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DOM: 87 Updated: 05.01.23 Posted: 09.19.22 Status: Sold 12.15.22

Summary

Price $7,886,000
Built/Renov 1994/2022
Tenant Planet Fitness
Cap Rate 5.00%
Lease Type NN+
Guarantor Franchisee
Size/SF 21,784
Lease Start 02-01-2022
#Units 15
Price/SF $362.01
Expiration 02-28-2032
Tenant Type Sport/Fitness
NOI $394,290
R. Term 6.10
Ownership Fee Simple
Rent/SF $18.10
Increases 10.0%/5/yrs
Pop 5Mi 361,869
Lot/AC 0.80
Options 3/5yrs/10%
AHHI 5Mi $105,420

Lease Highlights

  • The tenant, Planet Fitness Assetco, LLC recently signed a brand new 10-year lease with 3 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period
  • Site was recently remodeled and boasts a new attractive façade and interior, with new equipment and top tier fitness amenities
  • Planet Fitness (NYSE: PLNT) has an investment grade S&P credit rating of BBB

Location Description

Planet Fitness is strategically located at the hard corner intersection of MacArthur Boulevard and 107th Avenue, averaging 12,900 vehicles passing by daily. The asset benefits from nearby direct on/off ramp access to Interstate 580 (161,200 VPD), a major commuter highway serving the San Francisco Bay Area. Furthermore, the subject property is located across from Foothill Square, a 180,000 SF...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Planet Fitness
  • Guarantor:Franchisee
  • Company:Planet Fitness Assetco, LLC
  • # Units:15
  • Tenant S&P: BBB
  • Moody’s: Ba3
  • Stock:NYSE: PLNT

About Tenant

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


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 27,322 165,914 369,178
2022 Total Population : 28,067 169,374 376,983
2022 Employed Civilian Pop : 12,924 74,549 169,759
2022 Total Businesses : 651 5,878 11,454
2022 Average Household Income : $ 124,250 $ 110,278 $ 121,652
2022 Total Consumer Spending : $ 1022 M $ 5160 M $ 12800 M
2022 Median Age : 38 36 37
2022 Total Households : 9,672 54,782 123,760
2022 Pop Age 25+: Bachelor's Degree : 4,370 21,817 56,919
2022 Average Home Value : $ 806,399 $ 766,098 $ 830,722
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Macarthur 107th 2006 12,800 0.06 mi
108th Ave Macarthur 2005 4,182 0.07 mi
Macarthur Blvd 109th Ave 2013 7,222 0.09 mi
106th Byron Ave 2005 8,931 0.11 mi
Macarthur Talbot Ave 2002 12,877 0.12 mi
Durant Ave Macarthur Blvd 2005 3,642 0.13 mi
Macarthur Blvd Durant Ave 2005 12,365 0.13 mi
Durant Ave Voltaire Ave 2013 2,877 0.17 mi
Durant Ave Macarthur 2005 1,888 0.19 mi
106th Ave Foothill Blvd 2005 6,712 0.20 mi

Listing Broker

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