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Falcon View Dr McKinney, TX 75070

For Sale
$11,448,360

NN leased fitness center with corporate tenant and rental increases.

Property size:
37,000 SF
Lot size:
5.23 Acres

Property Features for Falcon View Dr

General Information

Size
37,000 SF
Lot size
5.23 Acres

Source: SRS Real Estate Partners | San Diego Agent Chuck Klein

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Long-Term Leased Fitness Center

This property is a fee simple ownership opportunity with a long-term net-net (NN) lease. Approximately 6 years remain on the lease, making it suitable for passive or out-of-town investors due to limited landlord maintenance and expense responsibilities. The landlord is responsible for the roof, which has a warranty, and the structure. The lease includes rental increases every 5 years throughout the initial term and at the beginning of each option, increasing the net operating income (NOI) and providing a hedge against inflation. The lease is signed by Fitness International, LLC, which is rated 'B' Stable by S&P. Fitness International is the largest non-franchised fitness club operator in the US, with over 728 locations nationwide. LA Fitness’ sales for FY24 are estimated to have grown by 10% to $2.3 billion. The location is ranked in the top 29% in Texas and top 25% (#3 of 8) within 15 miles based on the number of visits over the past 12 months, according to Placer.ai. The property is situated in a densely populated and affluent trade area with more than 257,800 residents and 47,000 employees within a 5-mile radius. The average household income exceeds $196,700 and is projected to increase to $213,000 by 2030. The property is approximately 37,000 square feet.
Location Intelligence

Current Use by Public Records

Fitness centers & gyms

Similar Places Nearby

Club Pilates, Body By Brig, LUNASpirit Reiki, LA Fitness, Firefighting Fit

Map

City
McKinney
County
Collin
State
Texas
Longitude
-96.7298271
Latitude
33.2001119

FAQs

What type of property is this?
Fitness center & gym - NN leased fitness center with corporate tenant and rental increases.
Where is this fitness center & gym located?
The property is located at Falcon View Dr McKinney, TX.
What is the asking price?
The asking price for this property is $11,448,360.
What are key features of this property?
This property features: - Long-term NN lease with approximately 6 years remaining and limited landlord responsibilities (roof and structure only).; - Credit tenant: corporate lease signed by Fitness International, LLC (“B” Stable by S&P).; - Densely populated and affluent trade area: over 257,800 residents and $196,700 average household income.
More about this property
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