Listed by Matthews
$6,247,000
Planet Fitness - Powell (Knoxville), TN
Details
APN 047 08305
Property Type Retail
Sub Type Fitness center, Gym
Square Footage 15,019
Cap Rate 6.25%
NOI $390,494
Occupancy 100%
Tenancy Single
Brand/Tenant LA Fitness, Planet Fitness
Lease Type NN+
Lease Term 15
Lease Expiration 08/24/2038
Remaining Term 12
Rent Bumps Yes
Lease Options Two, 5-Year Options
Year Built 2024
Acreage 1.580
Investment Type Net Lease
Tenant Credit Franchisee, Corporate Guarantee
Lease Commencement 01/01/2024
Ground Lease No
Knoxville MSA | New Construction | 15,000+ SF | Part of Larger Portfolio
Investment highlights
Available as a Portfolio or Individually
- Prime Position in Booming Emory Road Retail Corridor - strategically located along the highly trafficked E Emory Rd corridor with signalized access & over 27,000+ vehicles per day (VPD), the property benefits from excellent visibility, convenient access to I-75, & a position within one of Knoxville's dominant retail nodes serving a rapidly growing residential base.
- Located in One of Tennessee's Fastest Growing Markets - Knox County, Tennessee's third-most populous county with more than 500,000+ residents, has experienced 7.4% population growth over the past five (5) years & boasts average household incomes (AHHI) of approximately $104,460.
- Knoxville was recently ranked #8 in the nation's top "moved-to" cities, supporting continued residential & economic expansion.
- Surrounded by Major National Retailers - the property is positioned among a strong lineup of national retailers including Walmart, Kroger, Lowe's, Food City, Chick-fil-A, Subway, McDonald's, & Taco Bell, creating a powerful retail ecosystem that drives consistent consumer traffic & spending.
- Affluent, Family-Oriented Trade Area - Powell & North Knoxville continue to experience robust residential growth supported by strong schools, family-oriented neighborhoods, & an increasing concentration of dual-income households, providing long-term demand for health, wellness, & service-oriented retail uses.
- Proximity to the University of Tennessee - located within the greater Knoxville MSA, the property benefits from the economic influence of the University of Tennessee, which enrolls more than 40,000+ students & generates significant year-round consumer activity & regional spending.
- Excellent Regional Connectivity - with immediate access to I-75, which carries more than 64,000+ vehicles per day (VPD), the property offers convenient connectivity to Knoxville's major employment centers, retail corridors, & surrounding communities.
- New Construction | Long-Term Lease Structure - constructed in 2024, the property offers minimal near-term capital expenditure requirements & approximately 12 years remaining on the initial term (expiring 8/24/2038), featuring 10% rental increases every five (5) years, two, 5-year renewal options, & a guaranty from ECP-PF: TN Operations, LLC.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$390,494.00
$32,541.17/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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