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Planet Fitness 16207 Detroit Ave 11,325 SF Retail Building Lakewood, OH 44107 $3,775,000 ($333.33/SF) 6.36% Cap Rate
Investment Highlights
- Brand New 12-Year Absolute NNN Lease - Planet Fitness Operates over 2,700 Locations
- Strong Increases - 10% Increases Every 5 Years
- Zero Landlord Responsibilities – Ideal for Passive Investors
- Strong Operator - National Fitness Partners – Backed by Argonne Capital
- Close Proximity to 3 High Schools
- Located at a Hard-Corner Signalized Intersection on Alt. US 6
Executive Summary
Planet Fitness has signed a brand new 12-year absolute NNN lease and just renovated the building. The lease has two 6-year option periods, strong rent increases, and zero landlord responsibilities. The 11,325 SF building is positioned on the hard corner signalized intersection of Detroit Avenue and Woodward Avenue. Three high schools are in close proximity to the property, including Lakewood High School, St Edward High School, and Rocky River High School.
The upscale trade area is densely populated, with over 210,000 people living within a 5-mile radius. Nearby retailers include Whole Foods, Heinen’s Grocery Store, McDonald’s, Raising Cane’s, Panera Bread, Starbucks, Chipotle, Giant Eagle Supermarket, Chase Bank, CVS Pharmacy, and more.
Property Facts
Amenities
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Arts, Entertainment, and Recreation
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Jan 0000
Planet Fitness is a public fitness center franchisor and operator headquartered in Hampton, New Hampshire. The company was founded in 1992 and operates within the health and fitness industry, focusing on affordable gym memberships and standardized club formats. Planet Fitness develops, franchises, and operates branded fitness centers that provide cardio, circuit training, and strength equipment, as well as limited in-club instruction. The company’s business model is centered on franchising, with most locations operated by independent franchisees rather than corporate ownership. Planet Fitness supports franchise operations through centralized brand management, equipment sourcing, marketing, and operational systems. Over time, the brand has expanded its footprint beyond the United States into select international markets. Planet Fitness became a publicly traded company in 2015 and is listed on the New York Stock Exchange under the ticker symbol PLNT. In 2024, the company experienced a leadership transition with the appointment of a new chief executive officer. Planet Fitness has also continued to refine its club formats and equipment offerings to support a broader range of fitness preferences. From a real estate perspective, Planet Fitness locations typically occupy large-format retail, power center, or freestanding spaces, with an emphasis on visibility, parking availability, and flexible interior layouts suited to fitness equipment and member circulation.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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Arts, Entertainment, and Recreation | - | - | Jan 0000 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 313-22-005 | Improvements Assessment | $345,730 |
| Land Assessment | $194,950 | Total Assessment | $540,680 |
Property Taxes
Presented by
Planet Fitness | 16207 Detroit Ave
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