2880 Michelle DrIrvine, CA 92780

Property Details for 2880 Michelle Dr

Lot size

4.33 AC

Property type

Other commercial real estate

APN

432-391-55

APU

43239155

Description

This exceptional investment opportunity presents a fee-simple ownership of a 41,000 square foot, Class A, LA Fitness facility located at 2880 Michelle Dr, Tustin, CA 92780. The property sits on a 4.33-acre lot with 200 parking spaces and boasts a prime location at a signalized corner with high visibility and traffic counts exceeding 57,000 vehicles per day on Jamboree Road. Currently 100% occupied under a triple-net (NNN) lease with LA Fitness, a credit-rated tenant with a corporate guarantee, the lease commenced June 1, 2002, and expires October 31, 2033, with three five-year renewal options. The remaining lease term is 8.9 years, offering significant long-term stability. The asking price is $19,700,000, representing a 5.77% cap rate and a net operating income (NOI) of $1,137,533. Rent bumps of 12.5% are scheduled for 2028 and each option period, providing a strong hedge against inflation. Built in 2003, the property benefits from limited landlord responsibilities, with the tenant responsible for roof and structure maintenance. LA Fitness has planned a full interior and exterior remodel, further enhancing the property's value. This is a core investment offering exceptional long-term returns and minimal management requirements. The property's APN is 432-391-55.

• Alternative Use

  Use

  Valuation

  Residential

  $59,398,680

  Hospitality

  $54,408,872

  Educational

  $45,267,540

  Medical

  $46,824,360

  Retail

  $70,416,176

Location Insight

City

Tustin

County

Orange

State

California

Latitude

33.7175

Longitude

-117.798

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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