24 Hour Fitness

• High-Income Trade Area: Located in the prestigious Summerlin master-planned community. Summerlin boasts high average household incomes. Within one mile of the property, averages are $132,806.
• Dense, Growing Population: The broader Summerlin community is home to over 200,000 residents, while the immediate 89134 zip code captures over 24,100 residents. This provides a massive, affluent consumer pool that highly values health and wellness.
• High Daily Vehicle Traffic: Positioned directly on Town Center Drive, a major arterial route for Summerlin residents, the site captures tens of thousands of vehicles per day. The property’s visibility is further enhanced by dedicated turn lanes and highly visible pylon signage.
• Proven Site Success: 24 Hour Fitness has operated successfully at this exact location since the building was constructed in 2003, demonstrating the long-term viability of the site.
• Significant Capital Injection: The property is soon to undergo $1,500,000 in structural and cosmetic tenant improvements, cementing their long-term commitment to modernizing the facility and retaining their local market share.
• 12-Year Lease Extension : Secured by a newly executed 12-year extension, providing an investor with over a decade of stable, guaranteed cash flow.
• Built-in Yield Growth: The lease features rare 3% rental increases every 3 years, acting as a strong hedge against inflation and consistently driving up the asset’s yield over the hold period.
• Zero Landlord Responsibilities: Structured as an absolute passive NNN (Triple Net) lease, making it a zero-management, hands-off asset ideal for passive investors.
• Massive 5.97-Acre Lot: The 57,963 square-foot building sits on a sprawling 5.97-acre parcel. Land of this size in the center of Summerlin is exceptionally rare and represents significant intrinsic value.
• Ample Parking: The expansive lot provides 218 dedicated parking spaces (a strong ratio of 3.77 spaces per 1,000 SF), which is critical for supporting the high daily foot traffic of a big-box fitness operator.