Cap Rate: 6.15%
Net Operating Income: $1,347,116.40
Square-Footage: 37,500 SF
Lot Size: 1.56 AC
Year Built/Reno: 1962/2001
Parking Ratio: 6.85:1,000
The Kase Group is pleased to present a Single Tenant Net Lease 24 Hour Fitness located in West Covina, in Los Angeles County. The subject property consists of a 2 Story +/-37,500 Sq. Ft. Gym on a 1.56 acre parcel, included in the sale is the adjacent 240-space, three-level parking structure. This is a long term net leased opportunity expiring in 2027 with rare 11% rental increases every 5 years and three (5) year options to renew. The landlord is responsible for maintaining structural components only of both the gym and the parking lot, Tenant is responsible for maintenance and repair of the premises including roof membranes. The subject property was built in 1962 & renovated in 2001. Property delivered free and clear of any existing debt. The tenant has taken on major improvements to the site, including newly renovated locker rooms, pool area, and a new roof installed at the sole cost of the tenant.
West Covina is a city in Los Angeles County, California, located 19 miles east of Downtown Los Angeles in the eastern San Gabriel Valley, part of the Greater Los Angeles area.
West Covina is one of the most aggressive and proactive Economic Development departments in the region. The city’s unparalleled business corridor lies along Interstate 10 with continued growth potential and excellent business-to-business opportunities. The City of West Covina boasts over 3,000 businesses, offering owners low permit fees and no utility tax. The City of West Covina was rated by Kosmont Associates “Cost of Doing Business Survey” as one of the low-cost Cities in Los Angeles County to conduct business, and was selected as the “Most Business Friendly City” for Los Angeles County in 2011.