2515 Pierce St Carlsbad, NM 88220

Property Details for 2515 Pierce St

Year built

2023

Property size

15,027 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a newly constructed, 15,027 square foot Planet Fitness in Carlsbad, New Mexico. The property boasts a strong 15-year net lease with a prominent tenant, Planet Fitness, a subsidiary of ECP-PF Holdings Group, Inc., the second largest Planet Fitness franchisee. Situated on West Pierce Street/US-285, a high-traffic area (18,452 AADT), the location benefits from excellent visibility and accessibility. The building, constructed in 2023, features modern materials and finishes. The lease includes attractive 10% rent increases every five years and two five-year options. The property's strategic location near Lowe's Home Improvement, Southwest New Mexico College, Carlsbad Medical Center, and the Carlsbad Mall ensures consistent customer traffic. The surrounding area demonstrates robust demographics, with an average household income exceeding $115,749 within a one-mile radius. This investment offers a compelling 6.75% cap rate and a substantial NOI of $368,162, making it an ideal addition to any portfolio. Carlsbad's thriving economy, fueled by tourism, mining, and oil & gas industries, further enhances the property's long-term value. The asking price is $5,454,000, translating to $362.95 per square foot. This is a rare opportunity to acquire a high-performing, net-leased retail property in a rapidly growing market.