Freestanding Drug Store with
For Sale
$5,250,000
3917 N Nebraska Avenue TAMPA, 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$349.49
Days on Market117
Property Features for 3917 N Nebraska Avenue TAMPA
General Information
Standard status
Active
Size
15,022 SF
Total Parking Spaces
67
Lot size
1.94 Acres
Zoning
PD
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
Amenities
1
Public Records
true
1.9368
1.94
false
Over 30 Spaces
Asphalt
Slab
County Road
15022
Building Details
Building Size
15,022 SF
Year Built
2001
Buildings
1
Stories
1
Listed By:
Morgan Horsley
(407) 656-7814
Source:
Therealestatecollection
Added: Jun 25
Changed: Oct 1
Last Checked: Oct 7 at 8:47AM
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 Morgan Horsley
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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 / Yr
$205,501
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
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
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 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 3.91%
Second Best
Retail
$2.56M
$2.24M – $2.98M
NOI $178,867 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $244,979 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
881
Businesses Nearby
97k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 24%
Groceries 22%
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
0.2 miles
Family Dollar
Shops & Services
8,573 visits/mo
0.4 miles
Chevron
Shops & Services
7,641 visits/mo
0.4 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Tampa, FL
Similar Off Market Nearby
- Jackie's Pharmacy — 507 e dr martin luther king jr blvd #101, tampa, fl 33603
- Vonzell Peoples — 3917 N Nebraska Ave, Tampa, FL 336035017
- Thong Truong — 3917 N Nebraska Ave, Tampa, FL 336035017
- Fast & Friendly Pharmacy — 227 W Dr Martin Luther King Jr Blvd, Tampa, FL 33607
- Answer Pharmacy — Tampa, FL 33603
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 Tampa, FL.
What is the asking price?
The asking price for this property is $5,250,000.
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
