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7420 State Road 54
New Port Richey, FL 34653
Walgreens · Retail Property For Sale
Investment Highlights
- Walgreens Corporate Guarantee
- Recently Executed Lease Demonstrating Strong Site Commitment
- Hard Signalized Corner Location with Great Visibility | Visible to over 79,500 Vehicles/Day
- Long Term Absolute NNN Lease | More than 9+ Years Remaining
- Rare Rental Increases in Initial Term & Option Periods | 5% Every Five-Years
- Fee Simple Allowing for Depreciation
Executive Summary
Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 7420 FL-54 in New Port Richey, Florida, positioned within the greater Tampa MSA. The subject property consists of a 15,120 square foot free-standing building with a drive-thru and is situated on a 1.35-acre parcel of land.
Strategically located on the hard signalized intersection of State Rd 54, a major eastwest throughfare, and Seven Spring Boulevard, the property benefits from great visibility and high traffic counts, which exceed 79,500 vehicles per day. The property also sits within the area’s major retail hub which is home to numerous national and regional retailers including but not limited to CVS, Checkers, McDonald’s, 7-Eleven, Tire Plus, Taco Bell, Wendy’s, Arby’s, Dairy Queen Grill & Chill, and Winn-Dixie.
New Port Richey is part of the rapidly growing Tampa–St. Petersburg–Clearwater MSA, one of Florida’s most dynamic and expanding metropolitan regions. The Tampa Bay area has benefited from substantial population inflows, corporate relocations, and business formation driven by its diversified economy, favorable tax environment, and high quality of life. With strong fundamentals in healthcare, finance, logistics, and technology, the region continues to attract both employers and residents, fueling sustained retail demand and long-term real estate stability.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st, 2035 and has twelve five-year options to extend.
Walgreens is one of the largest pharmacy and retail health providers in the U.S., operating more than 8,700 locations across all 50 states and Puerto Rico. Each day, Walgreens serves millions of customers and patients through an integrated pharmacy and retail platform that combines in-store services with digital and omnichannel capabilities. In 2025, Walgreens was taken private by Sycamore Partners, alongside longtime investor Stefano Pessina and family, positioning the company to execute long-term strategic initiatives outside the public markets.
Strategically located on the hard signalized intersection of State Rd 54, a major eastwest throughfare, and Seven Spring Boulevard, the property benefits from great visibility and high traffic counts, which exceed 79,500 vehicles per day. The property also sits within the area’s major retail hub which is home to numerous national and regional retailers including but not limited to CVS, Checkers, McDonald’s, 7-Eleven, Tire Plus, Taco Bell, Wendy’s, Arby’s, Dairy Queen Grill & Chill, and Winn-Dixie.
New Port Richey is part of the rapidly growing Tampa–St. Petersburg–Clearwater MSA, one of Florida’s most dynamic and expanding metropolitan regions. The Tampa Bay area has benefited from substantial population inflows, corporate relocations, and business formation driven by its diversified economy, favorable tax environment, and high quality of life. With strong fundamentals in healthcare, finance, logistics, and technology, the region continues to attract both employers and residents, fueling sustained retail demand and long-term real estate stability.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st, 2035 and has twelve five-year options to extend.
Walgreens is one of the largest pharmacy and retail health providers in the U.S., operating more than 8,700 locations across all 50 states and Puerto Rico. Each day, Walgreens serves millions of customers and patients through an integrated pharmacy and retail platform that combines in-store services with digital and omnichannel capabilities. In 2025, Walgreens was taken private by Sycamore Partners, alongside longtime investor Stefano Pessina and family, positioning the company to execute long-term strategic initiatives outside the public markets.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,120 SF
Building Class
B
Year Built
2000
Price
$6,592,179 CAD
Price Per SF
$435.99 CAD
Cap Rate
7.15%
NOI
$471,319 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.35 AC
Zoning
C1
Property Taxes
| Parcel Number | 22-26-16-0000-00100-0000 | Improvements Assessment | $1,759,339 CAD |
| Land Assessment | $840,300 CAD | Total Assessment | $2,599,639 CAD |
Property Taxes
Parcel Number
22-26-16-0000-00100-0000
Land Assessment
$840,300 CAD
Improvements Assessment
$1,759,339 CAD
Total Assessment
$2,599,639 CAD
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