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Walgreens 7420 FL-54 15,120 SF Retail Building New Port Richey, FL 34653 $4,864,000 ($321.69/SF) 7.15% Cap Rate
Investment Highlights
- Walgreens Corporate Guarantee
- More than 9+ Years Remaining
- Rare Rental Increases in Initial Term & Option Periods | 5% Every Five-Years
- Long Term Absolute NNN Lease
- Recently Executed Lease Demonstrating Strong Site Commitment
- 35 Miles from Downtown Tampa
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
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
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
$4,864,000
Price Per SF
$321.69
Cap Rate
7.15%
NOI
$347,776
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.35 AC
Zoning
C1 - Commercial
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Aug 2035
Walgreens Boots Alliance began with Walgreens, which was founded in 1901 and grew from a neighborhood drugstore into a large pharmacy and retail business. The company was formed later through the combination of Walgreens and Alliance Boots, creating a business with a broad presence in pharmacy retail and health-focused services. Its operations include retail pharmacy, healthcare services, and pharmaceutical wholesale, with digital and in-store offerings that support prescription access, consultations, immunizations, and wellness products. Walgreens Boots Alliance has remained centered on pharmacy-led care while serving customers through a mix of community locations and online channels.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | Aug 2035 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 22-26-16-0000-00100-0000 | Improvements Assessment | $1,298,118 |
| Land Assessment | $620,010 | Total Assessment | $1,918,128 |
Property Taxes
Parcel Number
22-26-16-0000-00100-0000
Land Assessment
$620,010
Improvements Assessment
$1,298,118
Total Assessment
$1,918,128
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Walgreens | 7420 FL-54