Health Clubs
Planet Fitness – Memphis, TN
Health Clubs Offerings
Planet Fitness – Memphis, TN
4700 Summer Ave
Memphis, TN 38122
- Price:
- $2,666,666
- Cap Rate:
- 7.50%
- NOI:
- $200,000
- Rentable SQFT:
- 20,000 SF
- Year Built:
- 2018
- Lot Size:
- 2.74 AC
- Lease Type:
- NN
- Type of Ownership:
- Fee Simple
- Status:
- Under Contract
Investment Highlights
- Recent Extension & Low Rent
- Co-Anchored by Tennessee’s #1 Aldi
- Strong Real Estate Fundamentals
- Excellent Visibility & Access
The NNN Fitness Group of Marcus & Millichap is pleased to bring to market a 20,000 square-foot single-tenant Planet Fitness in Memphis, TN. Planet Fitness recently extended the lease for an additional 7-years expiring in 2032. The lease features two (2) five-year options to renew at an increase of $1.00/SF in each option. The current rent is below-market value, which boosts tenant profitability and provides long-term security for the landlord. Additionally, the low price per square foot minimizes downside and offers a low entry point. This Planet Fitness is co-anchored by Tennessee’s #1 Aldi with over 201K visitors annually (placer.ai; last 12 months), offering high traffic adjacent to the club.
Memphis has become one of the nation’s leading commercial centers in transportation and logistics. More notably Memphis is known for media, entertainment, and a historic music scene. Memphis is the 2nd most populous city in Tennessee and the 3rd largest MSA behind Greater St. Louis and the Twin Cities on the Mississippi River.
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