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Views: 106 DOM: 105 Updated: 10.03.24 Posted: 08.09.24 Status: Contract

Summary

Price $3,750,000
Built/Renov 2006
Tenant LA Fitness
Cap Rate 8.00%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 15,501
Lease Start 12-01-2022
#Units 800
Price/SF $241.92
Expiration 06-30-2035
Tenant Type Sport/Fitness
NOI $300,000
R. Term 10.7
Ownership Fee Simple
Rent/SF $19.35
Increases 15.0%/10/yrs
Pop 5Mi 282,347
Lot/AC 1.30
Options 3/5yrs/15%
AHHI 5Mi $88,176

Lease Highlights

  • LA Fitness has 10+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 15% rental escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

LA Fitness is strategically located on Cicero Avenue, with access to 36,900 vehicles passing by daily. The property is conveniently situated less than 2 miles from I-294 (150,800 VPD) and is adjacent to the dominant Rivercrest Shopping Center, which attracts over 7.4 million visits annually. The immediate area features well-known national tenants, including OfficeMax, Burlington, Bath & Body...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LA Fitness
  • Guarantor:Corp Rated
  • Company:Fitness International, LLC
  • # Units:800
  • Tenant S&P: B
  • Moody’s: B2
  • Stock:Private

About Tenant

Fitness International, LLC (dba LA Fitness) is one of the fastest-growing health club chains in the U.S. Founded in 1984 in Los Angeles, CA, today they operate under the brand names LA Fitness,...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 8,840 78,651 267,384
2024 Total Population : 9,139 81,080 276,161
2024 Employed Civilian Pop : 4,493 39,643 135,463
2024 Total Businesses : 561 2,895 8,667
2024 Average Household Income : $ 81,319 $ 95,326 $ 102,685
2024 Total Consumer Spending : $ 298 M $ 2728 M $ 9880 M
2024 Median Age : 47 41 41
2024 Total Households : 4,150 32,458 109,654
2024 Pop Age 25+: Bachelor's Degree : 1,153 9,576 38,790
2024 Average Home Value : $ 229,767 $ 258,930 $ 280,512
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
IL 50; IL 83 Rivercrest Dr 2021 40,400 0.06 mi
Cicero Ave 2022 14,500 0.16 mi
West 135th Street Spyglass Dr 2022 9,300 0.18 mi
West 135th Street Le Claire Ave 2022 9,300 0.27 mi
135th St Kolmar Ave 2018 18,200 0.34 mi
Cal Sag Rd Kostner Ave 2014 9,650 0.43 mi
Cicero Avenue W 131st St 2019 33,800 0.44 mi
West 135th Street Spaulding Ave 2022 14,500 0.45 mi
IL 50; IL 83 137th St 2021 40,200 0.47 mi
S Loveland St W 129th St 2006 6,800 0.49 mi

Listing Broker

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