Two-Story Professional Office
For Sale
Contact for pricing
1940 Saint Mary Avenue, Pensacola, FL 32501
Brick two-story office with reception, private offices, conference room, open work area, and on-site parking.
Property Size3,312 SF
Price / SF$211.05
Days on Market69
Property Features for 1940 Saint Mary Avenue
General Information
Standard status
Active
Size
3,312 SF
Class
B
Total Parking Spaces
16
Property subtype
Retail, Office
Zoning
HCLI
Investment Type
Owner/User
Building Details
Year Built
1993
Year Renovated
2000
Buildings
1
Stories
2
Listed By:
Margarette Johnson · License #SL3533745
Source:
Crexi
Added: Jul 1
Changed: Aug 16
Last Checked: Sep 6 at 8:47AM
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 Margarette Johnson
Investment Insights
Based on property information with market context.
1940 St. Mary Avenue is a well-maintained, two-story brick professional office building with a functional interior layout designed for office-based businesses. The first floor includes a reception area, a dedicated copy/work room, four private offices, and three restrooms, supporting both client-facing and day-to-day operations. The second floor features an additional conference room, two private offices, a large open cubicle/workspace area, and one restroom, providing a mix of meeting and flexible work space. The property is currently configured as a law office, while the floor plan is described as suitable for a range of professional office uses, including administrative and medical-office support functions.
The building presents a polished street presence with monument signage, an appealing traditional Southern/Creole-inspired exterior, dormer windows, and a metal roof. On-site parking and mature oak trees with attractive landscaping help create a shaded, park-like setting.
For owner-users or investors seeking a turnkey, established office asset, the property offers a balanced mix of private offices, collaborative workspace, meeting space, and supporting rooms across both floors.
The building presents a polished street presence with monument signage, an appealing traditional Southern/Creole-inspired exterior, dormer windows, and a metal roof. On-site parking and mature oak trees with attractive landscaping help create a shaded, park-like setting.
For owner-users or investors seeking a turnkey, established office asset, the property offers a balanced mix of private offices, collaborative workspace, meeting space, and supporting rooms across both floors.
Key Highlights
- Two‑story brick professional office building built in 1993 in Pensacola
- First floor includes reception area, copy/work room, four private offices, and three restrooms
- Second floor offers a conference room, two private offices, a large open cubicle/workspace area, and one restroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,857
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,117,140
$1.1M
Cap Rate 7%
$797,957
$798.0K
Cap Rate 9%
$620,633
$620.6K
Market Conditions
NOI Build-Up for 3,312 SF
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.
Gross rent
$83.1K $25.08/SF
− Vacancy
−$8.6K −$2.59/SF
EGI
$74.5K $22.49/SF
− OpEx
−$18.6K −$5.62/SF
NOI
$55.9K $16.87/SF
Area
Escambia County, FL
Vacancy
10.34%
Lease Rate
$25.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,117,140
Cap Rate 7%
$797,957
Cap Rate 9%
$620,633
Alternative Uses
Best Use
Office B
$798.0K
$698.2K – $931.0K
NOI $55,857 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$972.0K
$850.5K – $1.13M
NOI $68,042 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
863
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Brick two-story office with reception, private offices, conference room, open work area, and on-site parking.
Where is this office building located?
The property is located at 1940 Saint Mary Avenue Pensacola, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑story brick professional office building built in 1993 in Pensacola; First floor includes reception area, copy/work room, four private offices, and three restrooms; Second floor offers a conference room, two private offices, a large open cubicle/workspace area, and one restroom
