700 Pace Blvd Pensacola, FL 32505
- Commercial land
- 0.16 lot acres
Current Use by Public Records
- Nasya M. McSwain, PharmD / Pharmacy
- Cardtronics ATM / Atm
- FedEx OnSite / Mailing Service
- Bay Area Printing & Graphics Solutions / Business To Business Service / Print Shop
- James L. Wheat, PharmD / Pharmacy
Property Details for 700 Pace Blvd
- Lot size
- 0.16 lot acres
- Zone code
- C-3
- Property type
- Commercial land
- APN
- 00-0S-00-9080-013-160
- APU
- 000S009080013160
Description
This exceptional investment opportunity presents a fee-simple ownership of a 14,141 square foot Walgreens located at 700 N Pace Blvd, Pensacola, Florida 32505. The property sits on a 1.95-acre lot and includes 72 parking spaces. Built in 2003, this single-story building is currently operating under a Net Lease agreement with Walgreens, a credit-rated, publicly traded corporation (NYSE: WBA). The absolute NNN lease commenced September 1, 2004, and has a remaining term of approximately 3.8 years, with ten five-year renewal options. The current lease provides a substantial annual Net Operating Income (NOI) of $255,000, resulting in a compelling 6.50% capitalization rate. The asking price is $3,923,076, translating to a price per square foot of $277.43. The property features a concrete slab foundation, wood framing, painted stucco exterior, asphalt parking, and a flat roof. This is a rare opportunity to acquire a stable, high-performing retail asset with a long-term tenant and significant upside potential. The property's strong location in Escambia County, Florida, ensures consistent traffic and customer flow. This investment offers exceptional long-term value and security.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pensacola
- County
- Escambia
- State
- Florida
- Longitude
- -87.242
- Latitude
- 30.4041
- CBSA code
- 37860
- CBSA name
- PENSACOLA-FERRY PASS-BRENT, FL METROPOLITAN STATISTICAL AREA
