NNN Planet Fitness for Sale

In today’s real estate market, investors seeking stable, low-maintenance income streams often turn to Triple Net (NNN) properties. Among the many tenant options available, Planet Fitness NNN properties for sale stand out due to the brand’s consistent growth, recession-resistant business model, and long-term lease structures. Whether you’re a seasoned investor or exploring your first passive income asset, Planet Fitness investment properties may be a strong candidate for your portfolio.

Planet Fitness is a nationally recognized fitness franchise with over 2,000 locations and millions of members. Known for its affordable pricing, 24/7 access, and “Judgement Free Zone®” branding, the company appeals to a broad demographic of budget-conscious and first-time gym users. With an industry shift toward health and wellness, gyms like Planet Fitness are seeing consistent demand, which translates to reliable tenant performance.

Advantages of Investing in Planet Fitness NNN Properties

Long-Term Leases: Most leases are 10–20 years with multiple renewal options.

Built-In Rent Increases: Leases often include annual or scheduled rent escalations, providing a hedge against inflation.

Strong Foot Traffic: Fitness centers drive consistent foot traffic, elevating the value of surrounding retail.

Minimal Landlord Responsibility: As with all NNN leases, investors are not responsible for taxes, insurance, or maintenance.

Creditworthy Tenant: Though many locations are franchise-owned, Planet Fitness corporate has a strong financial profile.

Key Considerations Before You Buy

Corporate vs. Franchisee Lease

Understanding who is on the lease is vital. Corporate-backed leases offer stronger credit and lower risk but may command a lower cap rate. Franchisee-backed leases can offer higher yields but require deeper due diligence into the operator’s financial strength and number of locations.

Location and Demographics

Planet Fitness succeeds in both suburban and urban areas, especially when the subject property is in a retail corridor or former anchor tenant spaces such as Walgreens (as Walgreens is closing over 900 stores nationwide). Demographic data such as average household income, traffic counts (VPD), residential density, and proximity to competitors are key factors in determining long-term viability.

Lease Terms and Escalations

A typical Planet Fitness NNN lease includes:

10–15 year initial term
10%–15% rent increases every 5 years
Multiple 5-year renewal options
Triple Net (NNN) structure — tenant pays property taxes, insurance, and CAM

This structure ensures predictable cash flow and gradual income growth over time.

Cap Rate Expectations

As of 2025, Planet Fitness NNN properties typically trade at cap rates between 6.00% and 7.00%, depending on lease length, tenant credit, square-foot of the property, whether it’s in a shopping center or stand-alone, and location as properties in high-density MSAs like California, Fort Worth or Oklahoma City command higher prices. Corporate leases in prime markets may dip closer to 5.75%, while franchisee leases in tertiary markets may approach 7.25%.

How Do You Evaluate a NNN Lease?

Key metrics include:

Tenant creditworthiness (corporate or franchisee financials)
Lease term and remaining years
Rent escalations (frequency and percentage)
Replacement risk (is the property hard to re-tenant?)
Location fundamentals (population growth, average income, nearby anchors)

Planet Fitness vs Other NNN Tenants

Planet Fitness

Business Model: Low-cost, high-volume
Monthly Membership: $10–$25
Lease Type: Mostly NNN
Tenant Type: Mostly franchisee-backed
Avg. Size: 15,000–25,000 SF
Typical Cap Rate: 6.00%–7.00%
Real Estate Appeal:
- Strong lease escalations
- High foot traffic driver
- Easily placed in former big-box spaces
Risk Factor: Difficult to re-tenant due to large footprint

24 Hour Fitness

Business Model: Mid-tier, full-service gym
Monthly Membership: $30–$50
Lease Type: Modified gross or corporate-backed (varies)
Tenant Type: Corporate (private equity-backed)
Avg. Size: 30,000–45,000 SF
Typical Cap Rate: Varies, often higher risk
Real Estate Appeal:
- Large flagship spaces in major metros
- Difficult to repurpose spaces
Risk Factor: Filed for bankruptcy in 2020; lease guarantees may be weaker

EOS Fitness

Business Model: High-value, low-price (HVLP)
Monthly Membership: $10–$25
Lease Type: Varies (more NNN in recent deals)
Tenant Type: Corporate-owned
Avg. Size: 35,000–50,000 SF
Typical Cap Rate: 6.75%–7.50%
Real Estate Appeal:
- Growing rapidly in Sunbelt states
- Attractive tenant in repositioned retail centers
Risk Factor: Newer brand; shorter operating history than Planet Fitness

Gold’s Gym

Business Model: Legacy brand, full-service gym
Monthly Membership: $30–$50+
Lease Type: Franchise-heavy; some corporate
Tenant Type: Mix of franchise and corporate
Avg. Size: 30,000–45,000 SF
Typical Cap Rate: 6.50%–8.00%
Real Estate Appeal:
- Recognized name in fitness
- Better suited for secondary markets
Risk Factor: Filed for bankruptcy in 2020; restructured under RSG Group

LA Fitness (now part of Esporta/Fitness International)

Business Model: Full-service gym, large footprint
Monthly Membership: $30–$40
Lease Type: Corporate-backed (often NNN)
Tenant Type: Corporate
Avg. Size: 35,000–55,000 SF
Typical Cap Rate: 6.25%–7.00%
Real Estate Appeal:
- Often owns the land or negotiates long-term control
- Draws steady daily traffic
Risk Factor: Large-format; limited reuse flexibility if vacated

Due Diligence Process

Review Lease Agreement – Confirm NNN structure, lease term, escalations, and renewal options.
Evaluate Tenant – Examine corporate backing or franchisee financials.
Property Inspection – Ensure the facility is maintained and compliant with lease terms and has enough square footage for a health club.
Environmental & Title Reports – Rule out any zoning or contamination issues.
Market Analysis – Assess competition, demographic trends, and rent comparables in the trade area.

Planet Fitness holds a dominant position in the low-cost fitness segment, competing with Anytime Fitness and Crunch, while maintaining a broader reach due to national advertising and standardized branding. Unlike boutique gyms, Planet Fitness targets the 80% of Americans who are casual or new gym-goers.

The cap rate (capitalization rate) reflects the property’s annual net operating income (NOI) divided by its purchase price. A 6.50% cap on a $3 million investment yields $195,000 annually. Higher cap rates often come with higher risk, but in Planet Fitness’s case, escalations and location quality can justify a mid-range cap.

Conclusion: Final Thoughts

Planet Fitness NNN properties for sale represent a compelling blend of passive income, inflation protection, and long-term lease stability. With strong branding, a loyal customer base, and proven profitability, Planet Fitness is a favored tenant in the NNN market.

Questions about NNN Properties for Sale?

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