Freestanding Drug Store with
For Sale
$5,250,000
3917 N Nebraska Avenue TAMPA, Tampa, FL 33603
Former Walgreens includes 20-foot ceilings, drive-through lane, and 67 parking spaces on a CG-zoned lot.
Property Size15,022 SF
Lot Size1.94 Acres
Price / SF$349.49
Days on Market54
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
Warehouse & Industrial
Clear Height
20 ft
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Opportunity Zone
Yes
Traffic Count
35,000 vehicles/day
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
Listing Agency:
THE REAL ESTATE COLLECTION LLC
(407) 656-7814
Listed By:
Morgan Horsley · License #3121297
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 7
Changed: Aug 28
Last Checked: Aug 29 at 6:56AM
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 THE REAL ESTATE COLLECTION LLC
Investment Insights
Based on property information with market context.
This former 15,022 SF freestanding drug store (Walgreens) is built for retail drive-through operations. The interior features approximately 20-foot high ceilings with about 35-foot column spacing, and the building is fully fire sprinklered. The site plan also includes a covered drive-through lane and ample 3-phase power, supporting both current and adaptive retail uses.
The property is located on an 84,366 SF (1.94-acre) Commercial General (CG) zoned lot at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd. The combined traffic count is listed at 35,000 VPD (both streets). Access is available from both streets, and the site provides 67 parking spaces.
For buyers or operators evaluating re-use or redevelopment, the remarks include preliminary site plan approval for a “Live Local” redevelopment concept, with a probable plan of 230–250 units and a 7-story height limit after a zoning and comprehensive plan change. The property is described as located within an Opportunity Zone. Also available for lease, the asset’s configuration and site access may support a range of retail-oriented occupancy plans, subject to applicable approvals.
The property is located on an 84,366 SF (1.94-acre) Commercial General (CG) zoned lot at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd. The combined traffic count is listed at 35,000 VPD (both streets). Access is available from both streets, and the site provides 67 parking spaces.
For buyers or operators evaluating re-use or redevelopment, the remarks include preliminary site plan approval for a “Live Local” redevelopment concept, with a probable plan of 230–250 units and a 7-story height limit after a zoning and comprehensive plan change. The property is described as located within an Opportunity Zone. Also available for lease, the asset’s configuration and site access may support a range of retail-oriented occupancy plans, subject to applicable approvals.
Key Highlights
- Former 15,022 SF freestanding Walgreens on a 1.94‑acre CG (Commercial General) zoned lot
- High ceilings of approximately 20 ft with 35 ft column spacing
- Drive‑through lane plus 67 parking spaces; access from Nebraska Ave and Dr Martin Luther King Jr Blvd
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
3.91%
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 3.91%
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.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
35,000 VPD
Traffic count
Yes
Heavy power
Yes
Sprinkler system
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
Market
Vacancy Rate% for Retail in Tampa, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Former Walgreens includes 20-foot ceilings, drive-through lane, and 67 parking spaces on a CG-zoned lot.
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 CG (Commercial General) zoned lot; High ceilings of approximately 20 ft with 35 ft column spacing; Drive‑through lane plus 67 parking spaces; access from Nebraska Ave and Dr Martin Luther King Jr Blvd
