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.
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Contacts
Gabriel Britti
Ricardo Esteves
Ronnie Issenberg
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875 9Th Ave, St. Petersburg, Florida, 33701
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
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875 9Th Ave
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