Listed by Friedman Real Estate IL LLC, Friedman Real Estate
$3,360,000
Planet Fitness - Chicago, IL
Details
Property Type Retail
Sub Type Shopping Center, Fitness
Square Footage 20,862
Cap Rate 7.00%
NOI $235,320
Tenancy Single
Brand/Tenant Planet Fitness
Lease Type NNN
Lease Expiration 03/31/2032
Remaining Term 5.8
Rent Bumps Yes
Year Renovated 2020
Acreage 2.270
Ownership fee simple
90+ Location Operator! | Priced to Sell!
Marketing description
Investment highlights
NNN Lease - ±7 years remaining - fee simple (land & building); 10% rental escalations (next bump 2027)
Planet Fitness (NYSE: PLNT) - 2,500 clubs across the world; S&P 400 component
High-growth tenant - $1.1+ Billion revenue - up 27.6% YoY; rapid expansion nationally; strong franchisee operator - 93 locations nationally
Huge upside through rent growth; 10% increase in ±2 years (April 2027) - effective inflation hedge
Neighboring national retailers include Target, The Home Depot, H&M, Kohl's, Marshalls, Ross Dress for Less, Old Navy, Five Below, Famous Footwear, Foot Locker, Bath & Body Works, Applebee's, and more
Legacy coupon clipper asset - 2.27 AC - premier pride of ownership; minimal management expenses
Listing Contacts
Listed by Friedman Real Estate IL LLC, Friedman Real Estate
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$235,320.00
$19,610.00/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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