Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Modern Fitness Center
(Recreational , Fitness Center )
Morris County , NJ
Listing ID: FITN276

Listing DetailsGross Revenue: $ 800,000
FFE: $ 285,000 (Included in Price)
Reason for Sale:

The owner is presently semi absentee involved in an alternative industry.


Training & Support:

The owner / sellers will remain post-closing for 30 days and supply a transitional period.


OperationsYear Established: 2016
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 40000
Monthly Rent: $ 28,000
Square Footage: 24429
Facilities:

The business is located in Northern New Jersey, in the county of Morris which consists of various highly populated affluent communities. The facility consists of 24,429 square feet in a newer and ultra-modern, fully equipped state of the art building. This gym has various build out sections designed for separate functions and services.


SummaryBusiness Description:
Super opportunity for this newly built supersized, 24,429 square feet, fully equipped modern fitness center / gym with a substantial projected net yearly income to the owner operator. This state-of-the-art modern facility offers every possible service in the fitness industry. The business presently has approximately 2,000 active members and continues to enroll new registered contract members and expected to substantially increase its growth within the next few months. The build out cost, high quality equipment represents a substantial investment which will result in an excellent and continued cash flow to the owner operator. This franchise name and brand has been one of the top leaders in the fitness industry for over 35 years. With 300 licensees in 39 states, the franchise has continued to steadily gain global attention by expanding into 17 different countries worldwide. The franchise name and logo provide its gyms instant recognition and credibility associated with an internationally registered trademark and service mark symbolic with quality in the health and fitness industry. Today, this franchise is in the midst of tremendous growth and expansion. One reason for this surge in membership and facilities has been the gym’s ability to not only accommodate the conditioned market, but to also attract mainstream consumers and fitness enthusiast by providing excellent fitness facilities. The famous logo is a sign of credibility across the country and is a testament of where this company began. The gym trademark is associated with service and quality and is apparent throughout each facility that opens its doors to over 1.5 million dedicated members. The business opened early 2016, has an estimated 2019 yearly gross income of approximately $800,000. The owner collects a monthly income from three subleases and an increasing net yearly income. The business has an assignable commercial lease which expires 2036-01-01 plus additional options, with a monthly rent of $28,000, cost per square foot is approximately $12.00 and rent security $40,000. The business has an assignable commercial lease which expires 2036-01-01 plus additional options, with a monthly rent of $28,000, cost per square foot is approximately $12.00 and rent security $40,000.

 


Competition:

To the best of our knowledge, no other new competitors are expected near to this business and the owner has agreed to supply a non-compete agreement to the purchaser.


Potential Growth:

The business is operated semi absentee, requires onsite management and an improved marketing system to further develop gross sales.


Financing/Terms:

Approved with approximately 50% down, 6% interest, 7 yr. term.