CVS NNN Retail
For Sale
Contact for pricing
9204 Cortez Blvd, Spring Hill, FL 34613
Corporate-guaranteed lease assigns taxes, insurance, and property maintenance to the tenant.
Property Size10,980 SF
Price / SF$430.97
Days on Market175
Property Features for 9204 Cortez Blvd
General Information
Standard status
Active
Size
10,980 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$265,000
Building Details
Year Built
2002
Tenancy
Single
Listing Agency:
Van Hull Commercial, LLC
Listed By:
Brad Van Hull · License #CO
Source:
Crexi
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 1:26PM
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 Van Hull Commercial, LLC
Investment Insights
Based on property information with market context.
This single-tenant retail property includes a 10,980 SF building on an approximately four-acre lot, constructed in 2002. CVS Pharmacy, Inc. occupies the property under a 25-year NNN lease that commenced March 1, 2014, with a full corporate guaranty from CVS Health Corporation. The lease places responsibility for property maintenance, insurance, and direct tax payments with the tenant.
The property is located at 9204 Cortez Blvd in Spring Hill, on the north side of the Tampa metro area. It shares an intersection with Weeki Wachee Springs State Park, a 927-acre state park that attracts nearly 353,000 visitors annually. Other businesses at the intersection include Winn Dixie, Hardee’s, Mobil, Quality Inn, Dollar General, and Motel 6. Orlando is less than two hours east.
The property is located at 9204 Cortez Blvd in Spring Hill, on the north side of the Tampa metro area. It shares an intersection with Weeki Wachee Springs State Park, a 927-acre state park that attracts nearly 353,000 visitors annually. Other businesses at the intersection include Winn Dixie, Hardee’s, Mobil, Quality Inn, Dollar General, and Motel 6. Orlando is less than two hours east.
Key Highlights
- 25‑year NNN lease commenced March 1, 2014
- CVS Pharmacy, Inc. lease with full corporate guaranty from CVS Health Corporation
- 10,980 SF building on an approximately four‑acre lot
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
$156,570
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
3.31%
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%
$3,131,400
$3.1M
Cap Rate 7%
$2,236,714
$2.2M
Cap Rate 9%
$1,739,667
$1.7M
Market Conditions
NOI Build-Up for 10,980 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
$224.0K $20.40/SF
− Vacancy
−$15.2K −$1.39/SF
EGI
$208.8K $19.01/SF
− OpEx
−$52.2K −$4.75/SF
NOI
$156.6K $14.26/SF
Area
Spring Hill, FL
Vacancy
6.80%
Lease Rate
$20.40 /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%
$3,131,400
Cap Rate 7%
$2,236,714
Cap Rate 9%
$1,739,667
Alternative Uses
Best Use
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,570 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$2.02M
$1.77M – $2.36M
NOI $141,378 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,738 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
98k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Groceries 23%
Dining 15%
Hotels & Casinos 3%
RaceTrac
Shops & Services
25,422 visits/mo
0.4 miles
Winn-Dixie
Groceries
22,627 visits/mo
0.3 miles
Circle K
Shops & Services
15,049 visits/mo
0.4 miles
Hardee's
Dining
10,272 visits/mo
0.3 miles
Dollar General
Shops & Services
6,758 visits/mo
0.2 miles
Demographics for 34613, FL
18,869
Population
10,532
Households
1.8
Avg Household Size
61
Median Age
21%
College-Educated
92%
High-School Grad
37.2 sq mi
ZIP Area
507
Density / Sq Mi
$56,175
Median Household Income
$36,815
Median Earnings
$1,108
Median Rent
$181,800
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?
NNN property - Corporate-guaranteed lease assigns taxes, insurance, and property maintenance to the tenant.
Where is this nnn property located?
The property is located at 9204 Cortez Blvd Spring Hill, FL.
What is the asking price?
The asking price for this property is $4,732,000.
What are key features of this property?
This property features: 25‑year NNN lease commenced March 1, 2014; CVS Pharmacy, Inc. lease with full corporate guaranty from CVS Health Corporation; 10,980 SF building on an approximately four‑acre lot
