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Updated: 01.16.25 Posted: 07.21.24 Status: Sold

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 1.8
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

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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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 9,438 66,324 116,107
2024 Total Population : 9,479 65,030 114,268
2024 Employed Civilian Pop : 5,385 31,927 56,965
2024 Total Businesses : 950 3,415 5,194
2024 Average Household Income : $ 99,564 $ 83,247 $ 84,034
2024 Total Consumer Spending : $ 440 M $ 2091 M $ 3657 M
2024 Median Age : 35 31 33
2024 Total Households : 4,993 28,232 48,972
2024 Pop Age 25+: Bachelor's Degree : 2,501 10,230 17,987
2024 Average Home Value : $ 302,531 $ 293,528 $ 282,148
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
NC 43 Thackery Rd 2021 22,991 0.14 mi
Charles Blvd Hyde Dr 2004 20,000 0.30 mi
NC 43 Wall St 2021 18,330 0.42 mi
Red Banks Road Wedgewood Dr 2021 14,845 0.47 mi
East Arlington Boulevard Wedgewood Dr 2021 27,467 0.48 mi
Red Banks Road Tucker Dr 2021 8,410 0.49 mi
Red Banks Road Wall St 2021 17,617 0.58 mi
South Elm Street Pinecrest Dr 2021 2,674 0.65 mi
East Arlington Boulevard Wall St 2021 21,818 0.71 mi
Charles Blvd Brook Rd 2004 18,000 0.75 mi

Listing Broker

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