Planet Fitness

2747 East 5th Street, Tyler, TX 75701

$3,156,000

Cap Rate 6.50%

Views: 49 DOM: 63 Updated: 09.07.24 Posted: 07.15.24 Status: Active

Summary

Price $3,156,000	Built/Renov 1990	Tenant Planet Fitness
Cap Rate 6.50%	Lease Type NN+	Guarantor Franchisee
Size/SF 22,800	Lease Start 05-01-2024	#Units 150
Price/SF $138.42	Expiration 04-30-2031	Tenant Type Sport/Fitness
NOI $205,200	R. Term 6.7	Ownership Fee Simple
Rent/SF $9.00	Increases 10.0%/6/yrs	Pop 5Mi 105,209
Lot/AC 3.70	Options 2/5yrs/10%	AHHI 5Mi $70,115

Mark Thiel

Marcus & Millichap

Contact

Lease Highlights

Planet Fitness has 6+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features 10% rental escalations at the start of each option period
Favorable NN+ lease with landlord responsible for roof and structure
Lease guaranteed by Excel Fitness (150 units backed)

Location Description

Planet Fitness is strategically located near the intersection of S SE Loop 323 and Fifth St., with access to 39,914 vehicles passing by daily. The property is less than one mile away from Tyler Junior College (12,000+ students) and UT Tyler main campus (10,000+ students). The immediate area boasts well-known national tenants including Subway, CVS Pharmacy, Popeyes, Pizza Hut, Taco Bell, and...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Near major nationals
Strategically located
Major MSA
Income tax free state
Recently extended lease
Favorable NN+ lease
100+ unit franchisee backed

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Links

Planet Fitness Wikipedia Planet Fitness Wikipedia Tyler, Texas Zip Code 75701 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Planet Fitness
Guarantor:Franchisee
Company:Excel Fitness
# Units:150
Stock: NYSE: PLNT

About Tenant

Planet Fitness was founded in Dover, NH in 1992. Planet Fitness has become one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S. by number of members and...

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Listing Broker

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