Pensacola Walgreens Investment
For Sale
Contact for pricing
Pending
700 N Pace Blvd, Pensacola, FL 32505
Corporate Walgreens with a solid net worth and long-term lease.
Property Size14,141 SF
Lot Size1.95 Acres
Days on Market676
Property Features for 700 N Pace Blvd
General Information
Standard status
Pending
Size
14,141 SF
Total Parking Spaces
72
Lot size
1.95 Acres
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$255,000
Building Details
Year Built
2003
Stories
1
Tenancy
Single
Listing Agency:
GAIA Real Estate Investments
Listed By:
Erika Carlson · License #CA 01789133
Source:
Crexi
Added: Oct 17, 2024
Changed: Aug 15
Last Checked: Aug 21 at 10:40AM
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 GAIA Real Estate Investments
Investment Insights
Based on property information with market context.
Located at 700 N Pace Blvd in Pensacola, FL, this property presents a commercial real estate investment opportunity. The property is occupied by a corporate Walgreens, which has a reported net worth of $139.1 billion. The building has an area of 14,141 square feet and is situated on a 1.95-acre lot. There are 72 parking spaces available. The lease has just under 4 years remaining on the original 24-year term and includes ten 5-year options for renewal. The property operates under a NNN lease agreement. The Net Operating Income (NOI) is $255,000, with a cap rate of 6.5%. A 10-day Right of First Refusal (ROFR) option is included.
Key Highlights
- Corporate Walgreens tenant with a net worth of $139.1 billion provides investment security.
- 6.5% Cap Rate** and $255,000 Net Operating Income (NOI).
- NNN lease type offers a hassle‑free, passive investment.
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
$169,094
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
4.64%
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%
$3,381,880
$3.4M
Cap Rate 7%
$2,415,629
$2.4M
Cap Rate 9%
$1,878,822
$1.9M
Market Conditions
NOI Build-Up for 14,141 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
$246.1K $17.40/SF
− Vacancy
−$20.6K −$1.46/SF
EGI
$225.5K $15.94/SF
− OpEx
−$56.4K −$3.99/SF
NOI
$169.1K $11.96/SF
Area
Escambia County, FL
Vacancy
8.37%
Lease Rate
$17.40 /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%
$3,381,880
Cap Rate 7%
$2,415,629
Cap Rate 9%
$1,878,822
Alternative Uses
Best Use
Specialty Retail
$2.42M
$2.11M – $2.82M
NOI $169,094 @ 7.0% cap · market cap 4.64%
Second Best
Retail
$2.28M
$2.00M – $2.66M
NOI $159,824 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,514 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32505, FL
28,671
Population
12,278
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
82%
High-School Grad
13.0 sq mi
ZIP Area
2,205
Density / Sq Mi
$41,039
Median Household Income
$27,950
Median Earnings
$1,053
Median Rent
$120,300
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.
Similar Off Market Nearby
- AvonNow-Tamasha — 457 S L St, Pensacola, FL 32502
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Frequently Asked Questions
What type of property is this?
Drug store - Corporate Walgreens with a solid net worth and long-term lease.
Where is this drug store located?
The property is located at 700 N Pace Blvd Pensacola, FL.
What is the asking price?
The asking price for this property is $3,642,857.
What are key features of this property?
This property features: Corporate Walgreens tenant with a net worth of $139.1 billion provides investment security.; 6.5% Cap Rate** and $255,000 Net Operating Income (NOI).; NNN lease type offers a hassle‑free, passive investment.
