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Views: 134 Updated: 07.29.24 Posted: 02.17.23 Status: Sold

Summary

Price $14,051,613
Built/Renov 2015
Tenant LA Fitness
Cap Rate 7.75%
Lease Type NN+
Guarantor Corp Rated
Size/SF 45,000
Lease Start 01-07-2016
#Units 800
Price/SF $312.26
Expiration 01-31-2034
Tenant Type Sport/Fitness
NOI $1,089,000
R. Term 9.1
Ownership Fee Simple
Rent/SF $24.20
Increases 10.0%/3/yrs
Pop 5Mi 419,542
Lot/AC 3.08
Options 3/5yrs/10%
AHHI 5Mi $83,291

Lease Highlights

  • LA Fitness has been operating at this location since 2015
  • The tenant has over 10 years remaining on its current lease term with 3 (5-year) options to extend
  • Lease features 10% rent increases every 5 years throughout the initial term and each option
  • Absolute NNN lease zero landlord responsibilities
  • Corporate guarantee by Fitness International LLC

Location Description

LA Fitness is ideally positioned with excellent access and visibility along Pawtucket Avenue with access to over 12,600 VPD and half a mile from the on-ramp to I-95 which sees an average of 143,900 VPD. The tenant is located within one of the primary retail and commercial corridors and is one of the only two gyms in the immediate area. The site is feet away from the Ocean State Job Lot anchored...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 23,824 219,135 424,242
2023 Total Population : 23,651 217,006 421,502
2023 Employed Civilian Pop : 12,264 107,674 207,129
2023 Total Businesses : 744 8,425 13,954
2023 Average Household Income : $ 111,670 $ 97,024 $ 92,034
2023 Total Consumer Spending : $ 949 M $ 7328 M $ 13107 M
2023 Median Age : 38 35 36
2023 Total Households : 9,874 87,030 164,255
2023 Pop Age 25+: Bachelor's Degree : 3,726 27,847 51,105
2023 Average Home Value : $ 413,845 $ 404,866 $ 386,685
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Pawtucket Avenue Main St 2018 17,531 0.07 mi
N Main St Chace Ave 2008 18,500 0.08 mi
Main Street Garden 2018 14,296 0.20 mi
Smithfield Ave I- 95 2018 8,708 0.23 mi
I- 95 2018 4,758 0.24 mi
Moshassuck St Esten Ave 2018 4,354 0.24 mi
Smithfield Avenue Nashua St 2018 12,301 0.26 mi
Smithfield Ave I- 95 2015 127,800 0.27 mi
I- 95 Smithfield Ave 2018 6,581 0.30 mi
Smithfield Avenue I- 95 2018 13,735 0.33 mi

Listing Broker

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