CVS Pharmacy
For Sale
Contact for pricing
8361 North Century Boulevard, Century, FL 32535
Established pharmacy property with a documented 10-year lease extension and percentage-rent structure.
Property Size9,212 SF
Price / SF$215.70
Days on Market56
Property Features for 8361 North Century Boulevard
General Information
Standard status
Active
Size
9,212 SF
Property subtype
Retail
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$75,504
Building Details
Year Built
1986
Year Renovated
2025
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Daniel Gonzalez · License #SL3463209 (FL)
(239) 994-9643
Source:
Crexi
Added: Jul 29
Changed: Sep 17
Last Checked: Sep 21 at 5:17AM
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 Matthews
Investment Insights
Based on property information with market context.
This 9,212-square-foot drug store property is occupied by CVS Pharmacy and was constructed in 1986. The asset is positioned as an established retail pharmacy building with a documented lease extension providing an additional 10-year term.
The lease includes percentage rent, creating a rent structure tied in part to store performance. The property is located at 8361 North Century Boulevard in Century, Florida, providing a defined commercial address for the pharmacy use.
The lease includes percentage rent, creating a rent structure tied in part to store performance. The property is located at 8361 North Century Boulevard in Century, Florida, providing a defined commercial address for the pharmacy use.
Key Highlights
- 9,212‑square‑foot drug store property
- Occupied by CVS Pharmacy
- Constructed in 1986
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
$110,154
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
5.54%
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%
$2,203,080
$2.2M
Cap Rate 7%
$1,573,629
$1.6M
Cap Rate 9%
$1,223,933
$1.2M
Market Conditions
NOI Build-Up for 9,212 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
$160.3K $17.40/SF
− Vacancy
−$13.4K −$1.46/SF
EGI
$146.9K $15.94/SF
− OpEx
−$36.7K −$3.99/SF
NOI
$110.2K $11.96/SF
Area
Escambia County, FL
Vacancy
8.37%
Lease Rate
$17.40 /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%
$2,203,080
Cap Rate 7%
$1,573,629
Cap Rate 9%
$1,223,933
Alternative Uses
Best Use
Specialty Retail
$1.57M
$1.38M – $1.84M
NOI $110,154 @ 7.0% cap · market cap 5.54%
Second Best
Retail
$1.49M
$1.30M – $1.74M
NOI $104,116 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$2.70M
$2.37M – $3.15M
NOI $189,252 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
24k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Whataburger
Dining
24,010 visits/mo
0.1 miles
Demographics for 32535, FL
6,043
Population
2,036
Households
3
Avg Household Size
40
Median Age
6%
College-Educated
78%
High-School Grad
70.5 sq mi
ZIP Area
86
Density / Sq Mi
$40,318
Median Household Income
$26,707
Median Earnings
$731
Median Rent
$124,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Century Pharmacy — 7531 Mayo St, Century, FL 32535
- Anderson Charles E — 7531 Mayo St, Century, FL 32535
- Julie L. Booth-Moran, RPH — 7531 Mayo St, Century, FL 32535
- Eric Kimsey — 8361 N Century Blvd, Century, FL 325351629
- CVS Pharmacy — 8361 N Century Blvd, Century, FL 32535
Frequently Asked Questions
What type of property is this?
Drug store - Established pharmacy property with a documented 10-year lease extension and percentage-rent structure.
Where is this drug store located?
The property is located at 8361 North Century Boulevard Century, FL.
What is the asking price?
The asking price for this property is $1,987,000.
What are key features of this property?
This property features: 9,212‑square‑foot drug store property; Occupied by CVS Pharmacy; Constructed in 1986
