Current Use by Public Records
- Planet Fitness / Gym & Fitness Center
Property Details for 1245 Fulton St
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional Class A retail investment opportunity presents a 14,882 square foot Planet Fitness storefront in a prime Brooklyn location at 1245 Fulton Street, zip code 11216. The property boasts a strong 6.52% cap rate and a substantial net operating income (NOI) of $750,000. Currently operating under a Net Lease (NNN) agreement with a franchisee, the lease has a remaining term of 5.6 years, expiring June 30, 2030. The building, constructed in 2016, features a total of approximately 16,073 square feet, including 7,860 square feet on the ground floor and 8,213 square feet in the lower level, accessible via a public elevator and staircase. An additional 11,830 square feet of air rights are available. The 6,360 square foot lot is situated one block west of the Nostrand Ave A/C subway station, benefiting from high foot traffic and visibility. The property enjoys a 100% occupancy rate and is strategically located near numerous other well-known retailers and restaurants, including Foot Locker, Shake Shack, and Chipotle. A significant tax abatement is in place, offering inflation protection for a portion of the building's assessed value over 15 and 25-year periods. This investment is backed by a major Planet Fitness franchisee operating nearly 80 locations, with expansion plans underway. The property's strong tenant, financial performance, and prime location make it an attractive opportunity for discerning investors. APN: 01842-0047.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9517
- Latitude
- 40.6808
