Walgreens 3700 34th St N 15,525 SF Retail Building Saint Petersburg, FL 33713 $4,306,510 ($277.39/SF) 6.85% Cap Rate

Marcus & Millichap is pleased to exclusively present for sale this net-leased Walgreens located at 3700 34th Street North in Saint Petersburg, Florida, within the thriving Tampa–St. Petersburg–Clearwater MSA, home to more than 3.29 million residents. The property consists of a 15,525-square-foot free-standing building situated on a large 2-acre parcel, strategically positioned along 34th Street N (U.S. 19), one of the region’s primary commercial arteries.
The site offers exceptional visibility and accessibility, benefiting from heavy traffic volumes of more than 80,000 vehicles per day, with immediate connectivity to Interstate 275, a major north-south expressway carrying 164,000 vehicles daily and linking the property directly to Downtown St. Petersburg and Downtown Tampa.
The property is located within a dense and highly active retail corridor anchored by an extensive mix of national retailers including Wawa, Publix, Aldi, Winn-Dixie, Sam’s Club, Lowe’s, Dollar Tree, Office Depot, Starbucks, Bank of America, PNC Bank, Truist, and numerous other regional and national brands. This established trade area benefits from strong consumer draw, consistent daily traffic, and proximity to multiple residential neighborhoods. The asset also sits near several major healthcare providers, including HCA Florida Northside Hospital (288 beds) just 2.5 miles away, HCA Florida St. Petersburg Hospital, and St. Anthony’s Hospital (448 beds) within a four-mile radius—further solidifying the corridor’s role as a key commercial and medical hub within the market.
Walgreens has operated at this location since 1995, demonstrating long-term operating stability. The current lease runs through May 31, 2034, and includes six additional five-year renewal options.
Walgreens is a privately held American pharmacy store chain headquartered in Deerfield, Illinois. As one of the largest retail pharmacy operators in the United States, Walgreens maintains a strong national presence with more than 8,700 locations across all 50 states, the District of Columbia, Puerto Rico, and Guam. The company employs over 300,000 team members and serves millions of customers daily through its extensive network of retail stores, specialty and mail-service pharmacies, and healthcare service centers. Beyond its retail operations, Walgreens continues to expand its integrated healthcare strategy, managing worksite health centers, home care services, digital pharmacy platforms, underscoring its leadership and stability in the healthcare sector.