Value-Add Commercial Property For
For Sale
$998,000
1620 W Cervantes St, Pensacola, FL 32501
Two buildings on 1.25 acres, ideal for retail/industrial redevelopment.
Property Size15,589 SF
Lot Size1.25 Acres
Price / SF$83.24
Days on Market213
Property Features for 1620 W Cervantes St
General Information
Standard status
Active
Size
15,589 SF
Lot size
1.25 Acres
Property subtype
Retail
Building Details
Building Size
15,589 SF
Year Built
1948
Listing Agency:
SVN | Southland Commercial Real Estate
Listed By:
Michael Carro, CCIM · License #AL #000093777
(850) 380-3344
Source:
Svn
Added: Mar 6
Changed: Oct 4
Last Checked: Oct 4 at 8:19AM
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 SVN | Southland Commercial Real Estate
Investment Insights
Based on property information with market context.
This commercial property includes two buildings on approximately 1.25 acres, suitable for retail, service, or light industrial purposes. The 11,989 square-foot retail building has been fully gutted and is ready for redevelopment, with sewer already in place. It can be divided into up to seven individual retail suites. Additionally, there is a 3,600 square-foot warehouse featuring 20-foot clear heights, a grade-level roll-up door at the front, and a dock-high loading door at the rear, making it suitable for distribution, storage, or contractor use. Both buildings are in shell condition, lacking electrical, plumbing, and mechanical systems. The property is located on a busy east-west corridor near downtown Pensacola, with an AADT of 15,900. The property consists of four combined lots.
Key Highlights
- Value‑add commercial property priced to sell at $63.75/SF.
- Includes a large 11,989± SF retail building ready for redevelopment and a 3,600± SF warehouse.
- Retail building can be divided into up to seven individual suites, with sewer already in place.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,552
Cap Rate
9.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,831,040
$1.8M
Cap Rate 7%
$1,307,886
$1.3M
Cap Rate 9%
$1,017,244
$1.0M
Market Conditions
NOI Build-Up for 11,989 SF
Gross rent
$119.4K $9.96/SF
− Vacancy
−$11.7K −$0.98/SF
EGI
$107.7K $8.98/SF
− OpEx
−$16.2K −$1.35/SF
NOI
$91.6K $7.64/SF
Area
Escambia County, FL
Vacancy
9.80%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,831,040
Cap Rate 7%
$1,307,886
Cap Rate 9%
$1,017,244
Alternative Uses
Best Use
Retail
$1.94M
$1.69M – $2.26M
NOI $135,502 @ 7.0% cap · market cap 13.58%
Second Best
Warehouse
$1.31M
$1.14M – $1.53M
NOI $91,552 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,303 @ 7.0% cap · market cap 24.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 32501, FL
10,960
Population
5,505
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
2,962
Density / Sq Mi
$39,127
Median Household Income
$31,312
Median Earnings
$964
Median Rent
$277,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Two buildings on 1.25 acres, ideal for retail/industrial redevelopment.
Where is this retail space located?
The property is located at 1620 W Cervantes St Pensacola, FL.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Value‑add commercial property priced to sell at $63.75/SF.; Includes a large 11,989± SF retail building ready for redevelopment and a 3,600± SF warehouse.; Retail building can be divided into up to seven individual suites, with sewer already in place.
