Walgreens Drug Store on Signalized
For Sale
$6,000,000
1954 SW Gatlin Blvd, Port St Lucie, FL 34953
Corporate-leased Walgreens on a signalized corner with strong visibility and access along Gatlin Blvd carrying about 58,500 vehicles per day.
Property Size13,569 SF
Lot Size1.80 Acres
Price / SF$442.18
Days on Market48
Property Features for 1954 SW Gatlin Blvd
General Information
Standard status
Active
Size
13,569 SF
Lot size
1.80 Acres
Property subtype
Drug Store
Lease Type
NNN
Additional Details
Cap Rate
7.18%
Road Access
Yes
Amenities
Signalized Hard Corner With Exposure To 58,500 VPD Along Gatlin Blvd Plus 3,800 VPD On SW Fondura Rd, Providing Outstanding Visibility And Access.
Located In One Of Florida's Fastest-Growing Cities With The 5-Mile Population Projected To Reach 187,000+ Residents By 2030
Robust Household Growth With More Than 64,600 Households Today And Nearly 72,500 Projected Within Five Miles By 2030.
Affluent Consumer Base With Average Household Income Exceeding $93,000 Within A Five-Mile Radius.
Dense Residential Trade Area Supported By More Than 168,000 Residents And 114,800 Daytime Employees Within Five Miles.
Port St. Lucie Benefits From Strong Population Growth, Affordable Housing, And Continues To Rank Among Florida's Premier Relocation Markets.
Tourism And Economic Drivers Include New York Mets Spring Training, Atlantic Beaches, Golf, Healthcare, And A Growing Service Economy.
High Homeownership, Expanding Residential Development, And Strong Household Growth Continue To Support Long-Term Retail Demand.
Building Details
Building Size
13,569 SF
Tenancy
Single
Listed By:
Nick Collins · License #License(s): FL: SL3546839, MD: 662623
(904) 672-1442
Source:
Marcusmillichap
Added: Jul 29
Changed: Sep 5
Last Checked: Sep 14 at 5:07AM
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 Nick Collins
Investment Insights
Based on property information with market context.
A corporate-leased Walgreens drug store located at 1954 SW Gatlin Blvd in Port St. Lucie, Florida. The property totals 13,569 SF and is positioned on a highly visible signalized corner along Gatlin Blvd, with additional exposure along SW Fondura Road. The location is described as having excellent access and outstanding visibility, serving strong consumer traffic.
Gatlin Blvd carries approximately 58,500 vehicles per day, supporting retail customers in a dense and expanding residential trade area. The remarks indicate the property serves more than 168,000 residents within five miles, with population expected to exceed 187,000 by 2030. Household growth is described as fueling retail demand, and the surrounding trade area is reported to have average household income exceeding $93,000.
The asset is presented as a corporate Walgreens location with stable cash flow backed by Walgreens. The offering also references a 7.18% cap rate.
Gatlin Blvd carries approximately 58,500 vehicles per day, supporting retail customers in a dense and expanding residential trade area. The remarks indicate the property serves more than 168,000 residents within five miles, with population expected to exceed 187,000 by 2030. Household growth is described as fueling retail demand, and the surrounding trade area is reported to have average household income exceeding $93,000.
The asset is presented as a corporate Walgreens location with stable cash flow backed by Walgreens. The offering also references a 7.18% cap rate.
Key Highlights
- Walgreens drug store on a highly visible signalized corner
- Gatlin Blvd traffic: approximately 58,500 vehicles per day
- Additional exposure along SW Fondura Road
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
$202,672
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
3.38%
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%
$4,053,440
$4.1M
Cap Rate 7%
$2,895,314
$2.9M
Cap Rate 9%
$2,251,911
$2.3M
Market Conditions
NOI Build-Up for 13,569 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
$293.1K $21.60/SF
− Vacancy
−$22.9K −$1.68/SF
EGI
$270.2K $19.92/SF
− OpEx
−$67.6K −$4.98/SF
NOI
$202.7K $14.94/SF
Area
St. Lucie County, FL
Vacancy
7.80%
Lease Rate
$21.60 /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%
$4,053,440
Cap Rate 7%
$2,895,314
Cap Rate 9%
$2,251,911
Alternative Uses
Best Use
Specialty Retail
$2.90M
$2.53M – $3.38M
NOI $202,672 @ 7.0% cap · market cap 3.38%
Second Best
Retail
$2.23M
$1.96M – $2.61M
NOI $156,437 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$3.41M
$2.99M – $3.98M
NOI $238,869 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
446k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 44%
Dining 26%
Shops & Services 26%
Groceries 4%
Walmart
Superstores
112,820 visits/mo
0.3 miles
Sam's Club
Superstores
85,136 visits/mo
0.5 miles
RaceTrac
Shops & Services
48,488 visits/mo
0.2 miles
Sam's Club Gas Station
Shops & Services
31,477 visits/mo
0.4 miles
McDonald's
Dining
30,786 visits/mo
0.4 miles
Demographics for 34953, FL
77,023
Population
28,131
Households
2.7
Avg Household Size
39
Median Age
23%
College-Educated
90%
High-School Grad
23.8 sq mi
ZIP Area
3,236
Density / Sq Mi
$81,028
Median Household Income
$39,348
Median Earnings
$1,902
Median Rent
$326,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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- Sam's Club Pharmacy — 1750 SW Gatlin Blvd, Port St. Lucie, FL 34953
- Gary Morris, Pharm — 1954 SW Gatlin Blvd, Port St. Lucie, FL 34953
Frequently Asked Questions
What type of property is this?
Drug store - Corporate-leased Walgreens on a signalized corner with strong visibility and access along Gatlin Blvd carrying about 58,500 vehicles per day.
Where is this drug store located?
The property is located at 1954 SW Gatlin Blvd Port St Lucie, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Walgreens drug store on a highly visible signalized corner; Gatlin Blvd traffic: approximately 58,500 vehicles per day; Additional exposure along SW Fondura Road
