5420 Dr Martin Luther King Jr St N - Drug Store FOR SALE


Saint Petersburg, FL 33703- Calais Village
$5,985,692 USD
847-562-8500
5420 Dr Martin Luther King Jr St N, Saint Petersburg, FL for Sale
$5,985,692 USD
Drug Store - FOR SALE
1/6
null | 6.5% Cap Rate

5420 Dr Martin Luther King Jr St N
Saint Petersburg, FL 33703
Calais Village


HIGHLIGHTS

  • Tampa MSA
  • NNN lease – No landlord responsibilities
  • Long term lease through 2039
  • Successful operating history spanning multiple decades
  • Large 2.12-acre site
  • Over 247,000 people live within a ?ve-mile radius

OVERVIEW

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located within the Tampa MSA in St. Petersburg, Florida. Walgreens has maintained a strong operating presence at this location for decades and recently demonstrated long-term commitment by extending the lease through February 2039. The lease features 5% rental escalations every ?ve years throughout the remaining term and twelve 5-year renewal options. Additionally, the lease is absolute triple net and features zero landlord responsibilities. The 20,921-square-foot building is located at the signalized intersection with a traffic count of 39,800 vehicles per day. The property bene?ts from it’s proximity to major roads like Interstate 275 (155,000 VPD) and 4th Street (37,500 VPD). The property sits within a densely populated ?ve-mile radius of over 247,000 residents, boasting an average household income of $104,303. The property is also surrounded by local demand drivers such as Northeast High School (1,700+ students), Shorecrest Preparatory School, and the Academy of Information Technology. The asset is also within walking distance of the newly built 415-unit Arya apartment complex. Walgreens is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc., a global leader in retail pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and wellbeing of every community in America. Operating more than 8,100 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services.

FOR SALE DETAILS

PRICE

$5,985,692 USD

PRICE/SF

$258 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1954

SPRINKLERS

-

PARKING SPACES

133

LAND DETAILS

LAND ACRES

2.12 AC

LAND SF

92,347 SF

ZONING

CG

APN/PARCEL ID

36-30-16-60696-012-0010

ASK ABOUT THIS PROPERTY

Jimmy GoodmanThe Boulder GroupMore Info
847-562-8500

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Jimmy GoodmanThe Boulder GroupMore Info
847-562-8500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.