Walgreens 5420 Dr Martin Luther King Jr St N 20,921 SF Retail Building Saint Petersburg, FL 33703 $8,280,546 CAD ($395.80 CAD/SF) 6.50% Cap Rate

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Walgreens property located within the Tampa MSA in St. Petersburg, Florida. Walgreens has maintained a strong operating presence at this location for decades and recently demonstrated long-term commitment by extending the lease through February 2039. The lease features 5% rental escalations every ?ve years throughout the remaining term and twelve 5-year renewal options. Additionally, the lease is absolute triple net and features zero landlord responsibilities.
The 20,921-square-foot building is located at the signalized intersection with a traffic count of 39,800 vehicles per day. The property bene?ts from it’s proximity to major roads like Interstate 275 (155,000 VPD) and 4th Street (37,500 VPD). The property sits within a densely populated ?ve-mile radius of over 247,000 residents, boasting an average household income of $104,303. The property is also surrounded by local demand drivers such as Northeast High School (1,700+ students), Shorecrest Preparatory School, and the Academy of Information Technology. The asset is also within walking distance of the newly built 415-unit Arya apartment complex.
Walgreens is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc., a global leader in retail pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and wellbeing of every community in America. Operating more than 8,100 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services.