Looking to buy a Planet Fitness NNN property? 10 are observed for sale across 8 states, median asking cap rate 6.80%. View Planet Fitness NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | Planet Fitness, Inc. (NYSE: PLNT), Hampton, New Hampshire |
| S&P / Moody’s | no verified rating / no verified rating |
| Investment grade status | Not Yet Verified |
| Clubs | 2,930 (June 30, 2026): 2,636 franchisee-owned and 294 corporate-owned, in all 50 states, D.C., Puerto Rico, Canada, Panama, Mexico, Australia and Spain |
| Members | About 21.5 million (June 30, 2026) |
| Pricing | Classic Card membership starts at $15 a month for new members |
| Median asking cap rate | See the live table below |
Planet Fitness: no confirmed agency rating. No rating for Planet Fitness has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Planet Fitness Business Overview
Planet Fitness franchises and operates fitness clubs, which its 2025 Form 10‑K describes as typically 20,000 square feet. As of June 30, 2026, it had about 21.5 million members and 2,930 clubs, of which 2,636 were franchisee-owned and 294 corporate-owned. Its standard Classic Card membership starts at $15 a month for new members, according to its 2025 Form 10‑K.
Planet Fitness Credit Profile
No agency rating for Planet Fitness has been verified against a primary source in our ratings database. Its debt is issued through a securitization, and it files audited financial statements with the SEC. Because about 90% of clubs are franchisee-owned (2,636 of 2,930 at June 30, 2026), a Planet Fitness lease is often signed by a franchisee, whose credit varies; confirm whether the tenant is a franchisee or a corporate entity, and any guarantee.
Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.
Planet Fitness NNN Cap Rates
Live asking cap rates for Planet Fitness and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Planet Fitness | n/a / n/a | 6.80% | 6.50% to 7.00% | 9 | +156 bps |
| Dollar Tree | BBB / n/a | 7.34% | 6.75% to 8.00% | 84 | +210 bps |
| 24 Hour Fitness | NR / n/a | 7.80% | 7.39% to 8.33% | 4 | +256 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: T.J. Maxx, Ollie's Bargain Outlet, Five Below.
A Planet Fitness listing can involve a franchisee or a corporate tenant, with or without a guarantee, so pricing reflects the tenant entity, any guarantee, the location and the lease term rather than the parent company alone. Compare a property with listings that have the same kind of tenant.
What to Check in a Planet Fitness Lease
- Corporate or franchisee: whether the company or a franchisee signs the lease; most locations are franchised, and a franchisee lease carries that operator’s credit.
- Guarantee: any corporate or personal guarantee, and the financial strength of the guarantor.
- Location performance: ask for unit-level sales or membership data where the tenant will share it.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Re-use: the size of the building and the pool of possible replacement tenants.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Large, growing club network | No verified agency rating in our ratings database |
| Low-price membership model | About 90% of clubs are franchisee-owned, so many leases are signed by franchisees |
| Large boxes in shopping centers and stand-alone buildings | Large boxes can have fewer replacement tenants |
Frequently Asked Questions
Is Planet Fitness investment grade?
Pending verification. No agency rating for Planet Fitness has been verified against a primary source in our ratings database, and about 90% of its clubs are franchisee-owned, so many of its leases are signed by franchisees.
How much is a Planet Fitness membership?
The standard Classic Card membership starts at $15 a month for new members, according to the company’s 2025 Form 10‑K.
Who signs a Planet Fitness lease?
Often a franchisee, since 2,636 of 2,930 clubs were franchisee-owned at June 30, 2026 (Form 10‑Q). Confirm the tenant entity and any guarantee.
Sources: Planet Fitness, Inc. Form 10‑K for 2025 and Form 10‑Q for the quarter ended June 30, 2026.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. Under 26 U.S.C. 168(k), as amended by Public Law 119-21, that property can qualify for 100% bonus depreciation if it was acquired after January 19, 2025 (property acquired under a written binding contract entered into before January 20, 2025 does not qualify) and placed in service by the taxpayer, and, for used property, if the acquisition meets the used-property rules; a taxpayer can elect out. How much qualifies varies widely by property and must be supported by an engineering-based study. If the investor owns only the land under a ground lease while the tenant owns the building, there is little to depreciate, because land is not depreciable, and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation recapture can apply, including to bonus depreciation (26 U.S.C. 1245 and 1250). A 1031 exchange can defer gain, but recapture can still arise in an exchange if the replacement property does not include enough property of the same recapture type (26 U.S.C. 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. See the Depreciation by NNN Property Type.
Planet Fitness Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Planet Fitness properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
- Barnes & Noble
- Bed Bath & Beyond
- Best Buy
- Big Lots
- BJ’s Wholesale Club
- Burlington
- Costco
- Dick’s Sporting Goods
- Dillard’s
- DSW
- Dunham’s Sports
- Five Below
- Floor & Decor
- Harbor Freight
- Home Depot
- JCPenney
- Joann Fabric & Crafts
- Kirkland’s
- Kohl’s
- Lifetime Fitness
- Lowe’s
- Macy’s
- Michaels
- Nordstrom
- Office Depot / OfficeMax
- Old Navy / Gap
- Party City
- Petco
- PetSmart
- Ross Dress For Less
- Staples
- The Container Store
- TJ Maxx / HomeGoods / Marshalls
- Tractor Supply Co.
- Ulta Beauty
- Ollie’s Bargain Outlet
- Target
- Walmart
- Sam’s Club
Planet Fitness NNN Properties Observed For Sale
10 active Planet Fitness net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Coos Bay, OR | $6,400,000 | n/a | 15,152 | n/a | View listing |
| Tacoma, WA | $4,154,000 | 7.00% | 22,336 | n/a | View listing |
| Tacoma, WA | $4,027,355 | 6.20% | 22,450 | 8.6 yrs | View listing |
| Colorado Springs, CO | $1,572,286 | 7.00% | 21,120 | n/a | View listing |
| Phoenix, AZ | $3,448,280 | 7.25% | 20,000 | 5.3 yrs | View listing |
| Greeneville, TN | $5,831,000 | 6.75% | 15,019 | n/a | View listing |
| POWELL, TN | $6,006,000 | 6.50% | 15,019 | n/a | View listing |
| Chicago, IL | $3,360,000 | 7.00% | 20,862 | 5.7 yrs | View listing |
Search all 10 observed Planet Fitness listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
