Description
Positioned 9 miles east of downtown Columbus, LA Fitness is located along East Broad Street (56,311 VPD), just 1.2 miles east of Interstate 270. The property anchors the ±80,000-square-foot Eastglen Exchange development, which features a variety of retail and medical office tenants. The Subject Property is also adjacent to the 58-unit Villas at Broadmere condominiums and the 244-unit Rosebrook Village Apartments, placing a built-in customer base immediately next to the site.
The property is situated within one of Columbus’ primary retail and commercial corridors with 5.4 MSF of retail, 3.6 MSF of office, 12.0 MSF of industrial, and 15,130 multifamily units within a 3-mile radius. The corridor is highlighted by Mount Carmel East – a 419-bed, full-service hospital that serves the east side of Columbus and beyond.
Roughly 7 miles northwest, John Glenn International is Ohio’s second largest and busiest airport.
Overall, LA Fitness enjoys strong demographics with a population of 93,447 and an average household income of $88,746 within a 3-mile radius.
Key Metrics
- Purchase Price: $16,000,000
- Purchase Price / SF: $193
- Est. Replacement Cost*: $275
- Acquisition Cap Rate : 9.0%
- Projected Yr 1 Cash-on-Cash: 8.5%
- Projected Net IRR : 16.0%
- Projected MOIC: 1.9X
- Distribution Frequency: Quarterly
- Projected Investment Period : 5.0Years
Property Information
- Property Type: Retail
- Class: A
- Year Built / Renovation: 2015 I 2014
- Net Rentable SF : 83,000 SF Total
- Acreage: 8.7 AC Total
- Occupancy : 100%
- Lease Term Remaining: 9.0 yrs (9.3 yrs I 8.7 yrs)