Gulfport Walgreens Investment
For Sale
Contact for pricing
5701 Gulfport Blvd S, Gulfport, FL 33707
NN Walgreens with 35+ years remaining on the lease.
Property Size14,725 SF
Price / SF$269.38
Days on Market152
Property Features for 5701 Gulfport Blvd S
General Information
Standard status
Active
Size
14,725 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$238,000
Building Details
Year Built
1996
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Longstead at The Corcoran Group
(786) 326-3774
Listed By:
Cyril Bijaoui · License #FL 3325796
Source:
Crexi
Added: Mar 13
Changed: Aug 9
Last Checked: Aug 11 at 7:22PM
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 Longstead at The Corcoran Group
Investment Insights
Based on property information with market context.
This single-tenant, double-net (NN) Walgreens pharmacy is located at 5701 Gulfport Blvd S in Gulfport, FL. The property has a lease extended through December 31, 2061, executed in December 2025. The property is the only Walgreens in the City of Gulfport, serving as the community's anchor pharmacy for a trade area with a median age of 56.4 years within one mile. The building has a drive-through pharmacy on site. The property is located at the signalized intersection of Gulfport Blvd S and 58th Street S with approximately 15,700–17,500 vehicles per day. Landlord responsibilities are limited to roof and structure only. Tenant covers taxes, insurance, utilities, HVAC, and all interior repairs. The next earliest termination option is December 31, 2035, providing a minimum 10-year guaranteed income stream from lease signing. The property has a current NOI of $238,000 per year that will increase to $267,400 per year on January 1, 2036.
Key Highlights
- Long‑term lease with Walgreens through December 31, 2061, demonstrating a strong commitment.
- Double‑net (NN) lease with minimal landlord responsibilities (roof and structure only).
- Only Walgreens in Gulfport, serving as the community's anchor pharmacy.
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
$163,668
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
4.13%
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%
$3,273,360
$3.3M
Cap Rate 7%
$2,338,114
$2.3M
Cap Rate 9%
$1,818,533
$1.8M
Market Conditions
NOI Build-Up for 14,725 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
$229.7K $15.60/SF
− Vacancy
−$11.5K −$0.78/SF
EGI
$218.2K $14.82/SF
− OpEx
−$54.6K −$3.70/SF
NOI
$163.7K $11.11/SF
Area
Pinellas County, FL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$3,273,360
Cap Rate 7%
$2,338,114
Cap Rate 9%
$1,818,533
Alternative Uses
Best Use
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,668 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$2.07M
$1.81M – $2.41M
NOI $144,563 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,106 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
566
Businesses Nearby
10k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Chevron
Shops & Services
3,358 visits/mo
0.5 miles
Citgo
Shops & Services
3,312 visits/mo
0.5 miles
Regions Bank
Shops & Services
2,992 visits/mo
0.1 miles
Meineke Car Care Center
Shops & Services
672 visits/mo
0.5 miles
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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- Walgreens Pharmacy — 5701 Gulfport Blvd S, Gulfport, FL 33707
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Frequently Asked Questions
What type of property is this?
Drug store - NN Walgreens with 35+ years remaining on the lease.
Where is this drug store located?
The property is located at 5701 Gulfport Blvd S Gulfport, FL.
What is the asking price?
The asking price for this property is $3,966,667.
What are key features of this property?
This property features: Long‑term lease with Walgreens through December 31, 2061, demonstrating a strong commitment.; Double‑net (NN) lease with minimal landlord responsibilities (roof and structure only).; Only Walgreens in Gulfport, serving as the community's anchor pharmacy.
