For Sale
$8,046,000

2002 34Th StGainesville, FL 32608

High-yield, long-term NNN lease. Prime Gainesville location.

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Property Details for 2002 34Th St

Property type
Retail properties, Retail space
Square Feet
40,965 SF
Year Renovated
2019
Lot Size (sq. ft)
140,699 SF

Location Insight

City
Gainesville
County
Alachua
State
Florida
Latitude
29.6336173
Longitude
-82.3740768
2002 34Th St, Gainesville, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
2002 34Th St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message