Planet Fitness NNN Properties For Sale: Listings, Cap Rates and 1031 Buyer Guide

This page tracks Planet Fitness net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Planet Fitness credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.

Planet Fitness NNN Properties For Sale: Latest Listings

Up to twelve of the most recently listed single-tenant Planet Fitness properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.

Showing the 12 most recently listed of 24 observed listings; listings without a published asking price and cap rate are not shown here.

Search all 24 Planet Fitness properties on the market

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.

What You Are Actually Buying

Planet Fitness is heavily franchised, so most listings carry operator leases rather than corporate credit. Club-level membership performance varies widely, and the improvements are specialized. Both the operator and the reuse question deserve more weight than the headline cap rate.

Buildings generally run 15,000 to 40,000 square feet with heavy parking demand, frequently in converted retail boxes. The improvements are specialized and the operating model is membership-based, so both the tenant credit and the reuse question deserve more weight than the cap rate suggests.

Across the current inventory, roughly 14% of listings with a reported build year were delivered in the last four years, and about 8% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.

Planet Fitness Cap Rate, Price and Term Distribution

These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.

How to read the pricing

The spread inside the Planet Fitness inventory runs from 5.50% to 9.60%, against a median of 7.00%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.

Where Planet Fitness NNN Properties Are For Sale

Current inventory spans 16 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.

Shows the 12 states with the most listings, out of 16 states with Planet Fitness listings. Search all listings for the rest.

Planet Fitness as a 1031 Exchange Replacement Property

The median asking price in the current Planet Fitness inventory is $5.89M, and about 13% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.

• Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
• Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage.
• Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
• Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.

For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.

Planet Fitness NNN Due Diligence Checklist

These are the items that change the value of a Planet Fitness listing and are rarely resolved by the offering memorandum.

• Obligor and sponsor. Establish the exact obligor entity and whether it is a corporate location or a franchised operator, and what guaranty exists.
• Membership and unit-level performance. Request unit-level financials where the lease permits. Membership businesses vary enormously site to site.
• Reuse and parking. Assess conversion cost back to conventional retail and confirm the parking ratio supports alternative users.
• Roof, structure and HVAC. Large footprints with heavy mechanical loads. Obtain inspections and price reserves.

How Investment Grade Works With Planet Fitness Buyers

Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Planet Fitness acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.

Owners of existing Planet Fitness properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.

Frequently Asked Questions

• Planet Fitness Credit Rating and NNN Cap Rate Profile
• NNN Cap Rates 2026: Tenant by Tenant Benchmarks
• 1031 Exchange Into Investment Grade Property
• Investment Grade Credit Tenant Ratings
• Search All Observed NNN Listings