Pensacola Palafox Street Investment
815 South Palafox St. Pensacola, FL 32505
815 South Palafox St., Pensacola, FL, 32505
$9,700,000
For Sale
$9,700,000
Iconic 21,720 SF waterfront property in downtown Pensacola.
Property Size21,720 SF
Price / SF$446.59
Days on Market240
Property Features for 815 South Palafox St.
General Information
- Standard status
- Active
- Size
- 21,720 SF
- Property subtype
- Office
Building Details
- Year Built
- 1999
Listing Agency
NAI TALCOR
(850) 814-5878
Listed by
Patrick Jones, SIOR · License ##SL3610747
(850) 814-5878
Source
Naiglobal
Added: Nov 21, 2025 Checked: Jul 17 at 4:17 am
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 NAI TALCOR
Investment Insights
Based on property information with market context.
The Palafox Icehouse, a three-story property located along the waterfront in downtown Pensacola's entertainment and business district, presents a rare investment opportunity. This property combines industrial character with a location along one of the city's sought-after corridors, surrounded by restaurants, retail, entertainment, and residential developments. The property is currently leased to two long-term finance and legal tenants with over 15 years of occupancy, with approximately 36 months remaining on existing leases. The property is located on South Palafox in the heart of the city, offering excellent visibility with strong foot traffic and a professional presence. The 21,720 square foot space is suitable for office, retail, or professional services. The location in a thriving Gulf Coast market with continued growth and a prestigious South Palafox address enhances tenant appeal. The Phillips Portfolio represents an opportunity to invest in one of America's growth markets. The Portfolio includes an inventory of 42 high-value assets across Northwest Florida, including residential, commercial, and industrial assets. Structured with current income-producing, in-process development parcels and greenfield land opportunities, the Phillips Portfolio offers above-market return opportunities across the immediate, medium, and long-term investment horizons.
Key Highlights
- Prime downtown Pensacola waterfront location in the heart of the entertainment and business district.
- Income‑producing property with long‑term tenants (finance and legal) and existing leases.
- High visibility with strong foot traffic and a professional presence on South Palafox.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $544.7k | $25.08 |
| − Vacancy | −$56.3k | −$2.59 |
| EGI | $488.4k | $22.49 |
| − OpEx | −$122.1k | −$5.62 |
| NOI | $366.3k | $16.87 |
21,720 SF · lease $25.08/SF/yr · vacancy 10.34% · expense 25.00%
Alternative Uses
Best Use
Office B
$5.23M
$4.58M – $6.11M
NOI $366,309 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.37M
$5.58M – $7.44M
NOI $446,217 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Merrill Lynch Financial ...
Financial Advisor
Merrill Lynch Wealth ...
Financial Advisor
Merrill Lynch Financial ...
Financial Advisor
Merrill Lynch Wealth ...
Financial Advisor
Merrill Lynch Financial ...
Financial Advisor
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FAQs
What type of property is this?
Office building - Iconic 21,720 SF waterfront property in downtown Pensacola.
Where is this office building located?
The property is located at 815 South Palafox St. Pensacola, FL.
What is the asking price?
The asking price for this property is $9,700,000.
What are key features of this property?
This property features: Prime downtown Pensacola waterfront location in the heart of the entertainment and business district.; Income‑producing property with long‑term tenants (finance and legal) and existing leases.; High visibility with strong foot traffic and a professional presence on South Palafox.
