Freestanding Drug Store with
For Sale
$5,000,000
2536 US-92, Lakeland, FL 33801
Vacant standalone retail building with drive-thru infrastructure, parking, and a flexible interior configuration.
Property Size12,219 SF
Price / SF$409.20
Days on Market61
Property Features for 2536 US-92
General Information
Standard status
Active
Size
12,219 SF
Property subtype
Drug Store
Lease Type
Absolute Net
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Traffic Count
49,600 vehicles/day
Highway Access
Yes
Road Access
Yes
Amenities
Signalized Hard Corner Location At US-92 And North Combee Road With Combined Traffic Counts Exceeding 49,600 Vehicles Per Day.
Freestanding Former CVS Pharmacy Featuring A Drive-Thru And Flexible Re-Tenanting Potential.
Excellent Visibility And Access Along One Of Lakeland's Primary Retail And Commuter Corridors.
Market Rental Rates Of $20 To $24 PSF Create A Compelling Value-Add Investment Opportunity.
Surrounded By National Retailers, Healthcare Providers, And Established Residential Communities.
More Than 119,000 Residents And 144,000 Daytime Employees Within A Five-Mile Radius.
Positioned Within The Tampa-Orlando Growth Corridor Benefiting From Strong Economic Expansion.
Multiple Exit Strategies Including Re-Tenanting, Redevelopment, Owner-User Occupancy, Or Long-Term Investment Hold.
Building Details
Building Size
12,219 SF
Buildings
1
Tenancy
Single
Listing Agency:
(904) 672-1442
Listed By:
Nick Collins · License #License(s): FL: SL3546839, MD: 662623
(904) 672-1442
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 31
Last Checked: Aug 31 at 1:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nick Collins
Investment Insights
Based on property information with market context.
Vacant freestanding drug store at 2536 US-92 in Lakeland, Florida, formerly occupied by CVS. The 12,219-square-foot building includes existing drive-thru infrastructure, parking, and an adaptable layout that can support retail, medical, restaurant, financial, or service uses. Its standalone format provides a distinct commercial presence at a prominent intersection.
The property sits at the signalized intersection of US-92 and North Combee Road. Combined traffic on the two roads exceeds 49,600 vehicles per day, with approximately 34,000 vehicles on US-92 and 15,600 on North Combee Road. Within five miles, the surrounding area includes more than 119,000 residents and 144,000 daytime employees. Lakeland’s employment base includes logistics, distribution, healthcare, and retail activity, with Publix, Lakeland Regional Health, Watson Clinic, Amazon, and FedEx identified as major employers.
The property sits at the signalized intersection of US-92 and North Combee Road. Combined traffic on the two roads exceeds 49,600 vehicles per day, with approximately 34,000 vehicles on US-92 and 15,600 on North Combee Road. Within five miles, the surrounding area includes more than 119,000 residents and 144,000 daytime employees. Lakeland’s employment base includes logistics, distribution, healthcare, and retail activity, with Publix, Lakeland Regional Health, Watson Clinic, Amazon, and FedEx identified as major employers.
Key Highlights
- 12,219‑square‑foot freestanding building formerly occupied by CVS
- Existing drive‑thru infrastructure and ample parking
- Signalized intersection of US‑92 and North Combee Road
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,864
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,177,280
$3.2M
Cap Rate 7%
$2,269,486
$2.3M
Cap Rate 9%
$1,765,156
$1.8M
Market Conditions
NOI Build-Up for 12,219 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$227.3K $18.60/SF
− Vacancy
−$15.5K −$1.26/SF
EGI
$211.8K $17.34/SF
− OpEx
−$53.0K −$4.33/SF
NOI
$158.9K $13.00/SF
Area
Lakeland, FL
Vacancy
6.80%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,177,280
Cap Rate 7%
$2,269,486
Cap Rate 9%
$1,765,156
Alternative Uses
Best Use
Specialty Retail
$2.27M
$1.99M – $2.65M
NOI $158,864 @ 7.0% cap · market cap 3.18%
Second Best
Retail
$1.96M
$1.72M – $2.29M
NOI $137,219 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,543 @ 7.0% cap · market cap 4.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
49,600 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
123k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 35%
Groceries 17%
Home Improvements & Furnishings 1%
McDonald's
Dining
30,203 visits/mo
0.2 miles
Harveys Supermarket
Groceries
21,070 visits/mo
0.2 miles
Sunoco
Shops & Services
13,372 visits/mo
0.2 miles
Shell
Shops & Services
11,687 visits/mo
0.2 miles
Taco Bell
Dining
10,183 visits/mo
0.1 miles
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Vacant standalone retail building with drive-thru infrastructure, parking, and a flexible interior configuration.
Where is this drug store located?
The property is located at 2536 US-92 Lakeland, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 12,219‑square‑foot freestanding building formerly occupied by CVS; Existing drive‑thru infrastructure and ample parking; Signalized intersection of US‑92 and North Combee Road
