Freestanding Drug Store with
For Sale
$6,200,000
3917 N NEBRASKA AVENUE, Tampa, FL 33603
Freestanding Walgreens building with covered drive-through, high ceilings, 67 parking spaces, and CG zoning at a lighted intersection.
Property Size15,022 SF
Lot Size1.94 Acres
Price / SF$412.73
Days on Market557
Property Features for 3917 N NEBRASKA AVENUE
General Information
Standard status
Active
Size
15,022 SF
Total Parking Spaces
67
Lot size
1.94 Acres
Property subtype
Retail
Zoning
CG
Site & Location
Traffic Count
35,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
20 ft
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$56,907
Building Details
Building Size
15,022 SF
Year Built
2001
Listing Agency:
BAY STREET COMMERCIAL LLC
(813) 254-2110
Listed By:
Michael Braccia, PA · License #3033512
(813) 625-2375
Source:
Allencollinsrealty
Added: Jan 31, 2025
Changed: Aug 8
Last Checked: Aug 11 at 4:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BAY STREET COMMERCIAL LLC
Investment Insights
Based on property information with market context.
This former 15,022 SF freestanding Walgreens is located within a 1.94-acre, CG (Commercial General) zoned lot. The interior features approximately 20-foot high ceilings with 35-foot column spacing. Improvements include a covered drive-through lane, ample 3-phase power, and a fully fire sprinklered building.
The property is positioned at a lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd, with a combined traffic count of 35,000 VPD (both streets). Site access is available from both streets, and the property provides 67 parking spaces.
For buyers and operators, the existing freestanding retail/drug store configuration offers a drive-through-oriented layout with high ceilings and generous column spacing. The site also has preliminary site plan approval for a “Live Local” redevelopment concept, which produced a probable site plan of 230-250 units with a 7-story height limit after a zoning and comprehensive plan change. The property is located within an Opportunity Zone.
The property is positioned at a lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd, with a combined traffic count of 35,000 VPD (both streets). Site access is available from both streets, and the property provides 67 parking spaces.
For buyers and operators, the existing freestanding retail/drug store configuration offers a drive-through-oriented layout with high ceilings and generous column spacing. The site also has preliminary site plan approval for a “Live Local” redevelopment concept, which produced a probable site plan of 230-250 units with a 7-story height limit after a zoning and comprehensive plan change. The property is located within an Opportunity Zone.
Key Highlights
- Former 15,022 SF freestanding Walgreens on a 1.94‑acre (84,366 SF) CG‑zoned lot
- Located at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd with 35,000 VPD combined traffic count
- Covered drive‑through lane plus ample 3‑phase power and fully fire sprinklered building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$205,501
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,110,020
$4.1M
Cap Rate 7%
$2,935,729
$2.9M
Cap Rate 9%
$2,283,344
$2.3M
Market Conditions
NOI Build-Up for 15,022 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$288.4K $19.20/SF
− Vacancy
−$14.4K −$0.96/SF
EGI
$274.0K $18.24/SF
− OpEx
−$68.5K −$4.56/SF
NOI
$205.5K $13.68/SF
Area
Tampa, FL
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,110,020
Cap Rate 7%
$2,935,729
Cap Rate 9%
$2,283,344
Alternative Uses
Best Use
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,501 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$2.56M
$2.24M – $2.98M
NOI $178,867 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $244,979 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
35,000 VPD
Traffic count
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
93k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 31%
Groceries 23%
Electronics 1%
McDonald's
Dining
23,106 visits/mo
0.3 miles
Winn-Dixie
Groceries
21,462 visits/mo
0.2 miles
7-Eleven
Shops & Services
19,402 visits/mo
0.3 miles
Chevron
Shops & Services
7,641 visits/mo
0.3 miles
BP
Shops & Services
7,014 visits/mo
0.3 miles
Demographics for 33603, FL
19,070
Population
9,592
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,651
Density / Sq Mi
$64,632
Median Household Income
$43,136
Median Earnings
$1,320
Median Rent
$344,100
Median Home Value
Market
Vacancy Rate% for Retail in Tampa, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Thong Truong — 3917 N Nebraska Ave, Tampa, FL 336035017
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Frequently Asked Questions
What type of property is this?
Drug store - Freestanding Walgreens building with covered drive-through, high ceilings, 67 parking spaces, and CG zoning at a lighted intersection.
Where is this drug store located?
The property is located at 3917 N NEBRASKA AVENUE Tampa, FL.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Former 15,022 SF freestanding Walgreens on a 1.94‑acre (84,366 SF) CG‑zoned lot; Located at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd with 35,000 VPD combined traffic count; Covered drive‑through lane plus ample 3‑phase power and fully fire sprinklered building
