Listed by Ripco Real Estate
$8,200,000
Walgreens - 103 Indian Rocks Rd
Details
APN 32-29-15-55350-011-0050,32-29-15-55350-011-0010,32-29-15-06300-000-0010
Property Type Retail
Sub Type Pharmacy/Drug, Freestanding
Square Footage 14,490
Units 1
Cap Rate 6.00%
NOI $429,000
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 75
Lease Expiration 09/01/2078
Remaining Term 4
Lease Options 10, 5-Year Termination Options beginning 8/31/2028, renewing every 60 months; 6 months prior written notice required
Broker Co-Op Yes
Year Built 2003
Buildings 1
Stories 1
Acreage 1.680
Zoning GC-General Commercial
Parking Spaces 54 spaces
Parking per 1,000 SqFt 3.73
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 09/01/2003
Ownership Fee Simple
Absolute NNN-5 Minutes to Belleair Beach-Tenant Since 2003 - "A" Location in Tampa MSA
Marketing description
Freestanding listing at Walgreens | 103 Indian Rocks Rd., Belleair Bluffs, Florida
Investment highlights
- Absolute NNN lease with no landlord responsibilities. The tenant is responsible for all expenses associated with the property, including roof and structure
- There are just over 2.5 years remaining on the lease
- The tenant has been at this location for over 20 years
- The first Walgreens opened in 1901 and has since grown to have over 8,000 drugstores in all 50 states, and interacts with 9 million customers in stores and online each day
- Located 5 minutes from Belleair Beach, catering to one of the most exclusive neighborhoods in Pinellas County
- Directly next door to Publix, Florida's largest grocery store chain
- The property is located on the southeast corner of the signalized intersection of West Bay Drive and Indian Rocks Road
- 77,933 population within a 3-mile radius
- $132,124 Average household income within a 3-mile radius
Listing Contacts
Listed by Ripco Real Estate
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$429,000.00
$35,750.00/mo
Valuation Metrics
0
DSCR
5.23%
Cap Rate
5.23%
ROI
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