box in our PROPERTY SEARCH form, then check the box for "Net Lease". Fine tune your Net Lease search with other criteria like by CAP rate, price per square foot (PSF) in a Detailed Search Type, etc.

»  Ground Lease Property Search
Search for all Ground Lease properties related to NN Portfolio by using our PROPERTY SEARCH, expand the Property Types, then check the box for "Ground Lease".

»  Tenant Search
Search for a specific Tenant by typing in a partial name of the tenant in the using in the Property/Tenant box of our PROPERTY SEARCH form. Fine tune your Tenant search with other criteria like by Industry Type found in a Detailed Search Type.

»  Portfolio Search
Search for all Portfolios related to NN Portfolio by unchecking the "Property Types" box in the PROPERTY SEARCH form, then check the box for "Portfolios". Fine tune your Portfolio search with other criteria like minimum square footage, price range, etc.

Note: approved principal buyers are the only authorized users of the property search form.

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Highlights

Status:
Sold
Price:
$9,300,000
PSF:
$124
Cap Rate:
8.00%
Annual Rent:
$748,800
Rent Increases:
Non in primary term, just in renewal.
 

Property Information

Building Size:
75,000 sq.ft.
Property Type:
Portfolios
Industry Type:
Retail
Units/Spaces:
9
Purchase Tenure:
Fee Simple
 

Existing financing information

Original loan amount:
$6,500,000
Interest rate:
6.52%
Amortized over:
27 years
Annual Debt Service Pmts:
$511,176
Annual Cash Flow:
$237,624
Cash on Cash Return:
8.34%

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.