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Lakeland, FL - Crunch Fitness
5218 S. Florida Avenue | Lakeland, FL 33813
$6,066,000
Price6.65%
Cap Rate$403,380
NOI18,000
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a brand new, freestanding, absolute NNN leased, Crunch Fitness investment property located in Lakeland, Florida. The tenant, CR Fitness Lakeland, LLC, recently signed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management -free investment opportunity for any passive investor. The tenant is franchisee guaranteed by CR Fitness Holdings, LLC, a 25+ unit entity with the rights to open 100 more locations in the Southeastern U.S. This brand new 2020 build boasts a unique, attractive facade, and an interior with top-of-the-line fitness equipment and amenities. This Crunch Fitness location opened in July 2020 and is expected to draw a large number of fitness enthusiasts from the surrounding area.
Location
Crunch Fitness is prominently located directly along Florida Ave. S., a primary north/south retail thoroughfare serving the city of Lakeland with over 41,500 vehicles passing by each day. The property boasts a prominent road-side pylon sign with two points of ingress/egress making it easily accessible and visible to passing cars. The asset is 1 of only 2 national/credit gym tenants in a 1-mile radius, limiting the competition Crunch Fitness experiences from other gym tenants. The immediate area features notable national/credit tenants including two Walmart Supercenters, The Home Depot, Hobby Lobby, Marshalls, Ross Dress for Less, Publix Super Market, and more, increasing consumer traffic and promoting crossover tenant synergy to the site. The 5-mile trade area is supported by a population of over 130,700 residents with an average household income of $82,400, perfect demographics for a fitness tenant.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215