Drug Store

Walgreens

Listing Price: $4,160,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
5.40
Gross SF
15,525
Guarantor
Corporate Guarantee
Rentable SF
15,525
Price/Gross SF
$267.95
Lease Type
Double Net
Rent Per Square Feet
$16.75

Investment Overview

Marcus & Millichap is proud to present this Walgreen's Drug Store located at 1880 N Belcher Rd, Clearwater, Florida. The existing lease is a 20-year double-net (NN) lease with over five years remaining. The double-net lease started in 1996 and the tenant just recently accepted their second five-year option with no drop in rent. They still have an additional six five-year renewal options remaining.

The subject property is located on the very busy hard corner of North Belcher Road (+31,000 VPD) and Sunset Point Road (+37,000 VPD). The location has three different points of ingress/egress allowing for very easy access in and out of the location. Another benefit to this location is that it is the only drugstore located at this intersection and has an extremely strong demographic population of over 120,000 people living within 3 miles.

Investment Highlights

  • Walgreen's Corporately Guaranteed Property
  • No State Income Tax - Florida
  • Recently Extended Lease With No Rent Reduction

Exclusively Listed By

Listing Price: $4,160,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
5.40
Gross SF
15,525
Guarantor
Corporate Guarantee
Rentable SF
15,525
Price/Gross SF
$267.95
Lease Type
Double Net
Rent Per Square Feet
$16.75

Investment Highlights

  • Walgreen's Corporately Guaranteed Property
  • No State Income Tax - Florida
  • Recently Extended Lease With No Rent Reduction

Investment Overview

Marcus & Millichap is proud to present this Walgreen's Drug Store located at 1880 N Belcher Rd, Clearwater, Florida. The existing lease is a 20-year double-net (NN) lease with over five years remaining. The double-net lease started in 1996 and the tenant just recently accepted their second five-year option with no drop in rent. They still have an additional six five-year renewal options remaining.

The subject property is located on the very busy hard corner of North Belcher Road (+31,000 VPD) and Sunset Point Road (+37,000 VPD). The location has three different points of ingress/egress allowing for very easy access in and out of the location. Another benefit to this location is that it is the only drugstore located at this intersection and has an extremely strong demographic population of over 120,000 people living within 3 miles.

Exclusively Listed By

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