24 Hour Fitness NNN

• ​Current rent of $70,000/month steps up contractually to $78,000/month in September 2026, coinciding with anticipated close; buyer acquires at the higher rate from day one, generating $936,000 in effective annual NOI
• ​Three remaining five-year options each carry a fixed 10% rent increase — no market rent resets, no arbitration, no uncertainty — growing NOI from $936,000 at close to a projected $1,245,816 annually by the third option term
• ​Rent was reset below its prior trajectory via a 2022 COVID restructuring amendment; today's below-market basis represents a clear and quantifiable appreciation story as the option schedule resets toward market over the life of the remaining term
• ​Tenant affirmatively executed the Third Amendment in October 2022 — extending their commitment rather than vacating — a direct signal of this location's strategic value within the 24 Hour Fitness regional portfolio
• ​Tenant responsible for taxes, insurance, CAM, day-to-day HVAC maintenance, parking lot, and landscaping — landlord obligations limited to roof, structure, exterior walls, and HVAC replacement
• ​24 Hour Fitness operates three club formats — Active, Sport, and Super Sport. The Super Sport is the brand's flagship offering and the most amenity-intensive format in the portfolio
• ​This location's Super Sport designation includes an aquatic facility, basketball courts, racquetball courts, spa and sauna, group fitness studios, and expansive cardio and weight training floors — amenities that require a purpose-built, large-format building and cannot be replicated in standard retail inline space
• ​A basic Sport or Active club could theoretically relocate to a smaller, less expensive box. A Super Sport cannot — the format demands the square footage, the ceiling heights, the mechanical infrastructure, and the parking ratio that this building was specifically designed and built to accommodate
• ​There is no comparable Super Sport facility available within the trade area, further eliminating any viable relocation alternative
• ​Approximately 8,700 active members currently enrolled — surpassing pre-COVID enrollment levels and demonstrating full recovery and continued growth in the post-pandemic fitness market
• ​A membership base of 8,700 against a three-mile trade area of 43,009 households reflects meaningful community penetration today — with a submarket projected to add households at 3.4% annually through 2030, the captive addressable market continues to grow throughout the life of the remaining lease term and options
• ​High membership counts are self-reinforcing — members who have established routines, relationships, and class schedules at a specific location are highly resistant to disruption, creating a sticky revenue base that further disincentivizes tenant relocation
• ​The Orchards submarket of Vancouver, WA serves 121,325 residents across 43,009 households within three miles, with a median household income of $94,554 — demographics that index well above national averages for health club membership propensity and discretionary fitness spending

NAI Elliott and NAI Puget Sound Properties, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in a NNN-leased, corporate-guaranteed, single-tenant fitness investment located in Vancouver, Washington.​

The tenant, 24 Hour Fitness USA, LLC, occupies a purpose-built 45,000 SF Class A Super Sport facility under a lease affirmatively extended by Third Amendment in October 2022 — a direct signal of the tenant's long-term commitment to this location.​ The lease steps up to $78,000 per month in September 2026, coinciding with anticipated close.​ Three remaining five-year options each carry a contractual 10% rent increase, providing a compounding income runway through September 2043 and a self-executing path toward market rent alignment.​ Landlord responsibilities are limited to the roof, structure, exterior walls, and HVAC replacement — with the tenant bearing full responsibility for taxes, insurance, CAM, day-to-day HVAC maintenance, parking, and landscaping.​ With approximately 8,700 active members currently enrolled — surpassing pre-COVID levels — this location's operational depth makes relocation economically irrational, underpinning renewal probability and supporting long-term asset appreciation from a below-market rent basis.​