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Walgreens 875 Dr Martin Luther King Jr St N

14,208 SF Retail Building Saint Petersburg, FL 33701 $4,482,439 CAD ($315 CAD/SF) 5.85% Cap Rate

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA)
  • Very Low Rent of $12 Per Square Foot | Strong Intrinsic Value
  • Located right down the street from St Anthony’s Hospital with 395-beds and nearby John Hopkins Children’s Hospital with 259-beds
  • Recently Extended 10 Year NN Lease Showing Strong Commitment to the Site | Transferrable Roof Warranty
  • Hard Corner Signalized Intersection | Exposure to more than 20,800 Vehicles Per day
  • Fee Simple Allowing for Depreciation | Drive-Thru Pharmacy

Executive Summary

Marcus & Millichap is pleased to present for sale this Walgreens Pharmacy and Drug Store located at 875 Dr. Martin Luther King Jr. Street in St. Petersburg, Florida. St. Petersburg is a city in Pinellas County, Florida with a population of 258,308 making it the fifth-most populous city in Florida and the second largest city in the Tampa Bay Area after Tampa. Along with Clearwater, it is part of the St. Petersburg-Clearwater Metropolitan Statistical Area. Major employers in St. Petersburg include 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.
Colleges in the area include The University of South Florida at St. Petersburg with 3,944 enrolled students, St. Petersburg College with 24,543 enrolled students and Pinellas Technical College.
Numerous apartment complexes surround this Walgreens Property including Crescent Lake Apartments, Camden Central Apartments, 930 Flats, Cottonwood Bayview Apartments, Vantage St. Pete, Hermitage, Fusion 1560, 1701 Central and Avanti.
Numerous hospitals are located in close vicinity to this Walgreens including 393- Bed St. Anthony’s Hospital, and John Hopkins Children’s Hospital with 259-Beds.
Walgreens (NYSE: WBA) is a publicly traded company and one of the largest drugstore chains in the U.S. Walgreens is part of the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc, an American multinational holding company and integrated healthcare, pharmacy and retail leader. Operating more than 8,700 retail locations across the U.S. and Puerto Rico, Walgreens serves nearly 9 million customers and patients daily. The company’s approximately 26,000 pharmacists are playing a more critical role in healthcare than ever before, providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for some of the nation’s most underserved populations. Walgreens offers customers and patients a true omnichannel experience, with fully integrated physical and digital platforms designed to deliver high-quality products and healthcare services. Within the U.S. Healthcare segment, Walgreens portfolio also includes businesses in primary care, multi-specialty, post-acute care, urgent care, specialty pharmacy services, population health and provider entablements.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,208 SF
Building Class
B
Year Built
1993
Price
$4,482,439 CAD
Price Per SF
$315 CAD
Cap Rate
5.85%
NOI
$262,223 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.29
Land Acres
1.13 AC
Zoning
C-2
Parking
40 Spaces (2.82 Spaces per 1,000 SF Leased)
Frontage
261 ft on 9th Ave

Amenities

  • Pylon Sign
  • Signage

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease End
  • Retailer
  • 14,208 SF
  • -
  • -

Walgreens est une destination de santé locale fiable et pratique sur laquelle des millions d'Américains comptent chaque jour. Leur fondateur, Charles R. Walgreen père, était connu pour avoir trouvé de nouvelles façons de communiquer avec les clients sur un plan personnel et pour traiter chaque personne comme un invité dans sa propre maison. Depuis plus d'un siècle, ils ont élargi ce lien personnel grâce à leur réseau de pharmacies de quartier et à leurs produits et services de santé novateurs. Le fondement de tout cela repose sur leur expertise pharmaceutique de confiance et les membres de leur équipe qui fournissent des soins essentiels qui aident les gens à obtenir de meilleurs résultats en matière de santé à un coût abordable.

Tenant Industry SF OCCUPIED RENT/SF Lease End
Retailer 14,208 SF - -
Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Starbucks
Chase Bank
9round Fitness
Chicken Salad Chick
Seacoast Bank
CAVA
First Watch
F45 Training, Inc.
Outback Steakhouse
Synovus Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
18-31-17-46840-001-0010
Land Assessment
$1,416,893 CAD
Improvements Assessment
$2,020,090 CAD
Total Assessment
$3,436,983 CAD
  • Listing ID: 30937532

  • Date on Market: 2024-02-12

  • Last Updated:

  • Address: 875 Dr Martin Luther King Jr St N, Saint Petersburg, FL 33701

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