Is there data or comps to support a stable fitness franchise in a growing market selling for a 3-4x multiple? Recognizable brand with corporate marketing support. On the premium end of the boutique "group fitness" model (i.e. not planet fitness). Product is great 200+ 5.0 star reviews on Google.

The location has been open for more than 7 years, showing stable 5-7% YoY growth past 3 years. SDE in the range of $550k-600k/yr with minimal owner involvement aside from regular operations.

Located in a top 10 growing metro market in the US (2-3%/yr). Stable rent and lease through 2030.

No major red flags in the financials. Of course, there is always the risk of changing fitness trends and recessionary impact on discretionary spending.

What is a reasonable multiple? Is there any data to show that a fitness franchise shouldn't get a standard market multiple?