CAP Rate: 7.35%
Net Operating Income: $1,287,585.24
Square Footage: 53,206
Lot Size: 6.94 AC
Year Built: 2007
The Kase Group is pleased to present a free standing L.A. Fitness for sale in Powell, Ohio. The 20 year NNN lease commenced in December of 2007 and calls for zero landlord obligations. After the initial term, the tenant has two, 10-year options to extend. The subject property benefits from being located at a major intersection with over 20,000 VPD on Sawmill Pkwy.
The subject offering comes with upside potential with the ability to lease or sell the 1.86 acre separate tax parcel directly in front of the LA Fitness and adjacent to the CVS (see page 10). Outparcel is currently included under the LA Fitness lease but offers the Buyer the future opportunity to materially increase its value through a lease, sale, or development of the site.
Powell is an affluent city in Delaware County, Ohio. The population was 11,500 at the 2010 census. Powell sits between the Scioto and Olentangy Rivers, about 14 miles north of the state capital of Columbus, centered on the intersection of State Route 750 and C.R. 9. It sits within Liberty Township, the site of the first settlement in Delaware County.
The City of Powell’s historic downtown is the heart and soul its economic infrastructure. Thoughtfully designed civic architecture, attractive streetscapes, bountiful city services and ample parking provide a thriving business district amidst an intimate village environment.