Listed by Matthews
$4,740,740
Walgreens
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 15,432
Cap Rate 6.75%
NOI $320,000
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Expiration 01/31/2030
Lease Options Ten, 5-Year Options
Price per SqFt $307
Year Built 2004
Acreage 1.540
Investment Type Value Add
Tenant Credit Credit Rated
Ground Lease No
Ownership Fee Simle
Retail | 6.75% CAP | 15,432 SqFt
Marketing description
Walgreens, originally founded as the Walgreen Co. in Chicago in 1901, has evolved into one of America's most enduring and recognizable pharmacy and retail healthcare brands. Headquartered in Deerfield, Illinois, the company has maintained a strong national presence for over a century, anchoring community-level healthcare and everyday convenience through its vast network of retail pharmacy locations. As a core subsidiary of Walgreens Boots Alliance, the company continues to leverage its scale, brand equity, and integrated healthcare strategy to remain a critical component of the U.S. retail and pharmacy landscape.
Investment highlights
- Trophy Hard Corner Real Estate: Positioned at a highly visible signalized intersection with excellent accessibility, offering phenomenal intrinsic real estate fundamentals.
- Value-Add / Covered Land Play: With 4 years remaining on the lease, this asset offers ultimate flexibility for an investor. A buyer can collect corporate-backed rent while negotiating a lease extension, repositioning the building for a higher-paying tenant (like a medical user or QSR), or redeveloping the site entirely.
- Massive Exposure (+90,000 VPD): The property benefits from exceptional visibility along US-19, which carries roughly 90,000 vehicles daily, ensuring the site remains highly desirable for any future tenant.
- High Barrier-to-Entry Market: Pinellas County is the most densely populated county in Florida. Prime corner parcels of this size on US-19 are exceptionally rare and highly sought after by developers and expanding retailers.
- Strong Purchasing Power: The 5-mile radius boasts an average household income over $115,000, providing a robust consumer base to support pharmacy sales or any future retail concept.
- Income Tax-Free State: Located in Florida, providing a significant tax advantage and acting as a major draw for out-of-state capital looking to park money in premium Sunbelt real estate.
- Store Performance: This store ranks in the 100th percentile for the city, making it the #1 most visited Walgreens out of the 4 locations in Palm Harbor. It also ranks in the 83rd percentile nationally.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$320,000.00
$26,666.67/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
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