CVS Pharmacy Drug
434 Racetrack Rd NE, Fort Walton Beach, FL 32547
Single-tenant CVS pharmacy property combining prescription services and everyday convenience retail along a high-traffic thoroughfare.
Type:Retail
Property size:
13,949 SFPrice / SF:
$407/SF- Added:
- Jun 17, 2026
- Days on Market:
- 11
- Last Refresh:
- Jun 24 at 6:35 am
Property Features for 434 Racetrack Rd NE
General Information
- Standard status
- Active
- Size
- 13,949 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1998
Listing office CBRE - Tampa
Listing date Jun 17, 2026
Source Crexi
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 CBRE - Tampa
HighLights
- Single‑tenant CVS pharmacy property, built in 1998
- Located at 434 Racetrack Road NE in Fort Walton Beach, FL (Okaloosa County)
- CVS combines prescription services with everyday convenience retail
- Positioned along Racetrack Road NE, a key local thoroughfare with strong daily traffic counts
- Fort Walton Beach has major military presence from Eglin AFB and Hurlburt Field
Overview
This offering is a CVS Pharmacy drug store configured for prescription services and everyday convenience retail. As a long-standing national brand operating thousands of locations across the U.S., the business is positioned around essential-use needs, including pharmacy and health & wellness items, along with everyday convenience goods.
The property is located along Racetrack Road NE, a key local thoroughfare described as serving strong daily traffic and providing convenient access to surrounding residential neighborhoods, retail centers, and service destinations. The broader area also benefits from nearby major military installations, with Eglin Air Force Base and Hurlburt Field supporting a large, active-duty and civilian population that helps anchor year-round demand.
For buyers and brokers, this asset may appeal as a retail pharmacy option backed by a widely recognized operator with an essential-use model focused on prescription services and daily-needs shopping. Tenants considering similar retail concepts may find the location attractive for its role as a connector between residential areas and frequent destination shopping, supported by the documented presence of steady, local-driven demand.
The property is located along Racetrack Road NE, a key local thoroughfare described as serving strong daily traffic and providing convenient access to surrounding residential neighborhoods, retail centers, and service destinations. The broader area also benefits from nearby major military installations, with Eglin Air Force Base and Hurlburt Field supporting a large, active-duty and civilian population that helps anchor year-round demand.
For buyers and brokers, this asset may appeal as a retail pharmacy option backed by a widely recognized operator with an essential-use model focused on prescription services and daily-needs shopping. Tenants considering similar retail concepts may find the location attractive for its role as a connector between residential areas and frequent destination shopping, supported by the documented presence of steady, local-driven demand.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $517.2k | $37.08 |
| − Vacancy | −$15.5k | −$1.11 |
| EGI | $501.7k | $35.97 |
| − OpEx | −$125.4k | −$8.99 |
| NOI | $376.3k | $26.98 |
13,949 SF · lease $37.08/SF/yr · vacancy 3.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$5.38M
$4.70M – $6.27M
NOI $376,284 @ 7.0% cap · market cap 6.62%
Second Best
Retail
$2.86M
$2.51M – $3.34M
NOI $200,510 @ 7.0% cap · market cap 3.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
CVS Photo
(Bike/Boat/Book/etc) Store
CDReload - Online Bitcoin ...
Crypto Atm
UPS Access Point ...
Courier Service
Redbox
Cinema
Amerigas Propane Exchange
Propane Supplier
Similar Places Nearby
- Rachel Adams — 610 Eglin Pkwy NE, Fort Walton Beach, FL 325472832
- Freddie Muir — 610 Eglin Pkwy NE, Fort Walton Beach, FL 325472832
- Cheryl Owens — 610 Eglin Pkwy NE, Fort Walton Beach, FL 325472832
- Sarah Hudson — 434 Racetrack Rd NE, Fort Walton Beach, FL 325473924
- WeManageMeds at Specialty Pharmacy Services — 533 Eglin Pkwy NE, Fort Walton Beach, FL 32547
Location Insight
- Map
- Local Demand
- City
- Fort Walton Beach
- County
- Okaloosa
- State
- Florida
- Longitude
- -86.5985127
- Latitude
- 30.4419727
Nearby Similar for Sale
FAQs
What type of property is this?
Drug store - Single-tenant CVS pharmacy property combining prescription services and everyday convenience retail along a high-traffic thoroughfare.
Where is this drug store located?
The property is located at 434 Racetrack Rd NE Fort Walton Beach, FL.
What is the asking price?
The asking price for this property is $5,687,000.
What are key features of this property?
This property features: Single‑tenant CVS pharmacy property, built in 1998; Located at 434 Racetrack Road NE in Fort Walton Beach, FL (Okaloosa County); CVS combines prescription services with everyday convenience retail
