Falcon View Dr McKinney, TX 75070

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.