Walgreens 5701 Gulfport Blvd S 14,725 SF Retail Building Gulfport, FL 33707 $5,714,897 CAD ($388.11 CAD/SF) 5.75% Cap Rate

Walgreens | 5701 Gulfport Blvd S | Gulfport, FL Asking Price: $4,139,130 | Cap Rate: 5.75% | 35+ Years Remaining
Single-tenant, double-net (NN) Walgreens pharmacy with a lease extended through December 31, 2061 — executed in December 2025 under Sycamore Partners ownership, well after Walgreens announced its national store closure program. This is an affirmative commitment to retain this specific location. The property is the only Walgreens in the City of Gulfport, serving as the community's anchor pharmacy for a trade area with a median age of 56.4 years within one mile. Current NOI of $238,000/year steps up automatically to $267,400/year on January 1, 2036 — no negotiation, no re-leasing, no capital required.
Landlord responsibilities are limited to roof and structure only. Tenant covers taxes, insurance, utilities, HVAC, and all interior repairs. The next earliest termination option is December 31, 2035, providing a minimum 10-year guaranteed income stream from lease signing.
Located at the signalized intersection of Gulfport Blvd S and 58th Street S with approximately 15,700–17,500 vehicles per day. Drive-through pharmacy on site.
Investment highlights
- Only Walgreens in the City of Gulfport — No competing corporate pharmacy within city limits; functions as the community's essential anchor pharmacy
- Lease Extended Through 2061 — Post-Closure Announcement — Amendment executed December 2025 under Sycamore Partners ownership, after Walgreens announced 1,200+ national closures; this store was retained, not cut
- 10-Year Minimum Guaranteed Income — Earliest termination option is December 31, 2035; nine months written notice required
- Built-In Rent Increase — No Action Required — NOI steps up from $238,000 to $267,400 annually on January 1, 2036; contractually embedded, no negotiation needed
- True Passive Investment — Double Net (NN) — Tenant responsible for taxes, insurance, utilities, HVAC, and interior repairs; landlord limited to roof and structure only
- 35+ Years Remaining Lease Term — Long-duration income visibility through December 31, 2061; institutional-quality tenancy at a sub-$5M price point
- Older, Pharmacy-Dependent Demographics — Median age of 56.4 years within one mile; directly supports above-average prescription volume and pharmacy utilization
- Strong Tampa Bay Location — Signalized corner, 15,700–17,500 VPD, drive-through pharmacy, dominant position on Gulfport's primary commercial corridor
For more information, contact Cyril Bijaoui at 786.326.3774 or cyril@longsteadrealestate.com.