For Sale
$3,162,393

875 9Th AveSt. Petersburg, FL 33701

High-Yield Walgreens Pharmacy in St. Pete

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a 14,208-square-foot Walgreens conveniently located at 875 9th Ave N, St. Petersburg, FL 33701. The property boasts a strong 5.85% cap rate, generating a net operating income (NOI) of $185,000 annually. Secured by a corporate guarantee from Walgreens (NYSE: WBA), this single-tenant, net-lease property features a recently extended 10-year lease commencing June 1, 2024, and expiring May 31, 2034, with three 5-year renewal options. The lease includes a rent bump of $10,000 in 2034, followed by a flat rate. The property sits on a 1.13-acre lot and includes a drive-thru pharmacy. Its prime location on a signalized intersection ensures high visibility and exposure to over 20,800 vehicles daily. The surrounding area is densely populated, with numerous apartment complexes, major employers (including Raymond James, John Hopkins Children's Hospital, Home Shopping Network, St. Anthony's Hospital, Publix Super Markets, Fidelity National Information Services, The Continental Group, and Spectrum), and educational institutions (The University of Florida at St. Petersburg, St. Petersburg College, and Pinellas Technical College) all contributing to a robust customer base. The property's strong tenant, favorable lease terms, and strategic location make it an attractive investment with significant long-term potential. The asking price is $3,162,393, translating to $222.58 per square foot. The building, constructed in 1993, is a single-story structure with 100% occupancy. Florida's no-income-tax environment further enhances the investment's appeal.

Highlights

  • Walgreens corporate guarantee (NYSE: WBA).
  • Recently extended 10-year net-net lease with transferable roof warranty.
  • Low rent of $12/SF, strong intrinsic value.
  • High-visibility corner location on a signalized intersection, exceeding 20,800 vehicles daily.
  • Excellent location near St. Anthony's (395 beds) and John Hopkins Children's Hospitals (259 beds).
  • Strong tenant base including Raymond James, Home Shopping Network, Publix, and Fidelity National Information Services.

Property Details for 875 9Th Ave

Property type
Retail properties, Drug stores
Square Feet
14,208 SF
Year Built
1993
Buildings
1
Stories
1
Lot Size (sq. ft)
49,223 SF
Units
1

Location Insight

City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.7811831
Longitude
-82.6461117
875 9Th Ave, St. Petersburg, Florida

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875 9Th Ave
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