2002 34Th St Gainesville, FL 32608

This exceptional investment opportunity presents a fee-simple ownership of a 40,965 square foot Crunch Fitness located at 2002 SW 34th St, Gainesville, FL 32608. The property sits on a 3.23-acre lot and enjoys a 100% occupancy rate under a highly desirable Absolute NNN lease with the second largest Crunch Fitness operator, Fitness Ventures, LLC. The lease, expiring September 30, 2034, features a remaining term of approximately 9.9 years and includes four 5-year renewal options. Crucially, the lease incorporates 10% rent increases every five years, providing significant long-term growth potential. The current Net Operating Income (NOI) stands at $543,092, yielding a 6.75% cap rate on the asking price of $8,046,000. The property underwent renovations in 2019. This strategically located asset benefits from its adjacency to the University of Florida, a major university with over 60,000 students, and its position along a high-traffic thoroughfare with numerous national retailers nearby. The property's strong tenant, favorable lease terms, and prime location combine to create a compelling investment opportunity in a tax-advantaged state. This is a 1031 exchange eligible property.