IEEE 802.11 networks continuously adapt to meet the stringent requirements of emerging applications like cloud gaming, eXtended Reality (XR), and video streaming services, which require high throughput, low latency, and high reliability. To address these challenges, Coordinated Spatial Reuse (C-SR) can potentially contribute to optimizing spectrum resource utilization. This mechanism is expected to enable a higher number of simultaneous transmissions, thereby boosting spectral efficiency in dense environments and increasing the overall network performance. In this paper, we focus on the performance analysis of C-SR in Wi-Fi 8 networks. In particular, we consider an implementation of C-SR where channel access and inter-Access Point (AP) communication are performed over-the-air using the Distributed Coordination Function (DCF). For such a purpose, we leverage the well-known Bianchi's throughput model and extend it to support multi-AP transmissions via C-SR. Numerical results in a WLAN network that consists of four APs show C-SR throughput gains ranging from 54% to 280% depending on the inter-AP distance and the position of the stations in the area.