Walgreens Property For
For Sale
Contact for pricing
4920 SE Abshier Blvd, Belleview, FL 34420
NN property with lease extended to 2038.
Property Size15,120 SF
Price / SF$206.72
Days on Market171
Property Features for 4920 SE Abshier Blvd
General Information
Standard status
Active
Size
15,120 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$242,240
Building Details
Year Built
1998
Tenancy
Single
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Jul 13 at 6:28AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
The Walgreens property, located at 4920 SE Abshier Blvd, Belleview, FL 34420, is available for sale. The lease is structured as a double-net (NN) with minimal landlord responsibilities. In 2025, Walgreens waived its 2028 and 2033 termination options, extending the lease expiration to August 31, 2038. Walgreens is currently paying $16.02 per square foot, which aligns with market retail rents of $16–18 per square foot. The property is situated in an area with over 1,900 homes planned or under construction within a three-mile radius. Population growth has averaged approximately 4.5% per year since 2020, outpacing Ocala. The location is near The Villages, which is expanding and increasing regional housing and retail activity. A $71 million mixed-use project is proposed 2.5 miles southeast of the property. The plan includes a big-box retailer, a gas station, and 22,500 square feet of retail and restaurant space, with an estimated 400 jobs tied to the project. Walgreens operates until midnight, increasing late-hour traffic and supporting its ranking as the 3rd most-visited national drugstore chain within a 10-mile radius, with 316,000 annual visits per Placer.ai. The property size is 15,120 square feet.
Key Highlights
- Walgreens lease extended to August 31, 2038, with termination options waived in 2025
- Double‑net (NN) lease structure with minimal landlord responsibilities
- Located in an area with significant residential development: 1,900+ homes planned or underway within three miles
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
$183,185
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
5.86%
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%
$3,663,700
$3.7M
Cap Rate 7%
$2,616,929
$2.6M
Cap Rate 9%
$2,035,389
$2.0M
Market Conditions
NOI Build-Up for 15,120 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
$257.6K $17.04/SF
− Vacancy
−$13.4K −$0.89/SF
EGI
$244.2K $16.15/SF
− OpEx
−$61.1K −$4.04/SF
NOI
$183.2K $12.12/SF
Area
Marion County, FL
Vacancy
5.20%
Lease Rate
$17.04 /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%
$3,663,700
Cap Rate 7%
$2,616,929
Cap Rate 9%
$2,035,389
Alternative Uses
Best Use
Retail
$5.43M
$4.75M – $6.34M
NOI $380,289 @ 7.0% cap · market cap 12.17%
Second Best
Specialty Retail
$2.62M
$2.29M – $3.05M
NOI $183,185 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$8.26M
$7.22M – $9.63M
NOI $577,966 @ 7.0% cap · market cap 18.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34420, FL
17,969
Population
8,555
Households
2.1
Avg Household Size
45
Median Age
14%
College-Educated
91%
High-School Grad
24.1 sq mi
ZIP Area
746
Density / Sq Mi
$52,551
Median Household Income
$34,599
Median Earnings
$909
Median Rent
$192,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Sunshine Drugs-Belleview — 5909 SE Abshier Blvd, Belleview, FL 34420
- COVID-19 Drive-Thru Testing at Walgreens — 4920 SE Abshier Blvd, Belleview, FL 34420
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Frequently Asked Questions
What type of property is this?
Drug store - NN property with lease extended to 2038.
Where is this drug store located?
The property is located at 4920 SE Abshier Blvd Belleview, FL.
What is the asking price?
The asking price for this property is $3,125,678.
What are key features of this property?
This property features: Walgreens lease extended to August 31, 2038, with termination options waived in 2025; Double‑net (NN) lease structure with minimal landlord responsibilities; Located in an area with significant residential development: 1,900+ homes planned or underway within three miles
