Planet Fitness | Salvation Army
Battle Creek, MI
Key Details
| Price: | $5,297,982 |
|---|---|
| Cap Rate: | 7.50% |
| Annual Rent: | $397,349 |
| Address: | 294 Highland Avenue, Battle Creek, Michigan 49015 |
| Property Type: | Retail |
Property Data
| Lot Size: | 5.67 Acres |
|---|---|
| Building Size: | 49,880 SF |
| Year Built: | 1983 |
| Year Renovated: | 2014 |
NNN Pro is pleased to present the exclusive listing for a Planet Fitness and Salvation Army property located at 294 Highland Avenue, Battle Creek, MI 49015. The site consists of roughly 49,764 rentable square feet of building space on an estimated 5.67-acre parcel of land. Planet Fitness recently extended its initial 10-year lease by another 10 years, which expires April 30, 2035. The Salvation Army is in its 7-year extension, which expires November 30, 2029. The average weighted lease term is 7.89 years., and the current annual NOI is $397,349.
About the Investment
- Long-Term Leases | Planet Fitness and The Salvation Army are both subject to long-term leases. Planet Fitness has recently entered into a new 10-year lease, while The Salvation Army still has over 4.5 years remaining on a recent 7-year lease extension. This results in a weighted average lease term (WALT) of 7.89 years.
- Favorable Rental Increases | The Planet Fitness lease includes a 7.44% rental increase after 5 years, along with two 5-year renewal options featuring annual rent increases. These factors significantly bolster the investment's stability and longterm attractiveness.
- Top Performing Planet Fitness Location | This Planet Fitness location is among the topperforming locations nationwide, ranking in the 90th percentile across the country and the 76th percentile within Michigan. The strong Placer performance data, as well as the recent 10-year extension from Planet Fitness provides investors with confidence in Planet Fitness’s long-term commitment to this site (Placer.ai).
Key Details
| Price: | $5,297,982 |
|---|---|
| Cap Rate: | 7.50% |
| Annual Rent: | $397,349 |
| Address: | 294 Highland Avenue, Battle Creek, Michigan 49015 |
| Property Type: | Retail |
Property Data
| Lot Size: | 5.67 Acres |
|---|---|
| Building Size: | 49,880 SF |
| Year Built: | 1983 |
| Year Renovated: | 2014 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Anthony D'Ambrosia
adambrosia@nnnpro.com
License: NY: 10401294012
Josh Kanter
jkanter@nnnpro.com
License: NY: 10401294056
Broker of Record
Brian Brockman
Bang Realty-Michigan, Inc
License: 6502428679
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.