875 9Th Ave St. Petersburg, FL 33701

Property Details for 875 9Th Ave

Year built

1993

Lot size

1.13 lot acres

Property size

14,208 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a 14,208-square-foot Walgreens conveniently located at 875 9th Ave N, St. Petersburg, FL 33701. The property boasts a strong 5.85% cap rate, generating a net operating income (NOI) of $185,000 annually. Secured by a corporate guarantee from Walgreens (NYSE: WBA), this single-tenant, net-lease property features a recently extended 10-year lease commencing June 1, 2024, and expiring May 31, 2034, with three 5-year renewal options. The lease includes a rent bump of $10,000 in 2034, followed by a flat rate. The property sits on a 1.13-acre lot and includes a drive-thru pharmacy. Its prime location on a signalized intersection ensures high visibility and exposure to over 20,800 vehicles daily. The surrounding area is densely populated, with numerous apartment complexes, major employers (including Raymond James, John Hopkins Children's Hospital, Home Shopping Network, St. Anthony's Hospital, Publix Super Markets, Fidelity National Information Services, The Continental Group, and Spectrum), and educational institutions (The University of Florida at St. Petersburg, St. Petersburg College, and Pinellas Technical College) all contributing to a robust customer base. The property's strong tenant, favorable lease terms, and strategic location make it an attractive investment with significant long-term potential. The asking price is $3,162,393, translating to $222.58 per square foot. The building, constructed in 1993, is a single-story structure with 100% occupancy. Florida's no-income-tax environment further enhances the investment's appeal.

Location Insight

City

St. Petersburg

County

Pinellas

State

Florida

Longitude

-82.6461

Latitude

27.7812