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CVS Pharmacy 434 Racetrack Rd NE 13,949 SF Retail Building Fort Walton Beach, FL 32547 $5,545,000 ($397.52/SF) 6% Cap Rate
Investment Highlights
- Absolute NNN - Zero Landlord Obligations
- Rent Increases
- Income Tax-Free State
- National Tenant
- Crestview – Fort Walton Beach – Destin, FL MSA
Executive Summary
Northmarq is pleased to offer the opportunity to acquire the 100% leased CVS Pharmacy located at 434 Racetrack Road NE in Fort Walton Beach, FL.
The ±13,949 SF property is operating under an Absolute NNN lease, with CVS responsible for all real estate taxes, insurance, roof, structure, HVAC, parking lot, and CAM charges. The lease includes 5% rent increases during renewal option periods and a 10% increase in the second option period.
The property is located within the Crestview–Fort Walton Beach–Destin, FL MSA, a high-growth market with a population of approximately 310,000 as of 2024. Fort Walton Beach benefits from a strong military presence, expanding suburban communities, and year-round coastal tourism. Additionally, Florida is one of only nine states that does not impose an individual state income tax, enhancing the asset’s long-term investment appeal.
In Association With:
Jason Long
Florida Broker
FL Lic #BK3302956
The ±13,949 SF property is operating under an Absolute NNN lease, with CVS responsible for all real estate taxes, insurance, roof, structure, HVAC, parking lot, and CAM charges. The lease includes 5% rent increases during renewal option periods and a 10% increase in the second option period.
The property is located within the Crestview–Fort Walton Beach–Destin, FL MSA, a high-growth market with a population of approximately 310,000 as of 2024. Fort Walton Beach benefits from a strong military presence, expanding suburban communities, and year-round coastal tourism. Additionally, Florida is one of only nine states that does not impose an individual state income tax, enhancing the asset’s long-term investment appeal.
In Association With:
Jason Long
Florida Broker
FL Lic #BK3302956
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,949 SF
Building Class
B
Year Built
1998
Price
$5,545,000
Price Per SF
$397.52
Cap Rate
6%
NOI
$332,696
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.49 AC
Parking
40 Spaces (2.87 Spaces per 1,000 SF Leased)
Frontage
341’ on Racetrack Rd NE
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Nearby Major Retailers
Property Taxes
| Parcel Number | 01-2S-24-0600-0000-07F1 | Improvements Assessment | $798,196 |
| Land Assessment | $810,185 | Total Assessment | $1,608,381 |
Property Taxes
Parcel Number
01-2S-24-0600-0000-07F1
Land Assessment
$810,185
Improvements Assessment
$798,196
Total Assessment
$1,608,381
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CVS Pharmacy | 434 Racetrack Rd NE
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