Walgreens

10551 Gulf Blvd, Treasure Island, FL
Deal Type:
Net Lease
Price:
$5,035,896
Cap Rate:
4.80%
Current Rent:
$241,723
Lease Type:
Triple Net
Lease Term:
15 years
Landlord Responsibilities:
None
Renewal Options:
12 x 5 Year
Building Sq. Ft.:
12,175 SF
Rent Increases:
5% Every 5 Years
Site Size:
0.67 Acres
  • walgreens stream capital partners

Investment Highlights

  • Commitment: Walgreens has a 30+ year operating history and is signing a new, 15-year absolute NNN lease with 5% rent increases showing their commitment to the location.
  • Irreplaceable Location: Hard corner location at the intersection of 106th Avenue and Gulf Boulevard, with traffic counts in excess of 21,000 vehicles per day. Two nearby hospitals are within a 5-mile radius and have over 500 beds. HCA Florida St. Petersburg Hospital with 215 beds and HCA Florida Pasadena Hospital with 307 beds.
  • High Traffic Tourist Destination: Located across the street from multiple resorts: The Bilmar Beach Resort, Treasure Island Beach Resort, and Thunderbird Beach Resort, among others .
  • Profitable Store: Extremely well-performing store with $7.5 million in sales volume.
  • Market: Located in the heart of the tourist corridor located one block from the beach. The property sits adjacent to public parking which accommodates beachgoers. St. Pete Beach is a short 7 minute drive from the property.
  • Demographics: Over 40,000 residents and average household incomes of $101,000 within a 3-mile radius.

Listing Agents

Sasha Dominguez

Vice President
786 443 4960
Sasha@stream-cp.com

Adam Baxter

Vice President
205 394 3520
Abaxter@stream-cp.com

Jordan Shtulman

Managing Principal
847 226 4133
Jordan@stream-cp.com

Broker of Record: Jonathan Wolfe, Lic. #BK350717

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