Walgreens Bay Are $3.9M w Rent Increases 15650 San Pablo Ave

Pharma Property Group is pleased to market for sale the Walgreens property located at 15650 San Pablo Avenue in San Pablo, California (“The Property”). Walgreens has been successfully operating at this location for 25 years and has 8 years and 4 months of firm term remaining with 6 (5-year) options to renew. The lease has a 10% increase on January 1st, 2027, and another 10% rental increase at the beginning of the first option January 1st, 2033.
Located 14 miles north of Downtown Oakland and 16 miles northeast of Downtown San Francisco, the Property offers investors the rare opportunity to invest at below-market rent levels in a market with a historically high barrier to entry. Walgreens is currently paying $19.13 per square foot which is below market for this area.
Situated on the signalized corner of San Pablo Avenue and Richmond Parkway, the Property is highly visible to the more than 46,000 vehicles per day. Additionally, the Property benefits from its dense infill location, with over 100,000 residents in a 3-mile radius and an average household income of over $104,000.
The subject property is located less than a mile from the former Hilltop Center Mall, which was recently purchased by new ownership with plans to undertake a significant redevelopment of the site. The project will include residential units, data centers, retail space, and amenities such as bikeways, pedestrian paths, and a transportation hub.