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Planet Fitness 16207 Detroit Ave 11,325 SF Retail Building Lakewood, OH 44107 $5,269,598 CAD ($465.31 CAD/SF) 6.36% Cap Rate

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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

The Snyder Carlton National Net Lease Team is pleased to offer investors an opportunity to acquire the single-tenant absolute NNN Planet Fitness in Lakewood, OH. Planet Fitness (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States, with over 2,700 locations and over 19.6 million members. The subject property is operated by National Fitness Partners, one of the largest franchisees within the Planet Fitness system, and operates over 200 Fitness clubs and employs over 2,400 team members.
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

Sale Type

Investment NNN

Property Type

Retail

Building Size

11,325 SF

Building Class

Year Built/Renovated

1996/2025

Price

$5,269,598 CAD

Price Per SF

$465.31 CAD

Cap Rate

6.36%

NOI

$335,146 CAD

Tenancy

Single

Building Height

1 Story

Building FAR

0.29

Lot Size

0.89 AC

Zoning

Frontage

255’ on DETROIT AVE

Signage

Arts, Entertainment, and Recreation
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Planet Fitness was founded in 1992, in Dover, NH. In the beginning, it operated much like every other gym in its small hometown and catered to the same small percentage of the population in the U.S. who worked out and belonged to a health club. Today, Planet Fitness has become one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. With locations in all 50 states and around the World, Planet Fitness has continued to spread its unique mission of enhancing people’s lives by providing an affordable, high-quality fitness experience in a welcoming, non-intimidating environment.