Posted by Steve on December 24, 2004 at 12:53:37:
Randy,
By NNN I meant CVS…Dollar General kinda deals…best cap rates at 8% so far as I have seen…
BTW…Thanks for the headsup on the TIC deals…I have been approached by couple of brokers with GREAT TIC deals…
Steve
Please Advice - NNN or ?? - Posted by Steve
Posted by Steve on December 23, 2004 at 07:55:17:
Second try…hope to hear from Ray or other seasonsed investors…
I am looking at a deal that is advertised as a 10% CAP propery at a asking price of nearly $5 Mil…After talking to the owner, it seems like the property is generating close to 350K Net on 800K Gross. But, I also think the expenses are above normal…a full-time maintenance person, close to full-time bookkeeper costing 70K a year…I think we can get the NOI north of 400K easy and maybe close to 450K…I can put 1 Mil down and get the rest financed at 5.7%…10 yr balloon…30 yr amort…(280K P&I payments per year)…Rent roll is very diverse and large…mostly 1-3-4 year leases…vacancy is about 3%…
I am at a loss as to whether to
Make an offer on this
Look at NNN deals (CVS…Dollar General)
Wait for a better deal.
Thanks
Steve
Re: Please Advice - NNN or ?? - Posted by Randy
Posted by Randy on December 24, 2004 at 10:57:58:
If by NNN you mean the NNN-TIC deals out there, I would advise staying away from them, especially if they involve financing.