Listed by Matthews
$6,056,000
Planet Fitness - Greeneville, TN
Details
APN 086M A 00603
Property Type Retail
Sub Type Gym, Fitness center
Square Footage 15,019
Net Rentable (SqFt) 15,019
Cap Rate 6.5%
NOI $393,648
Occupancy 100%
Tenancy Single
Brand/Tenant LA Fitness, Planet Fitness
Lease Type NN+
Lease Term 15
Lease Expiration 07/13/2038
Remaining Term 12
Rent Bumps Yes
Lease Options Two (2), 5-years
Year Built 2023
Stories 1
Acreage 5.550
Investment Type Net Lease
Tenant Credit Franchisee, Corporate Guarantee
Lease Commencement 12/01/2023
Ground Lease No
New Construction | 6.50% CAP | 5.55 AC | East TN
Investment highlights
AVAILABLE AS A PORTFOLIO OR INDIVIDUALLY
- Prime Position in Greeneville's Dominant Retail Corridor - located along US-11E (Andrew Johnson Hwy), Greeneville's primary commercial artery & main East-West commuter corridor, the property benefits from exceptional visibility, accessibility, & more than 28,000 vehicles per day (VPD), supporting strong daily consumer traffic & retail demand.
- Dominant Fitness Positioning with Limited Competition - unlike larger MSAs, Greeneville features a concentrated retail landscape with fewer competing national fitness operators, allowing Planet Fitness to capture a broad customer base within a trade area that includes more than 29,000 residents & over 12,000 households within a five-mile radius.
- Surrounded by National Retailers - positioned alongside Walmart, Lowe's, Food Lion, Chick-fil-A, McDonald's, Domino's, Taco Bell, Zaxby's, & numerous other national retailers, the property benefits from consistent consumer activity & strong co-tenancy synergies.
- Gateway to the Tri-Cities & Smoky Mountain Region - Greeneville's proximity to the Appalachian Mountains, Cherokee National Forest, & the broader Tri-Cities region supports an active lifestyle culture & provides a stable base of long-term demand for health, wellness, & fitness-oriented uses.
- Proximity to Tusculum University - the nearby university contributes a steady population of students, faculty, & staff that supports year-round economic activity & consumer spending throughout the market.
- Stable East Tennessee Fundamentals - Greeneville benefits from affordable living, a strong base of long-term residents & a diverse local economy that is less dependent on tourism, supporting consistent consumer demand & economic stability.
- Long-Term NNN Lease Structure - approximately twelve (12) years remaining on the initial lease term (exp. 7/13/2038), featuring 9% rent increases every five (5) years, two (2), 5-year renewal options, & a guaranty from ECP-PF: TN Operations, LLC, providing stable cash flow & long-term income growth.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$393,648.00
$32,804.00/mo
Valuation Metrics
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DSCR
6.5%
Cap Rate
6.5%
ROI
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