Office-Warehouse Flex
For Sale
Contact for pricing
2320 Town St, Pensacola, FL 32505
Functional office and warehouse configuration with secured fenced exterior yard and freight-access doors.
Property Size10,002 SF
Price / SF$68.99
Days on Market76
Property Features for 2320 Town St
General Information
Standard status
Active
Size
10,002 SF
Property subtype
OFFICE
Listing Agency:
NAI Pensacola
(850) 433-0577
Listed By:
Jenny Pittman · License ##BK3439353
(850) 207-7900
Source:
Moodyscre
Added: Jul 6
Changed: Sep 13
Last Checked: Sep 19 at 1:25PM
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 Pensacola
Investment Insights
Based on property information with market context.
2320 Town Street is a combined office/warehouse building with a front office area and a rear warehouse section. The office portion includes a lobby/reception area, administrative workspace, multiple private offices, a large open work area, a breakroom, and two restrooms (one with a full bath). Office finishes feature ceramic tile and vinyl tile flooring.
The warehouse portion is designed for light industrial and storage use, with three warehouse bays, freight doors, and a 10’ x 10’ roll-up door. Warehouse ceiling height is approximately 11 feet. The building is constructed with concrete block and brick veneer with a metal roof. Exterior improvements include chain-link and wood perimeter fencing, along with exterior lighting for operational convenience and security.
Zoned HC/LI (Heavy Commercial/Light Industrial), the property is intended to support a range of commercial and industrial uses, and it is positioned in Pensacola’s mid-city market with convenient access to major transportation corridors and an interstate on-ramp within minutes.
The warehouse portion is designed for light industrial and storage use, with three warehouse bays, freight doors, and a 10’ x 10’ roll-up door. Warehouse ceiling height is approximately 11 feet. The building is constructed with concrete block and brick veneer with a metal roof. Exterior improvements include chain-link and wood perimeter fencing, along with exterior lighting for operational convenience and security.
Zoned HC/LI (Heavy Commercial/Light Industrial), the property is intended to support a range of commercial and industrial uses, and it is positioned in Pensacola’s mid-city market with convenient access to major transportation corridors and an interstate on-ramp within minutes.
Key Highlights
- 10,053 SF office/warehouse building with front office layout and rear warehouse bays
- Zoned HC/LI (Heavy Commercial/Light Industrial) for a broad range of commercial and industrial uses
- Office area includes lobby/reception, administrative workspace, private offices, open work area, breakroom, and two restrooms (one full bath)
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
$56,396
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
8.17%
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%
$1,127,920
$1.1M
Cap Rate 7%
$805,657
$805.7K
Cap Rate 9%
$626,622
$626.6K
Market Conditions
NOI Build-Up for 10,002 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
$90.0K $9.00/SF
− Vacancy
−$9.5K −$0.95/SF
EGI
$80.6K $8.06/SF
− OpEx
−$24.2K −$2.42/SF
NOI
$56.4K $5.64/SF
Area
Escambia County, FL
Vacancy
10.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,127,920
Cap Rate 7%
$805,657
Cap Rate 9%
$626,622
Alternative Uses
Best Use
Office B
$2.41M
$2.11M – $2.81M
NOI $168,684 @ 7.0% cap · market cap 24.45%
Second Best
Flex RnD
$1.62M
$1.42M – $1.89M
NOI $113,317 @ 7.0% cap · market cap 16.42%
Theoretical Best
Office A
$2.94M
$2.57M – $3.42M
NOI $205,482 @ 7.0% cap · market cap 29.78%
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
843
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32505, FL
28,671
Population
12,278
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
82%
High-School Grad
13.0 sq mi
ZIP Area
2,205
Density / Sq Mi
$41,039
Median Household Income
$27,950
Median Earnings
$1,053
Median Rent
$120,300
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Functional office and warehouse configuration with secured fenced exterior yard and freight-access doors.
Where is this flex space located?
The property is located at 2320 Town St Pensacola, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 10,053 SF office/warehouse building with front office layout and rear warehouse bays; Zoned HC/LI (Heavy Commercial/Light Industrial) for a broad range of commercial and industrial uses; Office area includes lobby/reception, administrative workspace, private offices, open work area, breakroom, and two restrooms (one full bath)
