Health Clubs Offerings
24 Hour Fitness – Tacoma
111 S 38th Street
Tacoma, WA 98418
- Cap Rate:
- Rentable SQFT:
- 44,647 SF
- Year Built:
- Lot Size:
- 3.67 Acres
- Lease Type:
- NN (R&S)
- Type of Ownership:
- Fee Simple
- New Long-Term 20-Year Lease – 18+ Years Remaining
- Structured 10% Rent Increases
- Recent Improvements – $4M In 2017
- #3 Health Club With $1.5B+ In Revenue In 2018
Marcus & Millichap is pleased to present this rare opportunity to purchase a free-standing, corporately guaranteed 24 Hour Fitness located in Tacoma, Washington. This fee-simple offering is a 44,647-square-foot state-of-the-art facility sitting on 3.67 acres, offering an abundant amount of parking. The new NN lease with eighteen years left along with the structured 10% increases every five years allow for great growth over time.
24 Hour Fitness moved into the former Albertsons in 2017 and completed $4,000,000+ of tenant improvements to the property. The site is further enhanced by its close proximity to the Tacoma Pierce County Health Department building, several elementary, middle, and high schools, and multiple national retailers, including Walgreens, Autozone, Safeway, and 7-Eleven.
The Seattle/Tacoma metropolitan area will be the #1 retail market in 2019, according to Retail Index. The population has grown 13.1% since 2010 and is estimated to grow almost 5% more over the next 5 years. The estimated daytime working population within a 5-mile radius of the subject property is around 292,411 people, with around 106,105 households within the same radius.
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