Leased Retail Office
1305 N 9th Ave Pensacola, FL 32503
For Sale
Contact for pricing
Fully leased retail office building with two state tenants and substantial tenant-funded renovations and system upgrades.
Property Size30,000 SF
Price / SF$216.67
Days on Market119
Property Features for 1305 N 9th Ave
General Information
- Standard status
- Active
- Size
- 30,000 SF
- Property subtype
- Mixed Use, Office, Retail
Listing Agency:
Newmark | Chicago - 500 West Monroe St.
Listed By:
Andy Gallas · License #IL 475156024
Source:
Crexi
Added: Mar 27
Changed: Jul 22
Last Checked: Jul 22 at 3:09AM
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 Newmark | Chicago - 500 West Monroe St.
Investment Insights
Based on property information with market context.
This leased retail office building totals 26,675 square feet and is fully leased by the State of Florida. The Florida Department of Children and Families (DCF) occupies 18,289 square feet, and the Department of Juvenile Justice (DJJ) occupies 9,386 square feet.
The property completed a full gut renovation with a 2,000 square foot expansion, including more than $4.1 million in improvements funded by the tenants. Renovations included brand new mechanical, electrical, and plumbing systems, interior walls, ceilings, flooring, roofing, exterior glass, paint, and a resealed parking lot.
Lease terms include a DCF lease that commenced in October 2022 with a ten-year base term, and a DJJ lease that commenced in April 2026 with a ten-year base term.
The property completed a full gut renovation with a 2,000 square foot expansion, including more than $4.1 million in improvements funded by the tenants. Renovations included brand new mechanical, electrical, and plumbing systems, interior walls, ceilings, flooring, roofing, exterior glass, paint, and a resealed parking lot.
Lease terms include a DCF lease that commenced in October 2022 with a ten-year base term, and a DJJ lease that commenced in April 2026 with a ten-year base term.
Key Highlights
- 26,675 SF retail office space at 1301 N 9th Avenue, Pensacola, FL
- Fully leased by the State of Florida to DCF (18,289 SF) and DJJ (9,386 SF)
- DCF lease commenced October 2022 with a 10‑year base term
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 | $752.4k | $25.08 |
| − Vacancy | −$77.8k | −$2.59 |
| EGI | $674.6k | $22.49 |
| − OpEx | −$168.7k | −$5.62 |
| NOI | $506.0k | $16.87 |
30,000 SF · lease $25.08/SF/yr · vacancy 10.34% · expense 25.00%
Alternative Uses
Best Use
Office B
$7.23M
$6.32M – $8.43M
NOI $505,951 @ 7.0% cap · market cap 7.78%
Second Best
Retail
$4.84M
$4.24M – $5.65M
NOI $339,066 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$8.80M
$7.70M – $10.27M
NOI $616,322 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
East Hill 24/7 ...
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Office building - Fully leased retail office building with two state tenants and substantial tenant-funded renovations and system upgrades.
Where is this office building located?
The property is located at 1305 N 9th Ave Pensacola, FL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 26,675 SF retail office space at 1301 N 9th Avenue, Pensacola, FL; Fully leased by the State of Florida to DCF (18,289 SF) and DJJ (9,386 SF); DCF lease commenced October 2022 with a 10‑year base term
