1525 Tharpe St Tallahassee, FL 32303
- Retail properties
- 50,783 SF
- 8.00 lot acres
Current Use by Public Records
- RyanDeezCuts / Barber Shop
- Crunch Fitness / Gym
- Tobacco Outlet / Tobacco Shop
- FINE Nails Salon LLC / Spa / Nail Salon
- Alisha Clayton - State Farm Insurance Agent / Insurance Agency / Auto Insurance Agency
Property Details for 1525 Tharpe St
- Lot size
- 8.00 lot acres
- Property size
- 50,783 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple ownership of a 50,783 square foot Crunch Fitness in Tallahassee, Florida. Located at 1525 W Tharpe St, 32303, this single-tenant, absolute NNN property boasts a strong 6.75% cap rate and a substantial net operating income (NOI) of $590,187. The property sits on an 8-acre lot and benefits from a highly favorable lease with Crunch Fitness, a leading fitness brand, extending until September 30, 2036, with 11.9 years remaining. The lease includes built-in rent bumps of 10% every five years, providing significant long-term growth potential. The tenant, Fitness Ventures, LLC, is the second largest Crunch Fitness operator, further enhancing the investment's stability. The property underwent renovations in 2021 and enjoys 100% occupancy. Its strategic location less than one mile from Florida State University, a major university with nearly 45,000 students, and near significant student housing, ensures a robust and consistent customer base. The lease includes four 5-year renewal options. This offering is ideal for 1031 exchange investors seeking a passive, high-return investment in a thriving market. The property is located in Leon County, Florida, a state with no state income tax.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Longitude
- -84.3126
- Latitude
- 30.4622
