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RecreationFor Sale in NJ

Financial & Assets Details


About the Business


Business Description

Super opportunity for this newly built supersized, 24,429 square foot, fully equipped modern fitness center / 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. This fitness center business has fourteen full & part time employees who are unaware of the pending sale, fully expected to remain post-closing with a monthly payroll of approximately $25,000. The business has an assignable commercial lease which expires 2036 plus additional options, with a monthly rent of $28,000, cost per square foot is approximately $12.00 and rent security $40,000. The 2019 projected yearly gross income is approximately $800,000 and the business expects to evidence a yearly net income of approximately $185,000 based on an onsite owner operator and prior to any debt service. Also, due to the possibility of seller discretionary income, a formal due diligence is recommended by the purchaser. The business has been valued at $550,000 based on replacement cost of the assets and a multiple of the projected net yearly income and seller financing has been approved with approximately 50% down, 6% interest, 7-year term, to a qualified buyer. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.

Growth & Expansion

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

Seller Financing

Available with an appropriate down payment.

Market 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.

Location Details:

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.

Support & Training

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

Reason for Selling:

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

Listing ID: FITN297

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