Planet Fitness | 15% Rent Bumps Over Next 6 Yrs | NYSE: PLNT
STNL | Long Term Lease | Largest Gym Operator in U.S.
Marketing description
Faris Lee Investments is pleased to offer a prime Southern California STNL investment leased to Planet Fitness (NYSE:PLNT). With more than 2,900 locations, Planet Fitness is the largest gym operator in the U.S. In 2025, Planet Fitness generated a record revenue of $1.32 Billion helped by 12% year over year sales growth. In the current term, the lease has 2 rent bumps over the next 6 years equating to a 15% rent increase. The lease terms offer investors above market rent increases providing increasing NOI and a realistic opportunity for value appreciation. The NNN lease structure makes this an ideal investment for the investor seeking passive income without the obligation of maintaining and managing the property. Planet Fitness pays all CAM expense directly giving the property owner a true hands-off investment. With Planet Fitness having opened 181 stores in 2025 with another 180 planned openings in 2026, they are best-positioned of any gym operator to meet the consumer demand in a changing health and fitness industry.
Planet Fitness benefits from being located within 2 miles from major employers Anheuser-Busch, Northrup Grumman, and Amazon. Cal State Northridge with 38,000 students and 4,000 employees is also within 2 miles and these employers and the university provide a valuable captive and young consumer base for Planet Fitness to serve. With a $140,022 AHHI within a 1-mile radius and 280,246 residents within a 5-mile radius, this is an optimal trade area for Planet Fitness as it provides a high level of discretionary income over a large population base. The combination of having the leading gym operator serving a vibrant and proven trade area in one investment is an opportunity to acquire one of the healthiest investments on the market today.
Investment highlights
- PLANET FITNESS (NYSE: PLNT) | 2,900+ LOCATIONS | LARGEST GYM OPERATOR IN U.S. • 20+ Million members; Founded in 1992 • Record $1.32 Billion revenue in 2025; 12% Year over Year increase • Same-Club sales increased 6.7% in 2025
- LONG TERM 15 YEAR NNN LEASE | TENANT IS HIGHLY INVESTED IN LOCATION • Planet Fitness signed an initial 15-year lease term with 9 years of term remaining • Much of the buildout expenses were paid for by Planet Fitness • The long-term lease and tenant buildout contributions show a strong commitment to this location
- EXPLOSIVE U.S. GROWTH WITH 181 CLUB OPENINGS IN 2025 | 180 PLANNED 2026 OPENINGS • Planet Fitness is meeting the need of consumers better than anybody in the gym/health club industry • Their alternative pricing plan has helped propel growth to levels not seen by the fitness industry • The smaller footprint of Planet Fitness has enabled them to more effectively pursue and win new sites in the best locations where the larger gym formats are unable to compete
- GROWING INCOME STREAM | 15% RENT INCREASE OVER NEXT 6 YEARS • Rent bumps in May 2029 and May 2032 offer potential value appreciation • Offers an investor above market rental increases for Credit STNL investment • Offers a hedge against inflation, thereby helping to preserve value of the investment
- HOME TO CAL ST NORTHRIDGE | 38K STUDENTS | RANKED #2 PUBLIC UNIV IN CA BY WSJ • With 38,000 students and 4,000 employees, CSUN is the area's major economic driver • Within a 2-mile radius of CSUN, Planet Fitness is ideally positioned to benefit from a student population known for their gym patronage • Rare opportunity to purchase a credit investment in an area seeing strong population growth
- LOCATED AT HARD CORNER INTERSECTION | STRONG TRAFFIC COUNTS OF 67,200 VPD • Located at one of the highest-trafficked intersections in the trade area • Planet Fitness benefits from unsurpassed visibility and identity • High intrinsic value location providing Planet Fitness a noteworthy presence in the market • Center-of-Town shopping experience with retailers who drive strong daily customer visits
- OPTIMAL WELL-POPULATED TRADE AREA WITH STRONG HOUSEHOLD INCOME • With AHHI of $140,021 within a 1-mile radius, consumers in the trade have a high level of discretionary income to support Planet Fitness • The well-populated trade area featuring 280,246 and 691,224 residents within a 3 and 5-mile radius respectively
- RECENT CAPITAL EXPENDITURES INCLUDE NEW ROOF AND HVAC • A new roof and HVAC were installed in 2021 • When major building systems are early in life, it allows for a much more reliable income stream • Enhances property value and promotes a stronger landlord/tenant relationship
- MAJOR EMPLOYERS WITHIN 2 MILES INCLUDE ANHEUSER-BUSCH, NORTHRUP GRUMMAN, AMAZON • The large daytime employment provides a "captive" consumer base heavily sought-after by gym operators • The close proximity of Planet Fitness to these employers provides a convenient workout experience • The strategic location gives Planet Fitness an important competitive advantage over its competitors
- EASE OF MANAGEMENT NNN LEASE | TENANT PAYS CAM DIRECTLY • Provides an ideal ownership experience for the passive investor • The major capital expenditures typically associated with roof and HVAC have been paid for in the past several years • Ease of management single tenant investments continue to see the strongest investor demand in the commercial real estate industry
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
