1257 W NEW HAVEN AVE 0 West Melbourne FL 32904

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a brand new, freestanding, absolute NNN leased, Crunch Fitness investment property located in Melbourne, Florida. The tenant, CR Fitness Melbourne, LLC, recently signed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. The tenant is franchisee guaranteed by CR Fitness Holdings, LLC, a 25+ unit entity with the rights to open 100 more locations in the southeast U.S. This brand new 2020 remodel boasts a new attractive facade, and interior with new equipment and top tier fitness amenities. This Crunch Fitness location is currently open and has had over 3K membership sign ups since its recent grand opening.

Crunch Fitness is prominently located directly along W. New Haven Avenue/US Highway 192, a primary east/west retail thoroughfare serving the city of Melbourne with over 35,500 vehicles passing by each day. The property boasts a prominent road sign pylon sign with two points of ingress/egress making it easily accessible and visible to passing cars. The asset is less than half a mile east of Melbourne Square, an enclosed shopping mall with over 703,000 SF of retail space and currently anchored by Macy’s, Dillard’s, JCPenney, Dick’s Sporting Goods, and LA Fitness. The immediate area further boasts notable national/credit tenants such as Target, The Home Depot, Bed Bath & Beyond, Party City, Best Buy, Ross Dress for Less, PetSmart, Burlington, Publix Super Market, Dollar Tree, JoAnn Fabrics, Walgreens, and more, increasing consumer traffic and promoting crossover tenant synergy to the site. Crunch Fitness is also just 1-mile south of the Orlando Melbourne International Airport, servicing over 500,000 annual passengers in 2019, an 8.8% increase over the 2018 figures. The 5-mile trade area is supported by a population of over 139,500 residents with an average household income of $66,800.