Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    120 S Tarragona St Pensacola, FL 32502

    View on Map
    Claim this Listing
    For Sale
    $1,700,000

    LAND - Pensacola, FL

    Lot size:
    0.33 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    46
    Last Refresh:
    Apr 21 at 4:06 pm

    Property Features for 120 S Tarragona St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    000S007901000002
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Description
    LT 2 TERRACES AT TARRAGONA PB 20 P 91/91A OR 8390 P 292 OR 8964 P 1924 CA 74

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    Joshua Keith

    Listing agent Joshua Keith

    Listing office Levin Rinke Realty 220 W Garden Street Suite 125, Pensacola Beach, FL

    Listing date Mar 6, 2026

    MLS# 678806 Listing URL

    Copyright © 2026 Pensacola Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Pensacola Development Opportunity

    This vacant commercial parcel is located in the heart of downtown Pensacola's Historic District. The property is zoned HC-1 (Historic Commercial), which allows for a variety of retail, office, hospitality, and mixed-use development opportunities. A major advantage of this site is its stormwater exemption, which reduces development costs and simplifies the construction process. The 0.3273-acre lot is surrounded by established restaurants, retail spaces, offices, and residential developments, offering walkability and visibility within one of Pensacola's urban corridors. The Historic Commercial zoning encourages pedestrian-friendly development while preserving the character of downtown Pensacola. This parcel offers a flexible development opportunity for a boutique retail space, restaurant, office building, or mixed-use project in a sought-after location. Buildable land in the downtown historic district with stormwater exemption is increasingly difficult to find.
    Location Intelligence

    Current Use by Public Records

    Premium Parking - P2823 Parking Lot & Garage 120 S Tarragona ... Parking Lot & Garage

    Suggested Use

    Dental Office Restaurant Spa & Massage Center Hair Salon Real Estate Agency Nail Salon Building Supply Daycare Center Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pensacola
    County
    Escambia
    State
    Florida
    Longitude
    -87.212033
    Latitude
    30.411095

    Nearby Similar for Sale

    • $300,000

      Pensacola Recording Studio for Sale

      Professional recording studio in Pensacola's cultural center.
      908 W Government Street, Pensacola, FL 32502
      View Details
    • $1,000,000

      Downtown Pensacola Infill Land Opportunity

      0.53 acres in walkable area near Maritime Park.
      416 W Intendencia St, Pensacola, FL 32502
      View Details
    • $685,000
      2,984 SF

      Freestanding QSR with Drive-Thru

      Freestanding restaurant/retail property with drive-thru on 0.88 acres.
      3507 Pace Blvd, Pensacola, FL 32505
      View Details
    • $110,000

      Pensacola Land Development Opportunity

      Corner lot near University of West Florida, ideal for development.
      8100 Stonebrook Dr, Pensacola, FL 32514
      View Details
    • $339,900

      Residential Land in Desirable Pensacola

      Vacant lot in East Pensacola Heights neighborhood.
      581 Chipley Ave, Pensacola, FL 32503
      View Details
    • $400,000

      Pensacola Duplex Investment Opportunity

      Two homes on one lot, ideal for investors.
      500 Lownde Ave, Pensacola, FL 32507
      View Details
    • $75,000

      Pensacola Land Development Opportunity

      0.64 acres in Pensacola, FL, ideal for development.
      700 Polk Ave, Pensacola, FL 32507
      View Details
    • $599,000

      New Construction Duplex Near Downtown

      Modern duplex with income potential, near downtown Pensacola.
      305 N Pace Blvd unit: A+B, Pensacola, FL 32505
      View Details
    • $418,000

      Waterfront Land with Development Potential

      Large waterfront property with development potential in Pensacola, Florida.
      610 S Old Corry Field Rd, Pensacola, FL 32507
      View Details
    • $575,000
      2,380 SF

      Pensacola Single-Story Home with Pond View

      Four-bedroom Pensacola home in Landfall Subdivision with pond view.
      4003 Indigo Drive, Pensacola, FL 32507
      View Details
    • $750,000

      East Hill Duplex on Corner

      Spacious, updated duplex in East Hill, Pensacola.
      1119 & 1121 E Lakeview Ave, Pensacola, FL 32503
      View Details
    • $379,900

      Prime Lot in North Hill

      Cleared lot in historic district, build your dream home.
      1011 N Reus St, Pensacola, FL 32501
      View Details

    FAQs

    What type of property is this?
    Commercial land - Vacant commercial parcel in Pensacola's Historic District.
    Where is this commercial land located?
    The property is located at 120 S Tarragona St Pensacola, FL.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Prime downtown Pensacola location in the Historic District.; Stormwater exemption significantly reduces development costs.; HC‑1 zoning allows for diverse development options.
    (850) 916-5050
    We can help!
    Listing Contact
    Joshua Keith
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!