The Rock UndergroundFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A The Rock Underground franchise requires a total initial investment of $71K – $188K, including a $25K franchise fee and an ongoing 6.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: B. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $71K – $188K
- 21st pct Education
- Avg gross sales
- N/A
- 47th pct Education
- Royalty
- 6.0%
- 6th pct Education
- Units
- 6
- 18th pct Education
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Education · color = vs category peers
Green = >15% above Education avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 4 to 3 over 3 years. Investigate why operators are leaving.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $71K – $188K including a $25K franchise fee, 6.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above Average) with a risk score of 57/100.
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- The Rock Underground Franchisor Incorporated
- CEO title
- Chief Executive Officer and Vice President
- Steve Eplan
- CEO experience
- 2011 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- NY
- HQ
- 6067 Jericho Turnpike, Commack, New York 11725
- Auditor
- Muhammad Zubairy, CPA PC
- Audited financials
- Franchisor revenue
- $19K
- vs $13K prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Overview
About
The Rock Underground operates climbing gyms or underground fitness/adventure facilities where franchisees manage day-to-day climbing instruction, equipment maintenance, membership sales, and facility operations. Franchisees hire staff, schedule classes, maintain safety protocols, and drive local marketing to build recurring revenue from memberships and day-pass customers.
- CEO
- Steve Eplan
- Headquarters
- NY
- Founded
- 2011
- FDD year
- 2025
- States available
- 1
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $25K | $25K |
| Working capital (3–6 mo) | $10K | $20K |
| Equipment, build-out, other | $36K | $143K |
| Total initial investment | $71K | $188K |
Source: The Rock Underground 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $71K – $188K
- Better than avg vs category
- Liquid capital req'd
- $10K – $20K
- Better than avg vs category
- Franchise fee
- $25K – $25K
- Better than avg vs category
- Royalty
- 6.0%
- Gross Sales · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $300 |
| Training fee | $2K |
| Transfer fee | $18K |
| Renewal fee | $12K |
| Total fee load | 7.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Education averages
How The Rock Underground Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 6
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 67%
- vs corporate-owned
- Net growth (yr3)
- +33.3%
- Net unit change last year
- 3-yr CAGR
- +33.3%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 1
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
1
states with franchisees (per FDD Item 12)
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $14K
- Median loan
- $14K
- 50th percentile
- Charge-off rate
- 0.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 100.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 1
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into The Rock Underground's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 1 lenders with concentration factor
- Per-state charge-off rates across 1 states
- Startup risk premium and job creation velocity
- 1-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Nascent franchise with critical financial transparency gaps and insufficient unit base to validate unit economics or system viability.
Litigation (Item 3)
Item 3 (Litigation) section not provided in document
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Muhammad Zubairy, CPA PC⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 57 / 100 rating
- 01MEDNo average revenue or net income disclosed (Item 19 missing) — impossible to assess ROI on $70.5k–$187.6k investment
- 02MEDOnly 6 total units with 33.3% YoY growth is extremely small system size — limited peer data and high systemic fragility
- 03MED6% royalty on undisclosed revenue creates opacity — franchisees cannot benchmark performance against system averages
- 04MINORWide investment range ($117.1k spread) suggests inconsistent buildout costs or undefined scope of work
- 05HIGHNo litigation disclosed but micro-system size limits statistical relevance — hidden disputes may not surface
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius / Population |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| Territory population | 500,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | New York |
| Litigation count | 0 |
View Item 3 litigation summary
Item 3 (Litigation) section not provided in document
Items 10, 11
Training & Operations
- Classroom training
- 20 hrs
- On-the-job training
- 30 hrs
- Training location
- franchisor offices
- Ongoing training
- Required
- Field support
- 80 hrs/yr
- On-site visits per year
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
2 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
The Rock Underground · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a The Rock Underground franchise?
The total investment to open a The Rock Underground franchise ranges from $71K – $188K, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do The Rock Underground franchise owners earn?
The Rock Underground does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is The Rock Underground's franchise failure rate?
SBA 7(a) loan charge-off data is not available for The Rock Underground (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many The Rock Underground franchise locations are there?
As of their most recent FDD filing, The Rock Underground has 6 total units in the United States, including 4 franchised units and 2 company-owned units. 1 new units were opened in the latest reporting year.
Is The Rock Underground a good franchise to buy?
FranchiseVerdict rates The Rock Underground as a B-grade franchise with a risk score of 57 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.