For Sale
$8,744,000

1525 Tharpe StTallahassee, FL 32303

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

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a 50,783 square foot Crunch Fitness in Tallahassee, Florida. Located at 1525 W Tharpe St, 32303, this single-tenant, absolute NNN property boasts a strong 6.75% cap rate and a substantial net operating income (NOI) of $590,187. The property sits on an 8-acre lot and benefits from a highly favorable lease with Crunch Fitness, a leading fitness brand, extending until September 30, 2036, with 11.9 years remaining. The lease includes built-in rent bumps of 10% every five years, providing significant long-term growth potential. The tenant, Fitness Ventures, LLC, is the second largest Crunch Fitness operator, further enhancing the investment's stability. The property underwent renovations in 2021 and enjoys 100% occupancy. Its strategic location less than one mile from Florida State University, a major university with nearly 45,000 students, and near significant student housing, ensures a robust and consistent customer base. The lease includes four 5-year renewal options. This offering is ideal for 1031 exchange investors seeking a passive, high-return investment in a thriving market. The property is located in Leon County, Florida, a state with no state income tax.

Highlights

  • Fee-simple ownership of a 50,783 SF Crunch Fitness in Tallahassee, FL.
  • Strong 6.75% cap rate and $590,187 NOI.
  • NNN lease with Crunch Fitness (Fitness Ventures, LLC) through September 2036 (11.9 years remaining), including 10% rent bumps every five years and four 5-year renewal options.
  • Located on an 8-acre lot, renovated in 2021, and 100% occupied.
  • Excellent location near Florida State University and student housing.

Property Details for 1525 Tharpe St

Property type
Retail properties, Retail space
Square Feet
50,783 SF
Year Renovated
2021
Lot Size (sq. ft)
348,480 SF

Location Insight

City
Tallahassee
County
Leon
State
Florida
Latitude
30.4622381
Longitude
-84.3126402
1525 Tharpe St, Tallahassee, Florida

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1525 Tharpe St
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