CVS Pharmacy Drug
For Sale
Contact for pricing
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.
Property Size13,949 SF
Price / SF$407.70
Days on Market57
Property Features for 434 Racetrack Rd NE
General Information
Standard status
Active
Size
13,949 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
1998
Buildings
1
Tenancy
Single
Listing Agency:
CBRE - Tampa
Listed By:
Jim Shiebler, CCIM, CEC · License #FL SL3347780
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 6:10AM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
$376,284
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
6.62%
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%
$7,525,680
$7.5M
Cap Rate 7%
$5,375,486
$5.4M
Cap Rate 9%
$4,180,933
$4.2M
Market Conditions
NOI Build-Up for 13,949 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
$517.2K $37.08/SF
− Vacancy
−$15.5K −$1.11/SF
EGI
$501.7K $35.97/SF
− OpEx
−$125.4K −$8.99/SF
NOI
$376.3K $26.98/SF
Area
Okaloosa County, FL
Vacancy
3.00%
Lease Rate
$37.08 /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%
$7,525,680
Cap Rate 7%
$5,375,486
Cap Rate 9%
$4,180,933
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
79k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 24%
Dining 9%
Home Improvements & Furnishings 7%
Publix
Groceries
45,494 visits/mo
0.1 miles
Dollar Tree
Shops & Services
9,078 visits/mo
0.2 miles
Racetrack Ace Hardware
Home Improvements & Furnishings
5,284 visits/mo
0.4 miles
Denny's
Dining
4,936 visits/mo
0.2 miles
Sunoco
Shops & Services
4,321 visits/mo
0.2 miles
Demographics for 32547, FL
35,466
Population
16,112
Households
2.2
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
29.0 sq mi
ZIP Area
1,223
Density / Sq Mi
$67,822
Median Household Income
$36,465
Median Earnings
$1,421
Median Rent
$299,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rachel Adams — 610 Eglin Pkwy NE, Fort Walton Beach, FL 325472832
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- 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
Frequently Asked Questions
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
