4510 Hwy New Port Richey, FL 34652
- Retail properties
- 17,544 SF
- 1.00 lot acres
Current Use by Public Records
- Retail properties
Property Details for 4510 Hwy
- Lot size
- 1.00 lot acres
- Property size
- 17,544 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a 17,544 square foot Walgreens located at 4510 U.S. Hwy 19, New Port Richey, FL 34652. The property boasts a new 15.1-year absolute NNN lease, commencing November 30, 2023, and expiring December 30, 2038, with a remaining term of 14.1 years. The lease includes twelve 5-year renewal options and features a 5% rent increase every five years, ensuring consistent income growth. The asking price is $4,666,667, representing a compelling 6.00% cap rate and a $266 per square foot price. The property generates a net operating income (NOI) of $280,000 annually. The corporate guarantee from Walgreens (NASDAQ:WBA), an S&P rated BBB- investment grade credit tenant, minimizes risk. Situated on a one-acre lot, this Walgreens benefits from a high-traffic location on US Highway 19, boasting 64,332 vehicles per day. The property is surrounded by strong national retailers including Denny's, 7-Eleven, Sam's Club, Bank of America, Taco Bell, Wendy's, IHOP, Publix, T.J. Maxx, and Wawa. Recent improvements include new paint, refreshed landscaping, and a resealed and restriped parking lot. This is a rare opportunity to acquire a stable, high-performing asset in a desirable location within a strong retail corridor in Florida, a state with income tax-free benefits.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Port Richey
- County
- Pasco
- State
- Florida
- Longitude
- -82.7322
- Latitude
- 28.2247
