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Views: 79 DOM: 163 Updated: 04.23.24 Posted: 10.30.23 Status: Sold 04.10.24

Summary

Price $18,825,000 $20,136,910
Built/Renov 2015
Tenant LA Fitness
Cap Rate 6.58% 6.15%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 56,908
Lease Start 12-31-2023
#Units 716
Price/SF $330.80 $353.85
Expiration 12-31-2034
Tenant Type Sport/Fitness
NOI $1,238,420
R. Term 10.0
Ownership Fee Simple
Rent/SF $21.76
Increases 10.0%/2/yrs
Pop 5Mi 230,901
Lot/AC 5.29
Options 3/16yrs/10%
AHHI 5Mi $83,294

Lease Highlights

  • LA Fitness has 11+ years remaining on its current lease term with 1 (6-year), & 2 (5-year) options to extend
  • The lease features a rental increase of 10% at the end of 2025
  • Absolute NNN | Zero landlord responsibilities
  • Top performing health club location with 827.7K visits annually (per Placer.ai)
  • Corporate guaranteed lease

Location Description

LA Fitness is strategically located at the signalized intersection of N Federal Highway and NE 10th Street, which has a daily traffic count of 41,000 vehicles. This property is conveniently close to various amenities, including ALDI, the Pompano Beach Golf Course, Club Pilates, and Pure Hockey. Moreover, the Pompano Beach Airport is less than one mile away, adding to its accessibility. The...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LA Fitness
  • Guarantor:Corp Rated
  • Company:Fitness International LLC
  • # Units:716
  • Tenant S&P: B-
  • Moody’s: B3
  • 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
2028 Total Population : 15,514 110,312 243,393
2023 Total Population : 14,243 106,914 238,602
2023 Employed Civilian Pop : 7,255 53,440 121,544
2023 Total Businesses : 1,767 7,863 20,694
2023 Average Household Income : $ 105,031 $ 100,864 $ 94,986
2023 Total Consumer Spending : $ 703 M $ 4104 M $ 8708 M
2023 Median Age : 58 47 48
2023 Total Households : 7,747 46,995 105,688
2023 Pop Age 25+: Bachelor's Degree : 3,161 18,005 39,802
2023 Average Home Value : $ 551,381 $ 538,071 $ 475,439
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
NE 10th St N Federal Hwy 2008 2,100 0.03 mi
Federal Highway N Federal Hwy 2021 42,000 0.18 mi
Northeast 26th Avenue NE 11th St 2022 4,400 0.25 mi
Northeast 26th Avenue NE 9th Ct 2022 4,400 0.26 mi
NE 8th Ct 2022 4,400 0.33 mi
Northeast 26th Avenue NE 8th St 2021 4,300 0.37 mi
N Federal Hwy NE 8th St 2009 42,000 0.37 mi
NE 14th St NE 25th Ave 2009 18,600 0.47 mi
Northeast 14th Street Causeway N Riverside Dr 2022 23,000 0.53 mi
Northeast 14th Street Causeway NE 27th Ave 2021 20,300 0.53 mi

Listing Broker

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