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Views: 102 DOM: 58 Updated: 09.07.24 Posted: 07.21.24 Status: Active

Summary

Price $4,442,800
Built/Renov 1981
Tenant Fitness Connection
Cap Rate 9.97%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 34,000
Lease Start 03-01-2017
#Units 43
Price/SF $130.67
Expiration 02-28-2027
Tenant Type Sport/Fitness
NOI $442,800
R. Term 2.5
Ownership Fee Simple
Rent/SF $13.02
Increases 8.0%/5/yrs
Pop 5Mi 112,765
Lot/AC 4.21
Options 4/5yrs/8%
AHHI 5Mi $73,966

Lease Highlights

  • Fitness Connection has been operating in this location for 34 years
  • The tenant has 2+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 8% rental escalations throughout the initial term and option periods
  • Recent renovations & Improvements | Landlord and Tenant have contributed a combined $1.5M in recent improvements
  • Corporate guaranteed lease

Location Description

Fitness Connection is strategically located on Oakmont Drive, with access to 2,500 vehicles passing by daily. The property is situated less than 2 miles from East Carolina University (28,000 students) and in the heart of a primary retail hub featuring well-known national tenants including Target, Belk, Hobby Lobby, Walmart, T.J. Maxx, and more. Additionally, Greenville Mall is within close...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Fitness Connection
  • Guarantor:Corporate
  • Company:LNK Partners
  • # Units:43
  • Stock:Private

About Tenant

Fitness Connection is a chain of health and fitness clubs and one of the 25 largest health club companies in the United States. Their affordable membership-based clubs offer state-of-the-art...


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Listing Broker

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