Fitness Center Feasibility Study in the Richmond, VA Metro Area

Brand-heavy gyms in Richmond

Franchise share of 57.9% means more than half of Richmond's fitness center loans carry a brand. SBA lists 38 loans totaling $16.8 million. Median size is $301,500, 1.16x nationally, with the middle half beginning at $75,250 and ending at $477,400. Fitness ranks fifth locally (5 of 39), posts a location quotient of 1.14x, and the metro places 61 of 608 nationally.

Counties and holders

Henrico County, VA carries 13 loans, Chesterfield County, VA 11 and Richmond city, VA 8, so the suburbs lead the city. The program counts are withheld. Listed holders: The Huntington National Bank has 6 loans ($1.3 million) and Manufacturers and Traders Trust Company 8 ($1.3 million), SBA tallies and nothing more.

Years that print

FY2019 printed 7 loans and $2.2 million, FY2021 printed 0 loans and $0, and FY2023 printed 7 and $2.3 million. The remaining seven years are withheld. Seven years are too thin to show a trend, so the page declines to draw one.

Blanks

Richmond gym loans lack a published cancellation or charge-off rate; the lack is not a zero. Henrico, Chesterfield and Richmond city appear in the metro count because the 2023 list names them.

The Richmond gym study

With brands in the majority, a study should compare the franchise's required buildout, fees and territory with an independent concept, and tally the rival clubs and studios across the trade area. Membership demand should be built from households and workplaces within a short drive, with the university and hospital populations noted. Run coverage at $301,500 and near $477,400. The appraiser will find mostly improvements and equipment as collateral. Richmond blends state government, university, hospital and military-adjacent employment, and each gives a different weekday rhythm to a gym. A study should say which groups the planned club is built to serve, test peak-hour capacity, and examine how much of projected revenue depends on annual prepaid memberships versus monthly dues. Franchise buildout standards often dictate square footage and equipment, which can push cost above what a modest independent concept would need, so the cost schedule should be compared line by line. Because the middle half of loans begins at $75,250, a small studio is a realistic comparison, and any lender reading the file will ask why the project is larger or smaller than that benchmark.