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Northridge Planet Fitness

$8,656,670

16930 Parthenia St, Northridge, CA 91343

Active
Last Updated: 05/15/2026

5.5

Cap Rate

467,627

NOI

Details:
Cap Rate:    5.5%
NOI:    $467,627
Building Size:    17,633 sqft
Lot Area:    1.615 acres
Occupancy:    100%
Class:    C
Year Built:    1963
Floors:    1
Highlights:
  • LONG TERM 15 YEAR NNN LEASE | TENANT IS HIGHLY INVESTED IN LOCATION
  • PLANET FITNESS (NYSE: PLNT) | 2,900+ LOCATIONS | LARGEST GYM OPERATOR IN U.S.
  • EXPLOSIVE U.S. GROWTH WITH 181 CLUB OPENINGS IN 2025 | 180 PLANNED 2026 OPENINGS
  • GROWING INCOME STREAM | 15% RENT INCREASE OVER NEXT 6 YEARS
  • RENT BUMPS IN MAY 2029 AND MAY 2032 OFFER POTENTIAL VALUE APPRECIATION
Description:

Faris Lee Investments is pleased to offer a prime Southern California STNL investment leased to Planet Fitness (NYSE:PLNT). With more than 2,900 locations, Planet Fitness is the largest gym operator in the U.S. In 2025, Planet Fitness generated a record revenue of $1.32 Billion helped by 12% year over year sales growth. In the current term, the lease has 2 rent bumps over the next 6 years equating to a 15% rent increase. The lease terms offer investors above market rent rental increases providing increasing NOI and a realistic opportunity for value appreciation. The NNN lease structure makes this an ideal investment for the investor seeking passive income without the obligation of maintaining and managing the property. Planet Fitness pays all CAM expense directly giving the property owner a true hands-off investment. With Planet Fitness having opened 181 stores in 2025 with another 180 planned openings in 2026, they are best-positioned of any gym operator to meet the consumer demand in a changing health and fitness industry.


Planet Fitness benefits from being located within 2 miles from major employers Anheuser-Busch, Northrup Grumman, and Amazon. Cal State Northridge with 38,000 students and 4,000 employees is also within 2 miles and these employers and the university provide a valuable captive and young consumer base for Planet Fitness to serve. With a $140,022 AHHI within a 1-mile radius and 280,246 residents within a 5-mile radius, this is an optimal trade area for Planet Fitness as it provides a high level of discretionary income over a large population base. The combination of having the leading gym operator serving a vibrant and proven trade area in one investment is an opportunity to acquire one of the healthiest investments on the market today.

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