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LA Fitness – Towson

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LA Fitness – Towson

435 York Road #300

Towson, MD, 21204

Price:
$12,720,000
Cap Rate:
8.25%
NOI:
$1,049,400
Rentable SQFT:
48,000
Year Built:
1992 / 2014
Type of Ownership:
Retail Condo
Status:
Available

Investment Highlights

• LA Fitness Double-Net Lease with 11.6 Years Remaining in Affluent Towson, MD (Suburban Baltimore)

• Top LA Fitness Location in Maryland (17 Locations) and Top 16% Nationally for LA Fitness Based on Customer Foot Traffic (Source: Placer.AI)

• Double-Net Lease – Minimal Landlord Responsibilities, Roof Under 20-Year Warranty

• Hyper-Dense Affluent & Upscale Urban Mixed-Use Area with 24,000 Residents within 1-Mi and Average Household Income of $93-$105K within 1-, 3- & 5-Mi Radii

• Trade Area is Anchored by Towson University with 23,000 Students & 1,700 Faculty; 2nd Largest University in Maryland, Public NCAA Division I School

• Located at the Epicenter of Towson’s Urban Core with 6.7 Million SF of Office, Retail, Apartments, and Student Housing in the Immediate 0.5-Mi Vicinity

• Adjacent to 4,350 Apartment & Student Housing Units (0.5-Mi Radius) with Apartments Rents Averaging $1,600/Mo ($1.80/SF)

• Located Just North of $350 Million, 1.2 Million SF Towson Row Mixed-Use Devel-opment (Under Development by Greenberg Gibbons) Anchored by Whole Foods and Featuring Luxury Apartments & Student Housing, Class A Office Space, a Hotel, and Retail

 

• Over $1 Billion in Private Investment/New Development in Towson’s Urban Core in the Past Several Years – Numerous Large Projects Recently Completed or Under Construction Including Towson Row, Circle East, Avalon Towson, The York, Flats at 703, The Palisades of Towson, and Aspen Heights

• Prime “First Row” Frontage & Visibility – Located Directly on York Road which is the Primary North-South Corridor and Just 1-Block South of Towson Circle; Hard Corner Intersection and Building Exterior Features Prominent LA Fitness Signage in Multiple Areas

• 10% Scheduled Rent Increase in September 2024 Takes Cap Rate to 9.08%thru the Remainder of the Term

• LA Fitness is the Top Fitness Operator in the U.S. – #1 Revenue Generating Health Club (Approx. $2.1 Billion Annual Revenue)

• Club Amenities Include Indoor Pool, Whirlpool Spa, Sauna, Basketball & Rac-quetball Courts, Cycling, and Numerous Group Classes and Personal Training Options

• Part of the Baltimore MSA with a Population of 2.8 Million and Part of the Larg-er Washington D.C.-Baltimore-Arlington CSA with a Population of 6.28 Million; Rapidly Growing Region with 11.2% Population Growth Since the 2010 Census

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    The information contained on this website is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from NNN Fitness and distribution to any other person or entity without the express written consent of NNN Fitness is strictly prohibited. This website provides summary, unverified information to prospective purchasers, and has been prepared to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. NNN Fitness has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. NNN Fitness has not made any investigation, and makes no representation or warranty, that the information on this website has not changed since it was originally prepared and posted. The information contained on this website has been obtained from sources we believe to be reliable; however, NNN Fitness has not verified, and will not verify, any of the information contained herein, nor has NNN Fitness conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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For more information, please contact:

Mark Thiel

Senior Managing Director Investments

858-373-3206

Email & Bio »

Bryn Merrey

Broker of Record

License: 646476