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LA Fitness 1969 Portage Trl 45,000 SF Retail Building Cuyahoga Falls, OH 44223 $8,655,000 ($192.33/SF) 8.25% Cap Rate
Investment Highlights
- Proven Long Term Corp. NN Lease by LA Fitness- 6 Yrs. Left Plus Options
- Best in Class National Brand- One of Fastest Growing Health Clubs- 700+ Locations
- Dense Main & Main Retail- Shadow Anchored by #1 Market in State (Giant Eagle Market)
- Anchor Tenant of Portage Crossing Shopping Center (120K+ SF)- Cinemark/Menards
- Affluent Suburb outside Cleveland ($103,358 HHI)- Voted Best Place to Live in Ohio
- Long Term Upside Potential with Percentage Rent- Next to New Cuyahoga Falls High School
Executive Summary
The Snyder Carlton National Net Lease Team is pleased to offer investors an opportunity to acquire the single tenant net leased LA Fitness in Cuyahoga Falls, OH. LA Fitness (Fitness International, LLC) operates 630 state-of-the-art fitness centers across the United States and Canada and is one of the most recognizable health clubs across North America. With 5.9 years remaining in the primary term, three 5-year option periods, 10% rent increases every option period, and potential for percentage rent, this asset is ideal for an investor seeking internet-resistant cash flows.
The 45,000 square foot standalone gym is located near the hard corner signalized intersection of Portage Trail and State Rd, which sees over 36,300 VPD. The subject property is within 35 miles of Cleveland (CSA population exceeding 3.6 million) and is surrounded by national retailers. Nearby retailers include Menards, Acme Fresh Market, Market District Supermarket, Walgreens, McDonald’s, Chipotle, Starbucks, Dunkin’, Taco Bell, Arby’s, KFC and more.
This is a great opportunity to purchase a net leased fitness center in Ohio with a well-established tenant and limited landlord responsibilities, providing stable income for years to come.
The 45,000 square foot standalone gym is located near the hard corner signalized intersection of Portage Trail and State Rd, which sees over 36,300 VPD. The subject property is within 35 miles of Cleveland (CSA population exceeding 3.6 million) and is surrounded by national retailers. Nearby retailers include Menards, Acme Fresh Market, Market District Supermarket, Walgreens, McDonald’s, Chipotle, Starbucks, Dunkin’, Taco Bell, Arby’s, KFC and more.
This is a great opportunity to purchase a net leased fitness center in Ohio with a well-established tenant and limited landlord responsibilities, providing stable income for years to come.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
45,000 SF
Building Class
B
Year Built
2014
Price
$8,655,000
Price Per SF
$192.33
Cap Rate
8.25%
NOI
$714,161
Tenancy
Single
Building Height
1 Story
Building FAR
0.98
Lot Size
1.05 AC
Opportunity Zone
Yes
Zoning
C-1
Parking
100 Spaces (2.22 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signage
- Signalized Intersection
Walk Score®
Very Walkable (71)
Nearby Major Retailers
Property Taxes
| Parcel Number | 02-20632 | Improvements Assessment | $0 |
| Land Assessment | $47,859 | Total Assessment | $47,859 |
Property Taxes
Parcel Number
02-20632
Land Assessment
$47,859
Improvements Assessment
$0
Total Assessment
$47,859
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LA Fitness | 1969 Portage Trl
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