(800) 916-6913 
LA Fitness
3474 Sawmill Drive - Powell OH 43065
| LTV (Loan to Value) | 65.00% | Current NOI | $1,170,532.00 |
| Interest Rate | 4.250% | Capital Rate | 0.000% |
| Fixed Term | 10 Years | Land Area | 6.94 Acres |
| Amortization | 25 Years | Lease Type | NNN |
| Loan Amount | $12,173,525.00 | Property Type | Retail |
| Payment | $65,948.62 | Property Lease | Fitness Facility |
| Bulding Size | 53,206 SF | Remaining Terms | 12.75 Years |
Location Description
NNN Lenders is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase the fee simple interest in the commercial property located at 3474 Sawmill Drive in Powell (Columbus), Ohio (the “Property”). The Property is 100% leased to Fitness & Sports Clubs, LLC and guaranteed by Fitness International, LLC (LA Fitness).LA Fitness is operating under a current base lease term of 20.5 years, of which approximately 12.75 years remain. Additionally, the lease features two (2), ten (10) year renewal options. Effective in December 2017, LA Fitness’s rent will increase by 10%, and annual rent will increase 10% at the start of each ten-year option period. The lease is NNN with no Landlord responsibilities.The Property features a 53,206 SF building situated on 6.94 acres. The facility was constructed in 2007 and was originally operated as a successful Urban Active Fitness. In 2012, LA Fitness completed a strategic acquisition of all 36 Urban Active locations and has continued to successfully operate this location under the LA Fitness brand.
Highlights
Attractive Rental Increases – The lease features a rent increase of 10% in December 2017, which increases the cap rate…
Property Description
The Property is located in Powell, Ohio, which is an affluent suburb of Columbus - the state capital and largest city in Ohio. There are over 44,000 households with a population of 119,933 residents living within five miles of the Property. The average household income is in excess of $168,000 within a one mile radius of the Property. Housing in Powell consists primarily of upscale and luxury neighborhoods, with an average home price of $427,000.