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High-Yield Net Lease Investment - LA Fitness 324 Sycamore Ave 35 000 pi² Commerce de détail Immeuble Vista, CA 92083 11 904 462 $ CAD (340,13 $ CAD/pi²) 6,70% Taux de capitalisation
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Faits saillants de l'investissement
- High Current Yield 6.70% cap rate—significantly above typical coastal net lease assets
- Durable Real Estate Fundamentals Large-format retail building with re-tenanting flexibility
- Long-Term Income Security Newly executed 16-year lease with renewal options
- Strategic Structure Advantage Leasehold interest enhances yield while maintaining long-term site control
Résumé de l'annonce
Located at 324 Sycamore Avenue in Vista, California, the property is positioned within a dominant North San Diego retail corridor, benefiting from strong demographics, national co-tenancy, and excellent freeway accessibility.
Investment Summary
Price: $8,750,000
NOI: $586,004
Cap Rate: 6.70%
Building Size: 35,000 SF (Two-Story Freestanding)
Lot Size: 2.35 Acres (5 Parcels)
Year Built / Renovated: 2009 / 2021
Lease Type: Corporate Net Lease
Investment Highlights
Attractive Yield – 6.70% cap rate in supply-constrained North San Diego County
New 16-Year Corporate Lease – Long-term commitment from a nationally recognized operator
Strong Rent Growth – 10% increases every 5 years
High-Quality Improvements – Recently renovated with new roof (10-year warranty) and HVAC systems
Minimal Near-Term CapEx – Significant capital improvements already completed
Large-Format Retail Asset – 35,000 SF with functional layout and strong re-tenanting potential
Unique Ownership Structure. Leasehold + Fee Simple Component
The offering includes:
Leasehold interest in four ground-leased parcels (81 years remaining).
This 35,000 SF two story newer freestanding building was built in 2009 and renovated in 2021, sit on total of five parcels of land. Four of these parcels are leased land, and ONE PARCEL IS FEE SIMPLE. The sale offering consists of the leasehold interest (the building) and a parcel of fee simple land.
The long-term ground lease (expiring in 2107) provides durable site control, with predictable ground rent increases (12% every 5 years), while maintaining attractive leveraged cash flow.
Faits sur la propriété
Commodités
- Piscine
- Affichage
- Climatisation
Principaux locataires
- Locataire
- Secteur
- pi² Occupé
- Loyer/pi²
- Type de bail
- Fin du bail
-
- Arts, divertissement et loisirs
- -
- -
- Loyer hypernet
- -
LA Fitness, founded in 1984 in Covina, California, is a privately held fitness club chain headquartered in Irvine, California. The company operates under its parent entity, Fitness International, and has grown into one of the largest health club operators in North America. LA Fitness provides a wide range of amenities, including group fitness classes, personal training, swimming pools, and specialized workout areas, catering to members of all fitness levels. Over the years, the company has expanded through acquisitions and the development of new locations, maintaining a strong presence across the United States and Canada. In addition to its flagship brand, LA Fitness has introduced and managed other fitness concepts, such as City Sports Club and Club Studio Fitness, to diversify its offerings. The company remains privately owned and continues to adapt its services to meet evolving fitness trends and consumer preferences.
| Locataire | Secteur | pi² Occupé | Loyer/pi² | Type de bail | Fin du bail | |
|
|
Arts, divertissement et loisirs | - | - | Loyer hypernet | - |
Principaux détaillants à proximité
Impôts fonciers
| Numéros de lot | Évaluation des bâtiments | 7 592 384 $ CAD | |
| Évaluation du terrain | 5 102 217 $ CAD | Évaluation totale | 12 694 601 $ CAD |
Impôts fonciers
Présenté par
High-Yield Net Lease Investment - LA Fitness | 324 Sycamore Ave
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