Walgreens

10551 Gulf Blvd, Treasure Island, FL 33706

$4,476,400

Cap Rate 5.40%

$4,461,639

Cap Rate 5.42%

DOM: 237 Updated: 03.07.24 Posted: 01.25.23 Status: Sold 09.20.23

Summary

Price $4,476,400 $4,461,639	Built/Renov 1991	Tenant Walgreens
Cap Rate 5.40% 5.42%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 12,175	Lease Start 03-23-2023	#Units 8,896
Price/SF $367.67 $366.46	Expiration 03-22-2038	Tenant Type Pharmacy
NOI $241,723	R. Term 12.10	Ownership Fee Simple
Rent/SF $19.85	Increases 5.0%/5/yrs	Pop 5Mi 140,741
Lot/AC 0.67	Options 12/5yrs/5%	AHHI 5Mi $84,036

Jordan Shtulman

STREAM Capital Partners

Contact

Lease Highlights

Walgreens has a 30+ year operating history at this location
The tenant has over 15 years remaining on its current lease with 12 (5-year) options to extend
Lease features 5% rental escalations throughout the initial term and at each option
Absolute NNN lease zero landlord responsibilities
Extremely well-performing store with $7.5 million in sales volume
Corporate guarantee by Walgreens Boots Alliance, Inc (NASDAQ: WBA)

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of Gulf Boulevard and 106th Avenue with clear visibility and access to more than 20,500 vehicles per day. Located in the heart of the tourist corridor and one block from the beach, the property sits adjacent to public parking which accommodates beachgoers and just 7 minutes from St. Pete Beach. The site is also...

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Key Features

Signalized intersection
Hard corner intersection
In location for years
Dense 100M+ pop 5 mi
Top 100 MSA
Income tax free state
Population increase trend
Brand new lease
Store sales reported
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Treasure Island, Florida Zip Code 33706 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB
Moody’s: Baa3
Stock:NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,661	38,395	133,466
2023 Total Population :	3,746	38,730	134,980
2023 Employed Civilian Pop :	1,761	18,335	65,210
2023 Total Businesses :	364	3,014	6,626
2023 Average Household Income :	$ 140,840	$ 112,519	$ 99,490
2023 Total Consumer Spending :	$ 260 M	$ 1998 M	$ 5661 M
2023 Median Age :	61	58	54
2023 Total Households :	2,152	20,597	65,649
2023 Pop Age 25+: Bachelor's Degree :	1,002	8,803	26,704
2023 Average Home Value :	$ 651,372	$ 516,977	$ 407,174

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Gulf Blvd	108th Ave	2000	22,561	0.20 mi
Gulf Boulevard	101st Ave	2020	15,800	0.39 mi
Gulf Boulevard	102nd Ave	2021	18,900	0.39 mi
Gulf Blvd	97th Ave	2011	16,000	0.84 mi
Central Ave	Treasure Island Cswy	2011	19,200	1.08 mi
Central Avenue	80th St S	2021	18,500	1.09 mi
Gulf Blvd	127th Ave	2011	25,163	1.18 mi
Gulf Boulevard	127th Ave	2021	21,500	1.24 mi
Blind Pass Rd	89th Ave	2011	14,900	1.33 mi
Blind Pass Rd	86th Ave	2003	18,200	1.48 mi

Listing Broker

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