Florida Blue Branch - Absolute NNN 6700 22nd Ave N 3,619 SF Retail Building Saint Petersburg, FL 33710 $5,521,479 CAD ($1,525.69 CAD/SF) 4.07% Cap Rate

Rare ABSOLUTE NNN investment with Florida Blue (Blue Cross Blue Shield) as the tenant! The lease is executed by “BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC., a Florida corporation d/b/a Florida Blue ("Tenant")”. Their credit rating with AM Best is A+ (Superior) and their long-term Credit Rating is "aa-" (Superior). S&P Global affirmed an 'A+' rating for Blue Cross & Blue Shield of Florida Inc. in 2019. Founded in 1929, Blue Cross Blue Shield is a leading health insurance provider and helps cover roughly 115 million Americans. Blue Cross / Blue Shield also has a new medical center directly behind the site leading to the presumption this is a very long-term play.
Very few Florida Blue NNN investment real estate deals hit the market & I believe this is the only one available in the country currently. Landlord just put a new roof on the building which converts the lease to an ABSOLUTE NNN LEASE!
Florida Blue (Blue Cross / Blue Shield) has executed a 10-year lease of the property and opened for business May 13th, 2026. The 10-year initial term has 2 renewal options of five (5) years each (the "Renewal Periods"), with rental rate increases in the amount of 10% every five (5) years including each Renewal Period.
The Florida Blue rent for years 1-5 will be $162, 855 ($45NNN). The rent of $45 SF is one of the strongest in the Tyrone submarket which has a high barrier of entry. Tenant is responsible for all expenses including property tax, insurance, roof and maintenance. The building is in absolutely perfect condition.
The lease is ABSOLUTE NNN making this an ideal, management-free investment opportunity for a passive investor.
The Tyrone submarket is a very strong retail submarket of St Petersburg with very little inventory for sale or lease.  The site is directly across from Tyrone Square Mall and Dick's Sporting Goods. Other big box retailers in the immediate area beyond Tyrone Mall include Home Depot, Burlington, Office Depot, Publix, Michael’s, Beall’s, TJ Maxx & Marshalls, among others.  The Tyrone submarket is the heart of retail shopping in St Petersburg.  There are over 250,000 + residents within a 5-mile radius. The building is 3,619 SF and has always been operated by a national bank or a brokerage house (Schwab) and impeccably maintained by their maintenance departments. The lot size is .92 acre and is Zoned CG. There are 43 parking spaces (newly paved), a large grandfathered in pylon sign and full ingress/egress with 175’ ft of frontage on 22nd Ave N. with excellent visibility from both directions.  This property is in pristine condition and the perfect investment for a passive investor.  And FLORIDA HAS NO STATE INCOME TAX !
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