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Planet Fitness in Westgate South

2217 N Pearl St, Tacoma, WA 98406

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For Sale

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22,336 SF single tenant Planet Fitness in Tacoma, Washington.

Type:RETAIL

Property size:

22,336 SF

Lot size:

1.90 Acres

Price / SF:

$223/SF

HighLights

Newly renewed lease with a large Planet Fitness franchisee (80+ units), providing stable income and a strong guarantor.
Located within the Westgate South Shopping Center, a prime lifestyle center.
Significant building upgrades including new HVAC, upgraded electrical, plumbing and gas, and a new roof.
100% leased to Planet Fitness, a nationally recognized fitness brand.
Located in the Proctor District of Tacoma, known for its vibrant community atmosphere.
Anchored by Planet Fitness and soon to feature Picklr Premium Indoor Pickleball Courts, a rapidly growing brand.

We can help!

Listing Contact

Tiffini Connell

For Sale

Contact for pricing

22,336 SF single tenant Planet Fitness in Tacoma, Washington.

Type:RETAIL

Property size:

22,336 SF

Lot size:

1.90 Acres

Price / SF:

$223/SF

Added:: Sep 26, 2024
Days on Market:: 626
Last Refresh:: Apr 5 at 8:29 pm

Property Features for 2217 N Pearl St

General Information

Standard status: Active
Size: 22,336 SF
Lot size: 1.90 Acres
Property subtype: RETAIL

We can help!

Listing Contact

Tiffini Connell

Listing agent Tiffini Connell License #18739

Listing office West Coast Commercial Realty, LLC

Listing date Sep 26, 2024

Source Moodyscre

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

All listing content including descriptions, pricing, images are the copyrighted material of West Coast Commercial Realty, LLC

HighLights

Newly renewed lease with a large Planet Fitness franchisee (80+ units), providing stable income and a strong guarantor.
Located within the Westgate South Shopping Center, a prime lifestyle center.
Significant building upgrades including new HVAC, upgraded electrical, plumbing and gas, and a new roof.
100% leased to Planet Fitness, a nationally recognized fitness brand.
Located in the Proctor District of Tacoma, known for its vibrant community atmosphere.
Anchored by Planet Fitness and soon to feature Picklr Premium Indoor Pickleball Courts, a rapidly growing brand.

Overview

The property is a 22,336 SF single tenant Planet Fitness located within the Westgate South Shopping Center in Tacoma, Washington. It is 100% leased to an 80+ unit franchisee of Planet Fitness. The building has been significantly upgraded with new HVAC, upgraded electrical, plumbing and gas, and a new roof. Westgate South is a lifestyle center anchored by Planet Fitness and, upcoming, the Picklr Premium Indoor Pickleball Courts, in the Proctor District of Tacoma, Washington, known for its vibrant community atmosphere. The existing lease is well-positioned to provide for both stability and opportunity for the existing tenant, as well as stable income and a strong guarantor for the investor/landlord.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$402.0k	$18.00
− Vacancy	−$18.1k	−$0.81
EGI	$384.0k	$17.19
− OpEx	−$115.2k	−$5.16
NOI	$268.8k	$12.03

22,336 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%

Alternative Uses

Best Use

Retail

$3.84M

$3.36M – $4.48M (±1% cap)

NOI $268,769 @ 7.0% cap · market cap 5.38%

Second Best

—

no second resolved use

Theoretical Best

Office A

$6.87M

$6.01M – $8.01M (±1% cap)

NOI $480,581 @ 7.0% cap · market cap 9.61%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Planet Fitness Gym & Fitness Center

Suggested Use

Similar Places Nearby

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Beometry - Tacoma Personal Trainer — 6409 6th Ave UNIT 6, Tacoma, WA 98406
AGA Northwest Gig Harbor — 5943 6th Ave, Tacoma, WA 98406
LA Fitness — 5915 6th Ave, Tacoma, WA 98406
Edgeworks Climbing Tacoma — 6102 N 9th St #100, Tacoma, WA 98406

Location Insight

Map
Local Demand

City: Tacoma
County: Pierce
State: Washington
Longitude: -122.514
Latitude: 47.2688

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For sale
Fitness centers & gyms
WA
Tacoma
98406
2217 N Pearl St

What type of property is this?

Fitness center & gym - 22,336 SF single tenant Planet Fitness in Tacoma, Washington.

Where is this fitness center & gym located?

The property is located at 2217 N Pearl St Tacoma, WA.

What is the asking price?

The asking price for this property is $5,000,000.

What are key features of this property?

This property features: Newly renewed lease with a large Planet Fitness franchisee (80+ units), providing stable income and a strong guarantor.; Located within the Westgate South Shopping Center, a prime lifestyle center.; Significant building upgrades including new HVAC, upgraded electrical, plumbing and gas, and a new roof.

2217 N Pearl St, Tacoma, WA 98406

22,336 SF single tenant Planet Fitness in Tacoma, Washington.

Property Features for 2217 N Pearl St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Mixed-Use Multifamily Investment Opportunity

Multifamily Opportunity in Tacoma

Tacoma Warehouse with Secured Yard

Downtown Tacoma Investment Property

Tacoma Redevelopment Opportunity

Tacoma Investment Property For Sale

Downtown Tacoma Owner-User Opportunity

Historic Office Mansion with Penthouse

Tacoma Industrial Property with Yard

Tacoma Retail Center For Sale

Industrial Property with Outdoor Storage

Three-Unit Office Building

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